Oman Arab Bank Appoints Zahra Abdulamir as Chief Risk Officer

/in /by

Oman Arab Bank (OAB) has announced the appointment of Zahra Abdulamir Saied as Chief Risk Officer, emphasizing the bank’s commitment to nurturing national talent and empowering female leaders across various levels.

Recognized as one of Oman’s distinguished banking professionals, Zahra is the First Omani Female to earn the Financial Risk Management certification from the Global Association of Risk Professionals (GARP). With over 15 years in financial risk management, she has left a significant impact across numerous roles. Since joining OAB, Zahra has served as Assistant General Manager and Head of the Credit Review Department, excelling in monitoring credit quality, regulatory compliance, and risk management strategies, alongside leading daily business operations, talent development initiatives, and training programs.

Sulaiman Al Harthi, CEO of OAB, stated, “Risk management plays a vital role in the financial and banking sectors by mitigating risks and enabling institutions to continue operations and growth in an ever-evolving global environment. We are pleased to appoint Zahra Abdulamir as Chief Risk Officer, adding her to our substantial pool of young national talents in senior positions across OAB, including promising female leaders. This reflects our success in investing in human resources through world-class training programs to nurture talent and prepare future leaders.”

Al Harthi added, “Zahra’s extensive expertise and capabilities will significantly enhance our risk management operations and support the bank’s long-term growth. We wish her and our talented team continued success. This new role marks a milestone in her career, offering opportunities to further develop her skills and play a vital role in OAB’s transformation toward digitalization and enhanced customer experiences.”

With her expertise and dedication to achieving strategic goals, Zahra has become a distinguished leader in operational, credit, market, and regulatory risk management in Oman. She graduated from the University of Warwick with a bachelor’s degree in Mathematics, Economics, and Statistics, and holds an MBA from IE Business School in Madrid. Her knowledge is further enriched by courses in data science and machine learning from MIT.

 

OAB organizes the 3rd edition of ‘CEO Summit’

/in /by

With the participation of over 450 business leaders, experts, and change-makers, Oman Arab Bank (OAB) organized the third edition of its annual “CEO Summit” at the St. Regis Al Mouj Muscat resort.
The “CEO Summit” serves as a platform that brings together decision-makers to exchange knowledge and is an eagerly anticipated event in the business community. The creative insights of participants, along with inspiring discussions and panel sessions included in the summit’s agenda, contribute to accelerating transformation across various sectors and supporting the social and economic goals of the Sultanate of Oman.

In his opening speech at the summit, Sulaiman Al Harthi, Chief Executive Officer of OAB, said: “We are pleased to host this distinguished group of change-makers and outstanding speakers, from whom we draw inspiration to chart our path to success. Their visionary insights lead us toward sustaining growth. At OAB, we aspire to enhance our leadership in supporting change and keeping pace with the rapidly evolving financial and banking sector in our contemporary world. Banking services have seen significant transformation, with a growing shift of individuals and institutions toward digital services, which have become highly reliable, fast, and easy to use for completing transactions.”

Al Harthi added: “With its ambitious vision, which clearly anticipates the radical changes taking place in the financial sector, OAB strengthens its participation in sustaining the growth of this sector in the Sultanate of Oman. The bank holds a distinguished position in the development of modern banking services, a comprehensive shift toward digitalization, and enriching the customer experience. It also enhances its role in shaping talent and nurturing future leaders who are capable of keeping up with developments and successfully achieving the social, economic, and environmental goals of Oman’s future vision 2040.” The CEO of OAB also shared his leadership experience and valuable insights on achieving success.

In her speech, Ms Randa Al Sadek, Chief Executive Officer of Arab Bank Plc and Deputy Chairman of OAB Board of Directors, highlighted “the power of adaptability and the importance of embracing change in today’s rapidly evolving world.”
Ms Randa Al Sadek is a seasoned banking expert known for her leadership and strategic abilities. She was recently honored as one of the most influential women in business in the region by Forbes Middle East and has held key positions in several prestigious banks.

