OAB Successfully Closes AT1 Perpetual Subordinated Bond Valued at Over OMR 42 million

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Muscat, 08 November 2018: Oman Arab Bank announced that it has successfully closed unsecured perpetual subordinated bonds value of OMR 42,553,000 as Additional Tier 1 Capital with an issue price of RO 1.000 per bond, comprising the nominal value, and an interest rate of 7.5% per annum.

The Bank issued the bonds at a value of OMR 35 million with a green shoe option of OMR 15 million and was managed by Ubhar Capital (U-Capital), who acted as the financial advisor, issue manager, and lead arranger. These bonds attracted a significant number of investors, which in turn prompted the bank to increase the placement size by about 22% from its initial size; a clear reflection of the level of trust and confidence investors placed in the Bank.

Commenting on the success of the issue, Rashad al Musafir, the CEO of the Bank said, “The outcome of the bonds issue was as expected. The positive financial results, asset quality, and risk profile have contributed to the Bank’s strength. In addition, the close relationship of the Bank with a wide range of investors has also had a positive impact. On behalf of the Bank, I would like to extend my sincere thanks and appreciation to all the investors who have placed their trust in us. They are the cornerstone of our journey towards greater success.”

The interest payment for the Bonds will be payable semi-annual in arrears to the holders of these bonds at the date of interest payment. The issue was approved by the Central Bank of Oman (CBO) and Capital Market Authority (CMA). It is listed in the bonds segment of Muscat Securities Market (MSM).

Total Assets of Oman Arab Bank as of 30 September 2018 was OMR 2.28 billion and the total equity was OMR 307 million before the bond issuance. The bond issuance has resulted in an increase in equity to OMR 349.6 million and the total Capital Adequacy Ratio (CAR) improved from 14.09% to 16.03%.

Oman Arab Bank is proud to have achieved the highest Omanisation percentage within the banking sector, nearing 96%. It is also 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 150 ATMs spread across the Sultanate. OAB also provides a complete range of financial products and services for Retail and corporate banking clients.

OAB Launches First Innovation Lab in the Financial Services Industry

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Muscat, November 05, 2018: Oman Arab Bank (OAB), in a bid to accelerate its innovation journey and drive innovative thinking within the community, has announced the launch of the first ‘Innovation Lab’ in the Sultanate’s financial services industry. The Lab, which will occupy one floor at the OAB headquarters, will drive the development and implementation of innovative solutions that would shape the financial services industry. The ideas will be short-listed at ‘The Innovation Hub’ event, a 24-hour innovation platform that will enable participants to develop proof of concepts and act as an accelerator of winning innovations into the lab. The OAB Innovation Lab, together with The Innovation Hub, was launched at a Press Conference held at the Bank’s Headquarters in Al Ghubrah on the 5th of November 2018, in the presence of the Bank’s CEO, Rashad Al Musafir, together with other members of the Banks Executive Management and Staff.

Aimed at students, professionals and employees, this initiative has been developed to empower local talent and entrepreneurs to become viable contributors to the evolution of our economy through the power of innovation and the spirit of competition.

Commenting on the launch of the new Innovation Lab, Rashad Al Musafir said, “We created this platform to support the development of a knowledge-based economy, by empowering professionals, students, and our employees, to become viable contributors in its evolution. At OAB, we recognize the important role that innovation plays in enriching human experiences, and we have set a strong internal and external innovation agenda to deliver value across our customers’ ecosystems.”

The themes of the Innovation Hub are: Youth banking, superior customer experience, digital economy and payments, and an open category for other innovation ideas. The innovation hub is scheduled for January 25, 2019.

Anyone interested in participating will be required to register their team for The Innovation Hub on www.oman-arabbank.com/theinnovationhub with their proposed idea and team members’ names. The cut-off date for registrations will be December 15, 2018.

The initiative will also encompass several activities prior to the competition date including roadshows for students later this month followed by training workshops in December for participating student and staff teams by the Bank’s partners at the Head Office. These workshops will cover a brief introduction to the bank’s products and services, ideation, and developing proof of concepts.

Commenting on the competition, Leen Al Atassi, the Head of Innovation at OAB said, “This initiative has been established as a long-term investment for the Bank and reinforces our commitment to nurturing local talent and positioning OAB as a forward thinker and innovator that is connected with the community. The Innovation Hub would act as an accelerator, with winning innovations being incorporated into the Innovation Lab. Furthermore, this competition is only the beginning and we have several plans in place for this initiative going forward.”

The Innovation Hub by OAB will begin on January 25, 2019 and will take place over a 24-hour period with the winners being announced on the evening of the following day.

The winning teams from each category will be presented with the opportunity to join the Bank’s ‘Innovation Lab’ within the Bank, to develop their ideas further so that they may be implemented. The winning student team will receive a cash prize and also be presented with an opportunity to work on other innovations as part of a paid internship, together with the potential opportunities for recruitment.

The winning professional team, on the other hand, will be entered into a signed partnership agreement with OAB to develop and implement their idea within the Bank. While members of the winning OAB staff team will also be presented with special incentives and opportunities for career advancement within the Bank.

