Muscat, August 18, 2020: Showcasing its appreciation for frontline healthcare workers combatting the effects of the Coronavirus pandemic (COVID-19), Oman Arab Bank has announced the launch of an exclusive credit card with 0% interest and annual fees dedicated to those heroes of Oman.

Highlighting the importance of the launch of the credit card, Rashad Al Shaikh, Acting Head of Retail Banking Division at Oman Arab Bank, said, “The Coronavirus has had its toll on a majority of the population in the Sultanate. However, to mitigate its impact, there are several frontline healthcare workers that are performing their duties with dedication, saving lives and ensure everyone’s health and well-being. This new credit card is a unique offering, created specifically for them and providing incredible benefits.”

All government staff in hospitals and healthcare centres can avail this offer, which includes 0% interest, no annual fees, double activation rewards as well as exclusive insurance rates. In addition, Omani healthcare workers will not need to transfer their salary to the Bank, a 1-month salary limit will be applied to the credit card.

“We believe that frontline workers are putting their own lives at risk and that their hard work and determination is admirable. This offer is our way of thanking them for going above and beyond their call of duty in their endeavors to create a better future for the Sultanate and all its residents. They will also have their fees waivered for one year and can make use of our Easy Payment Plans service. On behalf of OAB, I would like to extend an immense thank you to each and every frontline worker for their staunch commitment to overcome these challenging times.” Rashad added.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 55 branches and representative offices with 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

Following the successful integration between the two banks

• Appointment of Salaam Said Al Shaksy as Chief Integration Officer- OAB
• Appointment of Suleiman Hamad Al Harthy as Chief Executive officer – Alizz Islamic Bank

Muscat, August 13, 2020: Oman Arab Bank’s (OAB) Board of Directors has announced the appointment of Salaam Said Al Shaksy, former CEO of Alizz Islamic Bank, as the Chief Integration Officer handling all integration related activities at OAB Group. He will report to the OAB Chairman and be responsible for developing new and creative growth opportunities. The Bank also has announced the appointment of Suleiman Hamad Al Harthy as CEO of Alizz Islamic Bank SAOC, as of August 16, 2020.

Commenting on the appointment of Al Shaksy, Rashad Muhammad Al Zubair, Chairman of OAB, said, “Salaam Said Al Shaksy has extensive banking experience inside and outside the Sultanate, and during his role as the CEO of Alizz Islamic Bank was able to record many achievements and win many prestigious awards. Following the success of the merger between Oman Arab Bank and Alizz Islamic Bank, we have chosen Al Shaksy to assume the responsibility of handling all integration related activities between the two banks and exploring new growth opportunities to enhance the group market share. I’m confident that he will be able to achieve more achievements in this regard.”

Commenting on the appointment of Al Harthy as the CEO of Alizz Islamic Bank, Saleh Nasser Al Araimi, Chairman of Alizz Islamic Bank, said, “Suleiman Al Harthy has a rich banking experience, having worked in several conventional and Islamic banking institutions in Oman. He also has the required banking experience and leadership skills that enable him to lead Alizz Islamic Bank successfully. We believe he is the right man for this position.”

Salaam Said Al Shaksy was a member of Oman’s State Council and Deputy Head of its Economic Committee. He embarked on his banking career with Citibank Global Consumer Business, Dubai, UAE, in 1992. He then moved to various executive positions in and outside the Sultanate. Al Shaksy is a graduate of Boston University, USA, where he received a Bachelor’s Degree in Economics (cum laude), a Masters Degree in Management Information Systems (Honors) and an MBA in Management of Financial Services (High Honors). He has also completed the Senior Executive Program at London Business School, UK.

Al Harthy has more than 32 years of experience, during which he held several leadership positions at many local banks and financial institutions. He is a graduate of the Oman Institute of Bankers and holds a Masters Degree in Business Administration in Finance from the University of Leicester in the United Kingdom since 1987. He also graduated from the Harvard Business School Management Program.

Rashad Al Zubair noted, “On behalf of the Oman Arab Bank and Alizz Islamic Bank Board of Directors, I would like to wish Salaam Said Al Shaksy and Suleiman Hamad Al Harthy all the best in assuming their new positions, and leading the Group to the forefront of Omani financial and banking institutions.”