The summit included a panel discussion moderated by Dr. Lamya Al Haj, associate professor at Sultan Qaboos University and an expert in leadership and organizational development, where His Excellency Tahir Salim Al Amri, CEO of the Central Bank of Oman, discussed the latest trends and changes in monetary policies, the economic outlook for Oman, and the role of the banking sector in supporting economic growth. He also highlighted the initiatives of the Central Bank to enhance the technological transformation in the banking and financial sectors.

 

OAB Wins the BNY Mellon Award for Excellence in STP of Payments

/in /by

Oman Arab Bank (OAB) has received the 2024 Excellence Award in Straight-Through Processing (STP) from the Bank of New York Mellon Corporation (BNY), a global financial service company. This achievement reaffirms OAB’s position as a leading financial institution driving the evolution of Oman’s banking sector.

This award reflects OAB’s commitment to enhancing customer service, achieving accuracy and efficiency in treasury and clients payments and high STP rates in customer payments.

The BNY Award adds to OAB’s impressive track record, highlighting its strategic vision to maintain a leading position in Oman’s banking market and ensure long-term growth through a comprehensive shift towards digitalization and automation of all services. Winning this award underscores OAB’s dedication to investing in its human resources and expanding its use of advanced financial technologies, such as straight-through processing, which enables real-time, precise, and secure transaction automation.

Commenting on this achievement, Sulaiman Al Harthi, CEO of OAB, expressed his delight, noting that it marks another milestone in the bank’s journey of excellence. He stated: “Our long-term growth strategy is proving highly effective in advancing the technological infrastructure of OAB’s banking services and in preparing our team to meet the highest global standards, ensuring the efficiency of the services we provide to our clients. We also recognize the significant role that modern payment systems play in enhancing financial and economic stability in Oman.”

Al Harthi added, “We take great pride in OAB’s ability to keep pace with the continuous advancements in the financial sector by providing services that meet the highest standards of accuracy, efficiency, speed, and security. As we celebrate this new achievement, we greatly value the wise directives of His Majesty Sultan Haitham bin Tariq, who emphasized the importance of the financial sector as a cornerstone of modern economies during his meeting with business leaders.

At OAB, we are committed to translating these royal directives into action, supporting the sector’s growth, and enhancing its ability to keep up with the evolving global financial services landscape. Our aim is to contribute to the success of Oman Vision 2040 and to strengthen Oman’s financial and economic stability. We also express our deep appreciation for the initiatives led by the Central Bank of Oman and other authorities to promote innovation and digital transformation in the financial sector.”

Asma Al Zadjali, Chief of Banking Operations at OAB, added: “To reinforce its leading position in the banking market, OAB has always been committed to enhancing its customer services by expanding digitalization and integrating modern technologies across all its banking services.

Winning this prestigious award from BNY is a testament to the high efficiency of OAB’s team and the continuous development in automating and digitalizing services to meet our clients’ needs and expectations. We are proud of this award, which acknowledges the extensive and ongoing advancements in payment operations conducted by the bank, enabling fast, accurate, and reliable processing.”

OAB Participates in “Hospitality Heroes” Award Ceremony

/in /by

Oman Arab Bank (OAB) participated in the ceremony announcing and honoring the winners of the “Hospitality Heroes” competition, organized by the National Hospitality Institute (NHI). The competition aims to showcase promising Omani talents in the hotel and hospitality sector.

The bank’s participation aligns with its fruitful collaboration with the National Hospitality Institute, which seeks to provide training, qualifications, and employment opportunities in the tourism sector.

During the ceremony, Sulaiman Al Harthi, Chief Executive Officer of OAB, honored the winners of the “Hospitality Heroes” competition, a prominent annual event now in its fifth consecutive year.

