OAB Hosts its Second OAB Connect Forum

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SME Financing Expert Patrick Stäuble shares his views on innovation at the second OAB Connect Forum

Muscat, October 28, 2019: On October 23, Oman Arab Bank (OAB) hosted its second-ever OAB Connect Forum. The new forum took place at the Shangri-la Barr Al Jissah Resort & Spa, and was presided over by Hani Al Zubair, OAB board member and Rashad Al Musafir, CEO of the Bank. Zürich-based Patrick Stäuble, and former Oman resident, was invited by OAB as the guest speaker for the evening. Patrick was recently selected by Forbes Magazine as one of the 30 most influential people under 30 in Europe for his innovative lending platform Teylor. The event saw the attendance of several VIP delegates, Elite and corporate banking customers, Omani business leaders and tech influencers making it the perfect platform for facilitating networking opportunities.

Commenting on the importance of the event, Rashad Al Musafir, CEO of OAB said, “The global FinTech market is projected to capture 4.7trn USD in 2025. The market offers huge opportunities not only for Oman Arab Bank but to the Omani economy and industry as a whole. In order to aid its growth, at OAB we see it as our responsibility to connect global thought leaders and industry experts with the private and public sectors in Oman.  With this in mind, we have created a knowledge-sharing environment from which we can all benefit.”

In line with its objective of adding value to the community and the banking sector, OAB, earlier this year, launched its first-ever OAB Connect Forum. The event was designed to bring international thought leaders and futurists to Oman, allowing them to share their knowledge and expertise with the public and private sectors in Oman. While the inaugural event focused on the world’s continuing trend towards increased digitalisation and taking a customer-centric approach, the new event was centred around how innovation is changing entire industries and how the attendees can be a part of that change.

Over the course of the event, Patrick Stäuble touched upon the global shift towards online banking and how this can be used to revolutionise the way financial institutions, government entities and other private sector companies interact with and support their customers. Following his talk, an open Q&A session was conducted, wherein he addressed any and all queries from the audience.

Patrick Stäuble founded his company Teylor AG in 2018 with the aim to revolutionize lending to small businesses by cutting the application processing time from 2 months to 10 minutes. Even before founding Teylor, Patrick Stäuble was already an established face in the world of mobile banking as he was formerly part of the management in Numbrs, a leading mobile banking app in Germany. His experience in the industry and the knowledge he shared at the forum will be an invaluable asset to everyone that attended,” said Rashad.

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

OAB Launches New Flagship Branch at the OMINVEST Business Centre

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Muscat, September 23, 2019: Oman Arab Bank (OAB) recently announced the opening of a new flagship branch at the OMINVEST Business Centre in Madinat Al Irfan. The new introduction is in line with the Bank’s efforts to implement its transformation plan at all its branches across the Sultanate. The customer-centric branch will see the provision of high-quality services and convenient banking solutions to the surrounding community.

The launch event was presided over by Khalid Muhammad Al Zubair, Chairman of OMINVEST and was overseen by Rashad Al Musafir, CEO of OAB, alongside the presence of senior members from OMINVEST and OAB’s management, and staff.

Commenting on the newly opened branch, Al Musafir said, “As the Sultanate’s largest urban development project, Madinat Al Irfan will see the creation of a new downtown area for surrounding residents and businesses. As we continue our transformation to a more customer centric bank, the establishment of this revamped branch, with its stylish design unique only to OAB, will be a welcome addition to the area. It will also provide the community with a modern and easily accessible banking environment together with higher levels of personalised service.”

Similar to the previous OAB flagship branches, the Madinat Al Irfan branch embodies an enhanced brand identity, taking on a fresh look and feel. Aesthetically, the design inspiration mirrors the concept of the ‘Omani Skyline’, with different colours representing distinctive aspects. The white symbolises Omani architecture, the brown denotes the sand deserts, the grey references the mountains, and the blue glass overhangs represent the sky.

Furthermore, the modern outlook is enriched by an array of innovative facilities and services. These include a streamlined queuing system, private advisory spaces with moving monitors for a more personal interaction, together with digital signature pads and ID card readers within the advisory station design. The main area has two tellers and five customer care advisories with a seating capacity for 50 customers.