Oman Arab Bank is the principal shareholder of Alizz Islamic Bank, following the completion of the merger between the two banks in July 2020. As a result, Oman Arab Bank has turned into a public joint stock company, with shares listed on the Muscat Securities Market. OAB has a rich and proud history as one of the first financial institutions established in the Sultanate. It has achieved considerable development in providing digital services and solutions to its personal banking and corporate banking clients. Alizz Islamic Bank is also one of the leading Islamic banks in the Sultanate, providing high-quality banking services that are Shariah-compliant. After merging the Al Yusr Islamic Banking window with Alizz Islamic Bank, the Bank’s branches will be 17 branches in total. This enables a greater capacity to finance and meet the financial needs of its clients as well as support the growth of Oman’s national economy.

Muscat, July 9, 2020: Oman Arab Bank (OAB) has announced the names of 132 winners from its May monthly Hasaad Savings Scheme. This included 95 winners from the monthly branch draws of OMR 500 each, ten winners of OMR 100 from the Children’s Account draw, twenty OMR 100 winners from the Youth Account draw, five winners of OMR 500 from the Bank’s Salary Transfer draw and two winners of OMR 10,000, from the Elite Draws at the Al Khuwair and Al Mintareb branches.

Commenting on the results of the May draw, Rashad Al Shaikh, Acting Head of the Retail Banking Division at OAB said, “Given the prevalence of the current pandemic, we have noticed our customers’ spending reduce considerably over the past few months. This has resulted in creating a positive effect since the level of savings has increased in the same period. As the market gradually re-opens, we encourage our customers to continue this savings culture to be able to be financially stable in the days to come. At OAB we continue to support our customers’ efforts to save and spread awareness about its importance. On behalf of everyone here at OAB, I wish you all the best of health and the strength and patience to persevere as we all go through these challenging times together.”

The Hasaad scheme sees 95 lucky winners, with a minimum of one winner per month per branch, receiving a prize of OMR 500 and OMR 1,000 at the quarterly draws. In addition, ten winners are selected from the Children’s Account holders (aged 18 and below) and receive OMR 100 each. Twenty winners are selected from the Youth Account holders (aged between 18 and 27), each receiving a prize of OMR 100. There also two Elite winners of OMR 10,000 each per month.

The monthly Elite draw is replaced by a Grand Prize draw of OMR 50,000 for one lucky Elite customer, and occurs twice a year, in June and December. Oman Arab Bank also conducts a special ‘Big Prize’ draw of OMR 25,000, for one winner across its expansive branch network at the end of every quarter.

The Salary Transfer draw was introduced in 2020, which sees 5 winners per month receiving a prize of OMR 500 each, as well as a guaranteed gift to both children and youth (up to 27 years old) once a year. Oman Arab Bank is the only Bank providing a guaranteed gift to its youth customers.

“We are extremely pleased with the outcome of the May draw and look forward to the next one, set to take place in June. This will include the Grand Prize of OMR 50,000 for one lucky Elite customer. I would like to congratulate all the winners of this month’s draw and hope to see many more in the remaining draws for the year. Once again, I encourage all our valued customers to continue in their efforts to save, so that they can increase their chances of winning,” Rashad added.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices with 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

Muscat, June 16, 2020: Oman Arab Bank (OAB) and Alizz Islamic Bank (AIB) announced the signing of an agreement for the overall structure of the potential merger between the two banks. This step will pave the way for the successful finalisation of two-years of negotiations between both parties.

The agreement was signed by Rashad Mohammad Al Zubair, Chairman of OAB, and Saleh Nasser Al Araimi, Chairman of AIB, on behalf of both respective banks. The potential merger will witness the establishment of a major banking entity that will deliver world-class conventional and Islamic banking services and will be the first of its kind in the local banking sector. The signing was attended by AbdulAziz Mohammed Al Balushi, Board Member of OAB, Rashad Ali Al Musafir, CEO of OAB and Salaam Said Al Shaksy, CEO of AIB.