Al Harthi stated: “We are pleased to have participated in the award ceremony for ‘Hospitality Heroes’, which celebrates the outstanding performance of a select group of young professionals in the hospitality sector. They represent successful examples of national talents driving the growth of the tourism sector and contributing to the development of the broader economy.”

He added: “Our participation in this important annual event is a continuation of the collaboration between OAB and the NHI to empower Omani talents in the labor market. The bank provides financial support for programs that qualify and train students and job seekers, enabling them to seize employment opportunities created by the continuous growth of Oman’s hospitality and tourism sectors. This initiative reflects OAB’s commitment to investing in human resources, enhancing prospects for sustainable growth in the Sultanate. It is part of the bank’s broader innovative initiatives, including the ‘OAB Leaders’ and ‘OAB Leadership Development’ programs.”

Robert MacLean, Principal of the NHI, said: “This year, we are celebrating a group of outstanding Omani talents, highlighting their successful experiences and their role in raising the standards of work in the hospitality sector, which relies heavily on the skills and passion of its workers to enhance the customer experience. We are honored to have OAB, one of the leading institutions in launching and implementing national capacity-building programs and developing tomorrow’s leaders in Oman, join us in celebrating our national talents who support the growth of the hospitality sector. We look forward to the fruitful partnership between NHI and OAB, which will have a positive and tangible impact on enhancing the skills of students and job seekers and increasing job localization in the tourism sector.”

This year, OAB signed a partnership agreement with NHI to fund the training and qualification programs provided by the institute. These programs aim to develop the skills of Omanis and prepare young people for the labor market. This partnership is part of OAB’s initiatives to support national objectives, increase job opportunities, and prepare effective leaders who will contribute to the realization of Oman’s future vision.

 

OAB organizes a course to enhance customer service skills, with Ministry of Labor

/in /by

Oman Arab Bank (OAB) organized an advanced training course on “Customer Service Etiquette” to enhance the communication skills of customer service and front office employees and enable them to provide exceptional service and achieve the highest levels of customer satisfaction.

Within the framework of cooperation and exchange of experiences between OAB and the Ministry of Labor, trainees from both sides participated in the course, with only 24 trainees to obtain the best results from intensive and interactive training activities and to enable participants to have sufficient knowledge of modern professional concepts and skills in customer service and to adopt a clear policy for offering services, and enhancing the effectiveness of teamwork.

The course focused on a number of topics, starting with introducing the concept and constitution of etiquette, protocol and institutional prestige, and protocol for hospitality to clients and auditors, in addition to dialogue management, the technique of identifying clients’ personality types, how to deal and understand the personalities of others, and building rapport through conformity, keeping up and leadership.

Focus was also placed on the modern concept of dealing with the customer, determining his expectations and needs from the organization, building a customer care strategy, and training participants on a modern methodology to identify behavioral patterns of customers and enable them to deal optimally with the public in all situations.

Essam Al Busaidi, Head of the Human Resources and Administrative Group at OAB, said: “Organizing the “Customer Service Etiquette” course comes within the framework of Oman Arab Bank’s strategy to invest in human resources and support the comprehensive transformation of the bank, which revolves around developing modern and digital services, enriching the customer experience, and achieving the highest levels of satisfaction.”  The course included comprehensive training for customer service employees and front-end departments that deal directly with the public at OAB. A number of employees of the Ministry of Labor also participated in the course, within the framework of cooperation, exchanging knowledge and experiences, and benefiting from the training programs and lectures that are implemented in both parties.

He added: “The etiquette was designed in accordance with the best international practices, as the course provided practical applications using the international technical tools of the MTA program applied by major international companies and government institutions to develop customer and auditor service skills.”

Bodour Bint Issa Al-Harithiya, Director of Human Resources at the Ministry of Labor, said: “We are pleased with the participation of the employees of the Ministry of Labor in this advanced course organized by OAB, which confirms the fruitful cooperation between the Ministry and the bank to exchange knowledge and experiences and support the capabilities of national cadres, and effective partnership between the public and private sectors to develop national human capital and raise levels of satisfaction with services in order to achieve the goals of upgrading and digitizing all services provided and raising levels of satisfaction of clients and beneficiaries.