The new branch also comprises of a dedicated ‘Elite’ section, similar to the other newly launched flagship branches, with a total seating capacity of over ten customers. These features will provide the bank’s VIP customers with an exclusive, private, and memorable banking experience that perfectly suit the Bank’s Elite Banking Customers.

“The recently opened flagship branch features only the best innovative technologies for an enhanced customer service experience. At OAB, we continually aim to exceed the expectation of all our customers, as we strive to meet our strategic objective of becoming the preferred banking institution within the country,” Rashad Al Sheikh, Deputy Head of Group Retail 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.

OAB Continues to Foster Innovation and Digital Transformation by Participating in OEC 2019

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Muscat, 18 September 2019: Oman Arab Bank (OAB) recently participated in the Oman E-Commerce Conference 2019 (OEC 2019). Drawing connections between Oman’s desire to move to the next level, and the bank’s desire to foster innovation, Rashad Al Musafir, the CEO of OAB, participated in the panel discussion.

Commenting on the Bank’s participating in the event, Rashad Al Musafir said, “As one of the leading financial institutions in the country, we are very keen to participate in events and forums that highlight trends and technologies that will drive digital transformation and growth within the financial sector. We also continue to explore new opportunities to expand our ecosystems beyond financial services, ultimately contributing towards Oman’s socioeconomic development and growth.”

Hosted by the Ministry of Commerce and Industry from 16 to 17 September, and co-hosted by OMINVEST (Oman International Development and Investment Company SAOG), OEC 2019 was the largest digital event in the Middle East with its primary focus on taking ‘Everything Online’. The conference hosted a wide range of international experts and decision makers, speakers and workshops with special focus given to Digital Transformation, while also focusing on how to harness and identify the untapped potential to utilising e-commerce as a key pillar of business strategy.

A key component of the conference was a panel discussion covering several key topics such as the global impact of e-commerce, future trends, digital transformation, open banking and more. Rashad Al Musafir participated on the panel alongside several business leaders and industry experts from the region.

As part of its participation of the event, the Bank was present with a showcase stand, demonstrating its digital offering to attendees. OAB additionally highlighted the work it has been doing in bringing more traditional banking products into the future, for example, through bill-payment integration into its online and mobile banking platforms, digital charity donations, and the further rollout of contactless technology. The Bank also shared lessons learnt in the development of an enhanced branch-experience that is driven by a strong internal innovation culture.

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.

OAB Innovation Hub Interns Graduate from Six-Month Innovation Programme

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Muscat, 16 September 2019:  Under the umbrella of its innovation pillar, Oman Arab Bank (OAB) hosted its first ever Innovation Hub earlier in the year with over 320 students, FinTechs and employees participating to create an innovative proof of concept. Following the 24-hour pressure-cooker event, ten student participants had gone on to join OAB as interns. These bright students have now graduated from the Bank’s intensive six-month innovation internship programme.

They were each handed their certificates at a dedicated graduation ceremony, organised by the Bank on Sunday, 15 September, at Fraser Suites Hotel and presided over by CEO, Rashad Al Musafir. Also in attendance at the event were Leen Khattar Al Atassi, Head of Innovation, together with other senior members of management and staff at OAB.

Commenting on the performance of the graduates, Rashad Al Musafir said, “It has been a pleasure to have each of these ten interns with us over these past six months. They are all truly impressive individuals who have proven themselves to be hardworking and dedicated. They have consistently surprised us with their innovative concepts and ideas as well as their ability to think outside of the box, by coming up with clever solutions to persistent problems. I can say with confidence that each of these interns have graduated from the programme having experienced significant transformation at both a professional and personal level and most definitely have very bright futures ahead of them.”

Earlier this year, OAB held the first edition of its Innovation Hub, a 24-hr hackathon where over 300 participants including students, local and global FinTech companies and OAB’s employees competed to create innovative prototypes in a sandbox environment around current industry themes. Following the OAB Innovation Hub, ten students were selected to join OAB’s Innovation Programme, which included a six-month internship and one-to-one mentoring for the students.

As part of its innovation road map, OAB is currently in the process of setting up a first-of-its-kind Innovation Lab in Oman. When completed the OAB Innovation Lab will provide access to one-to-one mentoring, specialised workshops, and industry experts for local students, OAB staff as well as local, regional, and international FinTech companies.