The agreement covered the overall structures and procedures that will be taken as part of the merger process. Oman Arab Bank agreed to submit an offer to the shareholders of Alizz Islamic Bank to acquire all shares, with the aim to make Alizz Islamic Bank a wholly-owned Islamic banking subsidiary and convert Alizz Islamic Bank into a closed joint-stock company (SAOC). Once this step is completed, the business of Al Yusr, the Islamic Banking window of Oman Arab Bank, will be integrated with Alizz Islamic Bank SAOC, creating a larger full-fledged and licensed Islamic bank.  Following this, shares of OAB will be listed at the Muscat Securities Market (MSM), converting it into a public joint-stock company.

Upon completion of the merger, Oman Arab Bank will continue its conventional banking business and operations, while Alizz Islamic Bank will remain fully Shari’a-compliant and continue to offer Islamic Banking products and services as a full-fledged Islamic bank.

Commenting on the signing of the agreement, Rashad Al Zubair, Chairman of OAB, said, “I believe that this is an important milestone in the distinguished history of OAB. We take pride in being part of this first-of-its-kind agreement, which will see the establishment of a robust banking entity. The same will enable both banks to expand their customer base and scale up their businesses a lot faster.  We will continue to finance major projects in the public and private sector that will have a positive impact on the Sultanate’s development and will contribute positively in terms of job creation.”

From his side, Saleh Al Araimi, Chairman of AIB, said, “The Islamic banking sector in the Sultanate is one of the most promising sectors and through this merger with OAB, AIB will have the necessary capital to meet the regulatory requirements and enhanced abilities to finance new projects that contribute greatly to the local economy. Through the transfer of Al Yusr to AIB, the branch network will grow and complement our strong digital platforms as we continue to grow our presence. This will, in turn, enable us to better serve our existing customers and attract new customers, thanks to our comprehensive suite of Islamic Banking products and services. ”

Both banks will proceed to complete the necessary formalities as stipulated in the applicable laws and regulations.

Muscat, June 9, 2020: Oman Arab Bank (OAB) has announced the 132 winners of its April monthly Hasaad Savings Scheme draw. The winners included 95 winners of the monthly branch draws of OMR 500 each, ten winners of OMR 100 of the Children’s Account draw, twenty OMR 100 winners of the Youth Account draw, five winners of OMR 500 of the Bank’s Salary Transfer draw and two winners of the monthly Elite draw of OMR 10,000.

Commenting on the April draw, Rashad Al Shaikh, Acting Head of the Retail Banking Division at OAB said, “Despite the challenging situation we are in, which has had a huge impact on the local market, we have continued to see a surge in savings by all our valued customers, at every branch. We are proud to have played a part in instilling a savings culture. It is important to preserve one’s finances during this critical period and maintain a reserve in case of unforeseen emergencies. On behalf of OAB, I wish everyone the best of health and the strength to persevere together during these difficult times.”

The Hasaad scheme sees 95 lucky winners, with a minimum of one winner per month per branch, receiving a prize of OMR 500 and OMR 1,000 at the quarterly draws. In addition, ten winners are selected from the Children’s Account holders (aged 18 and below) and receive OMR 100 each. Twenty winners are selected from the Youth Account holders (aged between 18 and 27), each receiving a prize of OMR 100. There also two Elite winners of OMR 10,000 each per month.

The monthly Elite draw is replaced by a Grand Prize draw of OMR 50,000 for one lucky Elite customer, and occurs twice a year, in June and December. Oman Arab Bank also conducts a special ‘Big Prize’ draw of OMR 25,000, for one winner across its expansive branch network at the end of every quarter.

Newly introduced in 2020 was the Salary Transfer draw, which sees 5 winners per month receiving a prize of OMR 500 each, as well as a guaranteed gift to both children and youth (up to 27 years old) once a year. Oman Arab Bank is the only Bank providing a guaranteed gift to its youth customers.

“We are delighted with the results of the April draw and, on behalf of everyone at OAB, I would like to extend my congratulations to all the lucky winners and look forward to seeing the numbers rise for the remaining draws planned for this year. I encourage all of our valued customers to maximize their saving efforts to increase their chances of winning incredible prizes in the months to come.” Rashad added.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices with 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.