She praised the role of OAB, which effectively contributes to supporting nationalization and employment in the financial sector and enhancing investment in human resources to improve services and competitiveness of national cadres in the labor market.

OAB Celebrates Omani Women’s Day, Launches Program to Empower Female Leaders

/in /by

Under the patronage of Her Highness Sayyida Meyyan bint Shihab Al Said, Oman Arab Bank (OAB) organized a joyful celebration for Omani Women’s Day at the St. Regis Hotel, under the theme “Empowering Omani Women: Leadership, Faith, and Innovation.” The event was attended by a large gathering of successful women, including the bank’s executive leaders, employees, clients, and female entrepreneurs.

The event included various activities, such as visual presentations highlighting the royal attention given to empowering Omani women and shedding light on their honorable roles and contributions in all fields. Moreover, the “Women’s Leadership Development Program” was launched as a new initiative by OAB to nurture national female leaders and enhance women’s participation in the sustainable growth of the Sultanate of Oman, in line with the aspirations of Oman Vision 2040.

The program is being implemented in collaboration with Springboard and Aspire Institute, two prestigious international organizations in the field of training and development, adhering to the highest global standards. The program aims to empower women in senior leadership positions and strengthen their skills in strategic planning, decision-making, and achieving both personal and professional success.

A panel discussion was held on the topic of women’s empowerment and the inspiring success stories they have achieved in various fields. The discussion featured the participation of Lamya Al-Haj, Associate Professor at Sultan Qaboos University; Samra Al-Harthy, Director of Economic and Investment Research at the Oman Investment Authority; and Abeer Sultan, Executive Director, the Office of the Managing Director.

Sulaiman Al-Harthy, Chief Executive Officer, said: “The Sultanate of Oman’s celebration of Omani Women’s Day is a recognition of their contributions and inspiring creativity in all fields. We are all proud of the positive role Omani women play in raising generations with genuine Omani values and their significant contribution to the comprehensive development of this beloved nation. They have left clear marks in all areas and have demonstrated excellence in the roles and positions they have been entrusted with in both the public and private sectors since the early days of the Blessed Renaissance and up to the present day.”

He added: “OAB has remained committed to supporting the pioneering role of women in the banking and financial sectors by investing in training and developing the skills of its promising talents. The bank’s creative work environment has provided a favorable climate for success, paving the way for women to take on leadership positions at various levels, including the Board of Directors, senior and middle management, and across different departments. The bank prioritizes enhancing women’s economic and social participation in all fields, in line with the aspirations of Oman Vision 2040. It places special emphasis on encouraging women’s involvement in initiatives and programs aimed at preparing future leaders and supporting entrepreneurs.”

During the event, Zahra Abdulamir, Acting Chief Risk Officer at OAB, delivered a speech in which she said: “As we celebrate Omani Women’s Day, we take pride in the programs launched by OAB to enhance women’s position in the labor market. These programs have led to successful projects that contribute to economic growth, and many talented women are now playing a tangible role in the development of various Omani institutions and companies. One of our most notable initiatives is the ‘Arab Pioneers Leadership Development Program.’ Continuing with these efforts, the bank has launched the ‘Women’s Leadership Development Program,’ aimed at empowering women in leadership roles and enhancing their skills to achieve personal and professional success.”

She also expressed joy over the wide participation of women within the bank’s continuously expanding customer base and their benefit from the advanced banking services provided by the bank to enrich the customer experience, as well as the unique advantages and offers designed specifically for OAB credit cardholders.

She further highlighted the large number of female entrepreneurs who are joining and benefiting from OAB’s innovative programs, initiatives, and services tailored to support small and medium enterprises (SMEs), such as the “Tumouhi” program for comprehensive financial services for entrepreneurs and the SMEs development training program. She also cited the SMEs Competition held by the bank, which aims to spotlight the experiences of female entrepreneurs and support their projects to achieve further growth and expansion.