“The first Innovation Hub was only the beginning. With next year’s event set to be even larger and with our Innovation Lab on the verge of being completed, OAB is well on its way towards establishing itself as the centre for innovation and innovative thinking in the Sultanate,” added Leen Al Atassi.

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.

OAB Hosts its 3rd SME Workshop and Final Hayakkum Event in Suhar

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Muscat, 01 October 2019: In line with its continued efforts to support the development of small local businesses as well as to foster long-lasting partnerships with these companies, Oman Arab Bank (OAB), on September 25, hosted its third SME Financial Management Workshop of the year, this time for SMEs operating in Suhar. In addition, OAB also hosted the final Hayakkum roadshow event at the City Centre Suhar the day after the SME Workshop, providing an ideal platform for a number of SMEs from the region to showcase their products and services. The event also included a number of fun activities for both children and adults.

Commenting on the workshop, Al Salt Al Kharusi, the Head of Corporate and Institutional Banking Group said, “Building business relationships and establishing long-lasting synergies are a key pillar of our operational strategy at OAB. This is especially true for SME as they are critical to the country’s diversification efforts. This is why we continue to host event such as these, offering them guidance and exposure whenever possible to maximise their chances for success; in turn building a close business relationship with them that will last for years to come.”

The SME Financial Management Workshop was held at the Radisson Blu Hotel and saw an attendance of over 25 entrepreneurs and staff from several SMEs operating in Batinah. As with the previous two workshops, it focused on how to manage business finances and provided SME’s with a deeper insight into the various financial products and services available to them, both from the Bank as well as from the government and other financial institutions. It also showcased how to best make use of these tools and when. The workshop was conducted by Mohammed Zadjali from the Capital Market Authority and was overseen by the Bank’s SME team.

The day following the SME Workshop, OAB hosted its fourth Hayakkum event of the year at City Centre Suhar. Throughout the event, the Bank showcased its range of products and services to the attendees while also addressing any queries they might have. The products and services on display included everything from the Bank’s Hasaad Savings Accounts, to biometric security and mobile banking. As with the previous events in Sur, Nizwa, and Salalah, OAB once again invited a number of artisans and SMEs from the region to join them at the Mall and participate in the roadshow.

Hayakkum Suhar is the fourth and final event in a series of gatherings we began just under two months ago. As with the previous three, this gathering was a family event with a number of fun activities for the entire family to enjoy, such as face painting, henna, games and spot prizes, as well as a mad science show.

“The Hayakkum events have been extremely successful with over 5,000 attendees across all four events. On behalf I would like to thank all the staff involved in its organization as well as thank all the attendees and SMEs that attended and participated in the event. We look forward to hosting many more such events in the future,” said Hilal Al Siyabi, the Head of Corporate Communication at OAB.

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

OAB Introduces a New 24-Hour Document Drop Box Service for Customers

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Muscat, September 25, 2019: Oman Arab Bank (OAB) are embarking on new initiatives in enhancing their current Trade Services offerings. As part of this, the bank is now launching a new service called ‘Trade Drop Box’ which is a 24/7 in-house Document Collection Service, where customers could lodge their documents at their convenience any time of the day, irrespective of whether it is a weekday or weekend. Along with this initiative, the Bank has also taken steps to relocate the Trade Finance Department to the ground floor of the Headquarters in Al Ghubra, making it easier for clients to access the Trade Functions in a more efficient manner.

Commenting on the new premises, Al Salt Al Kharusi, the Head of Corporate and Institutional Banking Group said, “Customer excellence is a core pillar of our operational strategy here at OAB and it extends to every aspect of our business. Until recently, our Trade Finance Department was located on the upper floors of the headquarters. By moving to the lobby area, the department is now far more accessible and has a host of new facilities that aim to significantly enhance the banking experience for our growing trade finance customer base.”

As with the Bank’s Elite Services, the revamped trade finance department operates independently as a branch within the headquarters. It sports a complete new look and feel with an enhanced brand identity. The department has also introduced the same efficient queuing system that can be found in any of the Bank’s new branches, ensuring that customer waiting times are kept to the minimum.