The event included the distribution of OAB awards to the female entrepreneurs who participated in the women’s SMEs competition organized by the bank. A commemorative gift was also presented by OAB to Her Highness Sayyida Meyyan bint Shihab Al Said, the patron of the celebration. The attendees enjoyed the exciting entertainment segments presented during the event, accompanied by music.

OAB continues to strengthen its leading position in the Omani banking market through a comprehensive transformation towards digital and modern services that meet the aspirations of all customer segments and enrich their banking experience. The bank also places great importance on nurturing the promising talents of women, developing their capabilities, and enhancing their participation in leading our beloved nation toward a promising future.

OAB Contributes to Financing the Hafeet Railway Project.

/in /by

Oman Arab Bank (OAB) has participated in the syndicated term loan facility along with Omani and Emirati banks to secure a syndicated loan of OMR 577 million for Hafeet Rail Company. This loan will fund the construction of the first railway line linking the Sultanate of Oman and the United Arab Emirates.

This railway project is one of the most strategic initiatives currently underway, aimed at significantly boosting economic growth and enhancing commercial and logistical activities between the two countries. Through its involvement in this financing, OAB reaffirms its commitment to supporting major development projects across Oman, offering innovative banking services and solutions that contribute to the growth of various sectors and align with the economic diversification goals outlined in Oman Vision 2040.

Sulaiman Al Hinai, Chief Wholesale Banking Officer of OAB, stated: “We are proud to have contributed to the successful arrangement of the OMR 577 million syndicated loan for Hafeet Rail. This loan supports one of the largest and most vital strategic projects in Oman, with total investments exceeding OMR 961 million. The trust placed in this project by local, regional, and international banks is a testament to the strength of Oman’s economy.”

Al Hinai emphasized that the railway line is the first of its kind between Oman and the UAE, reflecting the ambitious strategic visions of both nations to enhance trade and economic integration within the region and achieve sustainable growth. The project will also play a key role in strengthening social cohesion and fostering closer relations between the two countries.

He added: “At OAB, we are proud to be involved in this consortium, which underscores our position as a leading financial institution with a strong financial foundation, excellent credit rating, and vast experience in financing major strategic projects in various sectors across Oman.

Over the past decades, OAB’s banking and commercial financing portfolio has encompassed numerous flagship projects in sectors such as energy, infrastructure, real estate, tourism, healthcare, and more. Recently, the bank has expanded its portfolio to include new strategic projects in the oil and sustainable cities sectors, further supporting the nation’s growth and sustainable development objectives in line with Oman Vision 2040.”

Oman Arab Bank Receives Bank Of New York’s ‘Straight Through Processing’ Excellence Award

/in /by

Oman Arab Bank (OAB) proudly announces its receipt of the ‘Straight Through Processing’ (STP) Excellence Award from the Citibank. This recognition, consistently earned since 2018, highlights OAB’s leading position in the financial industry, emphasizing its excellence in secure transaction processing and automotive processes.

 

Sulaiman Al Harthi, Chief Executive Officer of OAB, expressed his gratitude, stating, “We are honored to be recognized by Citibank for our excellence in STP. This award underscores our commitment to customer service and achieving 100% accuracy and efficiency on Treasury Payments and 99.8% for Customer Payments. ”

 

Asma Al Zadjali, Chief Operations Officer added, “The accelerated pace of processing times is a notable advantage arising from

OAB’s embrace of automation. This enables transactions to be executed much faster than traditional manual processes.”

 

OAB’s innovations in automation lead to smoother experiences for its customers, including modification-free rates, instant transactions, and highly accurate outcomes. The STP Excellence Award from Citibank serves as a testament to how OAB leverages operational and technological excellence to deliver high-quality customer experience.

 

This award signifies OAB’s strategic foresight in adopting and investing in STP technology, aligning with its goal to stay ahead in the competitive financial market. The bank’s focus on process reengineering and automating processes not only addresses the current needs of the banking sector but also positions OAB for future advancements in financial services, reinforcing its dedication to delivering top-tier customer experiences.

OAB Launches New Generation of Self-Service ATMs

/in /by

As part of its strategy to enhance services by employing the latest financial technologies, Oman Arab Bank (OAB) has signed a partnership agreement with Oman Computer Network Services (OCNS), the authorized agent in the Sultanate of Oman for Diebold Nixdorf (DN). This agreement aims to enhance the bank’s network of ATMs and cash deposit machines with DN devices, which represent the new generation of advanced financial solutions, enabling easy and secure self-service banking transactions through a fully digital interface.

The agreement was signed by Khalid Al-Amri, Chief Retail Banking Officer at OAB, and Ahmed Youssef, Country Manager of OCNS.

Mr. Al-Amri said: “OAB is a pioneer in adopting advanced technological solutions that enrich banking services and enhance the prestigious position the bank holds in the Omani banking sector. We are proud of this partnership with OCNS, through which the bank is launching the new generation of self-service ATMs. Under this agreement, OAB’s ATM network will initially be expanded with 57 devices from the DN series, which enable customers to perform a wide range of services instantly, independently, easily, and securely.”

The launch of these advanced financial solutions by OAB reaffirms its continued success in upgrading its technological infrastructure, enhancing its leadership in driving the growth of the banking and financial sector in the Sultanate of Oman, and providing innovative and reliable solutions to its customers. The bank continues to develop its services across electronic channels and platforms, offering a wide range of innovative solutions and services to various customer segments, including institutions in the public and private sectors, entrepreneurs, and individuals.

Al-Amri added: “OAB is committed to continuously developing its services and offering new solutions that meet customer expectations, providing them with the best banking experiences.”

Ahmed Youssef, Director of OCNS, said: “DN devices represent a significant leap in the development of financial solutions, as they rely on the latest technologies, such as big data and the Internet of Things. These devices are designed to keep pace with advancements in the financial services sector and the significant expansion of electronic systems in banking. DN devices are widely adopted in the Middle East and globally due to their success in providing a personalized and advanced banking experience for consumers, while ensuring the highest levels of efficiency and security.”

 

CAPITAL INTELLIGENCE CHANGES OUTLOOK ON OMAN ARAB BANK’S CREDIT RATING FROM “STABLE” TO “POSITIVE”

/in /by

Muscat, Oman:  Oman Arab Bank (OAB) announced that the international credit rating agency, Capital Intelligence Rating (CI), has changed its outlook on the Long-Term Foreign Currency Ratings (LT FCR) from “Stable” to “Positive”. CI has affirmed OAB’s the LT FCR and Bank Standalone Rating (BSR) of ‘BB+’ and ‘bb+’, respectively. The Bank’s Short-Term Foreign Currency Rating (ST FCR) of ‘B’, Core Financial Strength (CFS) rating of ‘bbb-’, and Extraordinary Support Level (ESL) of Moderate have also been affirmed.

The change follows the recent change of outlook of the Government of Oman’s issuer rating from “Stable’ to “Positive”.

Commenting on the report, Sulaiman Al Harthi, Chief Executive Office of Oman Arab Bank said, “This change of outlook reflects OAB’s well established franchise, and its sound share of the banking system supplemented by the improvement in Oman’s debt burden and prudent fiscal management.

He added, “The affirmation of OAB’s Bank Standalone Rating (BSR0 and Core Financial Strength (CFS) rating demonstrates OAB’s sound and resilient financial metrics at end of H1 24, and the continued support of its major shareholder, Arab Bank Plc (Jordan). The strong position we enjoy demonstrates our strong presence in the conventional banking as well as the Islamic banking via our full ownership of Alizz Islamic Bank, the second largest fully fledged Islamic bank in Oman.