“As we initiated the shifting process we also introduced a new 24-hour Trade Finance document drop box in the lobby with the focus of enhancing customer experience, making us the first bank in Oman to provide this facility. This drop box is accessible to customer’s 24-hours a day and even on weekends and public holidays. Although it has been in operation for only a couple of weeks the service has been well patronized and we have obtained strong positive feedback from customers on the convenience and efficiency of the new service offered ” added Deepthika Gooneratne, Head of Trade Finance Department, Corporate and Institutional Banking Division at OAB.

In line with strategic pillars of OAB and with the primary focus of Trade finance being customer excellence, OAB has set its sights on becoming a strong contender in the Trade Services arena in the Sultanate and has some ambitious plans in being the leading trade bank for customer service.

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.

OAB Hosts Financial Management Workshop for SMEs in Salalah

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Muscat, August 25, 2019: As part of its continued effort to support the development of small local businesses as well as to foster long-lasting partnerships with these companies, Oman Arab Bank (OAB) recently hosted its second SME Financial Management Workshop of the year in Salalah.

Commenting on the workshop, Al Salt Al Kharusi, the Head of Corporate and Institutional Banking Group said, “The growth and development of the SME sector is critical to the country’s diversification efforts. To this end the government and local banks have put in place several products and facilities to help support them along the way. However, not all business owners and budding entrepreneurs are fully aware of how to best make use of these facilities. This workshop was developed exactly for this purpose, helping them establish a strong foundation for themselves and efficiently leverage every tool at their disposal to guarantee business success.”

The SME Financial Management Workshop was held at the Bank’s branch in Salalah and saw an attendance of over 25 entrepreneurs and staff from several SMEs operating in the Dhofar region. As with the workshop conducted last month at the OAB Headquarters in Ghubrah, the workshop focused on how to manage business finances and provided SME’s with a deeper insight into the various financial products and services available to them, both from the Bank as well as from the government and other financial institutions. It also showcased how to best make use of these tools and when. The workshop was conducted by Mohammed Zadjali from the Capital Market Authority and was overseen by the Bank’s SME team.

“Building business relationships and establishing long-lasting synergies are key pillars of our operational strategy here at OAB. This is especially true for SMEs, where we endeavour to impart our knowledge and expertise to them in order to maximize their chances for success,” added Jamal Al Wahaibi, Head of the SME Department.

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.

OAB is the First Bank in Oman to Become an Authorised Training Employer with ICAEW

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Muscat, 07 August 2019: Oman Arab Bank (OAB) has become the first bank in Oman to be recognised as an Authorised Training Employer of the Institute of Chartered Accountants in England & Wales (ICAEW), a leading international organisation that develops and supports over 150,000 chartered accountants worldwide. The partnership, which is aligned with Oman’s Vision 2040 economic strategy, will help the bank attract and retain talented individuals by offering ICAEW’s prestigious CFAB and ACA qualification at OAB’s Headquarters.

The official certification was awarded to the Bank at a special ceremony held at the Bank’s Headquarters in Ghubra on 5 August. The certificate was handed over to Rashad Al Musafir, CEO at OAB, by Michael Armstrong, ICAEW Regional Director, Middle East, Africa and South Asia. Also in attendance were members of the executive management of OAB including ICAEW Middle East Advisory Board Member and current OAB CFO, Daren Warner.

On receiving the certificate, Rashad Al Musafir said, “ICAEW is a world leader in finance and professional development. Through our collaboration, we aim to accelerate our growth and give our talented employees the opportunity to aim for ambitious targets and, most importantly, contribute to Oman’s Vision 2040 goals.”

“The value of our products and services to customers depends entirely on our ability to unlock the full potential of our staff.  Becoming an ICAEW Authorised Training Employer will help us create a high-performing and innovative organisational culture that can create unique value to our customers, employees and the wider community.”

The new partnership is part of OAB’s various talent management initiatives that are tailored to provide staff with the necessary skills to help accelerate their contribution to the country’s Vision as well as developing a knowledge-based economy.

By providing Omani nationals access to internationally recognised qualifications and training, OAB further reinforces its commitment to Omanisation, making it one of the leading banks in the Sultanate to employ, engage, and develop Omanis.

Michael Armstrong, FCA, ICAEW Regional Director said, “ICAEW works with employers worldwide to support the professional development of their teams. Our partnership with OAB stems from our commitment to equip finance talent with the broad range of technical knowledge and professional skills they need to make a great contribution to their organisation and build strong and resilient economies.”

“As an ICAEW Authorised Training Employer, OAB will be able to prepare employees for the internationally recognised ACA qualification. OAB is highly committed to staying at the forefront of the fast-paced banking industry and becoming one of our training partners will allow them to attract the best talent and develop the next generation of business leaders.”

Completing the ACA qualification through an ATE enables professionals to join an institution valued by businesses worldwide.  There are more than 5,000 employers currently training as ACA students. The qualification provides students with the combination of finance knowledge, accountancy skills and real-world business experience they need to succeed.

ICAEW Chartered Accountants are highly sought after professionals – the qualification is held by board members in 78 of the Financial Times Stock Exchange 100 Index (FTSE 100) companies.

Oman Arab Bank is proud to have achieved the highest Omanisation percentage within the banking sector, nearing 96 per cent. It also 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 and 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

OAB Hayakkum Comes to Sur

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Muscat, 04 August 2019: Following in the footsteps of its successful Nizwa event in June, Oman Arab Bank’s (OAB) Hayakkum made its second stop in Sur on August 1. Held at City Center Sur, the event included a number of fun games and activities for both children and adults, while at the same time providing a platform for a number of artisans and SMEs from the region to showcase their products and services.

Commenting on the roadshow, Hilal Al Siyabi, the Head of Corporate Communication at OAB said, “Getting closer to our customers and the community is something we always strive for and informal gatherings such as these are a great way to achieve this. It allows us to talk directly with them as well as address any queries or concerns they might have. It also serves as a great meeting space for families, friends and entrepreneurs to interact with each other.”

Hayakkum Sur is the second in a series of four gatherings where the Bank will be addressing their customer’s queries and showcasing the Bank’s range of products and services. These include everything from the Bank’s Hasaad Savings Accounts, to biometric security and mobile banking. In addition, as with the event in Nizwa, OAB once again invited a number of artisans and SMEs from the region to join them at the Mall and participate in the roadshow.

“Given the vital role that SMEs play in the economic diversification of our country, we, as a leading financial institution in the country, need to make every effort possible to help them achieve success. Events such as our Hayakkum roadshow offer them the perfect environment under which they can directly interact with prospective customers as well as spread awareness about the products and services they offer,” added Hilal Al Siyabi.

This event was first and foremost a family event. As such, the bank also hosted a number of fun activities for the entire family to enjoy, such as face painting, henna, games and spot prizes. The bank even hosted a magic show and bubble show for children.

This is the second of four stops on OAB’s Hayakkum Roadshow. The next will be Salalah, followed by Sohar, respectively.

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

OAB Hayakkum Roadshow Arrives in Salalah

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Muscat, 27 August 2019: Oman Arab Bank’s (OAB) ongoing Hayakkum roadshow has made its third stop in Salalah on August 23, at Salalah Gardens Mall. As with the previous two events, this latest Hayakkum roadshow included a number of fun activities for both children and adults. The event also provided a platform for a number of SMEs from the region to showcase their products and services.

Commenting on the roadshow, Hilal Al Siyabi, the Head of Corporate Communication at OAB said, “Maintaining an excellent relationship with our customers is a key focus area of our operations in Oman. To this end, it is vital to nurture lasting relationships and get closer to the community. Informal gatherings such as these, allow us to interact directly with our customers as well as address any queries or concerns they might have.”

Hayakkum Salalah is the third in a series of four gatherings where the Bank will be addressing their customer’s queries and showcasing the Bank’s range of products and services. These include everything from the Bank’s Hasaad Savings Accounts, to biometric security and mobile banking. As with the event in Nizwa, OAB once again invited a number of artisans from the region to join them at the Mall and participate in the roadshow.

“In addition to interacting with the community, promoting local SMEs is also a vital aspect of our Hayakkum roadshow. The event serves as a great meeting space for local families and entrepreneurs, giving the locals a better idea of products and services offered by budding entrepreneurs in the region,” added Hilal Al Siyabi.

This event was first and foremost a family event. As such, the bank also hosted a number of fun activities for the entire family to enjoy in the ‘Kid’s Zone’, such as face painting, henna, games and spot prizes, together with a ‘mad science show’. The Bank also hosted a special performance by local Omani singer Muayad Habras.

This is the second to last stop on OAB’s Hayakkum Roadshow. The final destination will be City Centre Sohar next month.

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