A Mentoring Panel has also been established, comprising senior members of the Bank’s staff and management, in order to help and support the teams on the day of the contest and later in the Lab.

“We encourage any student or professional interested in the contest to put a team together and challenge yourselves to think up innovative solutions; ones that could enhance customer experiences, shape our digital economy and payments solutions and maybe even revolutionise a key aspect of banking in Oman,” Al Atassi concluded.

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 148 ATMs spread across the Sultanate. OAB provides a complete range of financial products and services for personal banking, corporate and investment clients.

OAB Awards Third Batch of Employees for Completion of ‘Ta’heal’ Training Programme

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Muscat, October 30, 2018: As part of its ongoing support and development of human resources, Oman Arab Bank (OAB) has announced the successful completion of the third batch of its ‘Ta’heal’ staff training programme. The programme was designed specifically for the Bank’s service employees. The third edition of this program was launched during the period from September 9 to 13, 2018 and was aimed at qualifying and developing the employee’s skills and capabilities; in turn, helping offer them better opportunities at the Bank in the future.

Commenting on the ‘Ta’heal’ programme, Adil said, “Providing our staff with every possible opportunity for career growth has always been a key point of focus for the Bank. ‘Ta’heal’ is just such a programme that, right from its very inception in August last year, was designed to target service employees, as part of the Bank’s approach in providing career growth opportunities to employees at all levels. It was aimed at providing our employees with the necessary skill sets and knowledge to take their performance to the next level, and ensure that they are keeping pace with all updates in the banking field.”

The programme was focused on several topics such as CASA, problem-solving, and visa cards. It also offers employees a better understanding of their individual role in achieving the goals of the institution, the role of the institution itself in assisting with their development in their areas of work, as well as introducing the principles of internal communication, teamwork, and institutional loyalty.

Oman Arab Bank is proud to have achieved the highest Omanisation percentage within the banking sector, nearing 96%. It is also 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 150 ATMs spread across the Sultanate. OAB also provides a complete range of financial products and services for personal banking, corporate, and investment clients.

OAB Celebrates Omani Women’s Day with Staff

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Muscat, October 18, 2018: Oman Arab Bank (OAB), in commemoration of the Omani Women’s Day, held a special gathering for its female staff members at its Head Office in Ghubra. As part of the celebrations, the Bank also hosted a detailed talk on breast cancer awareness by a renowned doctor, who also provided the attending female staff members with a free health check-up.

The event, which was held on October 17, saw the attendance of over 250 female staff from the Bank’s Head Office and from branches around the capital. It was inaugurated with a speech by Asma Al Zadjali, the DGM of Credit Administration, followed by a detailed cancer awareness talk by Dr Reem Al Hashar, the Founder and a Board Member of Oman Breast Cancer Society.

Commenting on the important role women play at OAB, Asma Al Zadjali said, “We, at OAB, are fully committed to the important role female employees play in every aspect of banking, right from the most junior members of our staff to our senior-most management; of which women make up a considerable percentage. If anything, this reaffirms the important role women play in building the future of our bank as a leading financial institution within the local banking sector.”

The event concluded with a commemorative cake cutting ceremony in honour of all women working at the Bank. Additionally, all attendees were encouraged to undergo a free check-up, conducted by Dr Reem, who had a corner dedicated for this purpose at the event.

“On behalf of Oman Arab Bank, I would like to congratulate and thank each and every member of our staff, as well as all women in Oman, for their contribution towards the prosperity of our beloved country,” added Asma.

Empowering women and promoting gender diversity has always been one of the core values of the Bank. The Management strongly believes that everyone at the Bank, regardless of gender, deserve an equal opportunity at professional growth by virtue of their professional performance and talent. As a result, several women have made impressive strides in all aspects of their jobs, with many already holding positions of authority within their respective departments.

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 57 branches and 8 representative offices across and 148 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

OAB Opens Financial Souq in Salalah

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Muscat, October 08, 2018: Highlighting its commitment to offer the best financial solutions and customer experiences across the Sultanate, Oman Arab Bank (OAB) has announced the opening of its newly relocated flagship branch in Salalah. The new customer-focused branch is conveniently located at the Salalah Commercial Centre, and is the first of its kind ‘Financial Souq’ in the region, with U-capital and National life housed in the same building. It will deliver the highest levels of convenience and enhanced banking facilities to the Bank’s customers in Salalah.

The branch opening took place on October 03 and was held under the auspices of HE Sheikh Salim bin Oufiet Al Shanfari. The event was attended by Rashad bin Mohammad Al Zubair, the Chairman of OAB, together with Rashad Al Musafir, CEO of OAB, and other senior members of the Bank management and staff. Also in attendance were several of the Bank’s VIP customers from the region.

Commenting on the launch of the new branch, Rashad bin Mohammad Al Zubair said, “Over the course of the past five years, OAB has been successful in executing its transformational strategy that aims at positioning the Bank among the top preferred banks by the customers. Our ongoing branch transformations across the country are a part of this strategy, one that is aimed at providing our customers with a unique banking experience focused on convenience, comfort, fast response times, efficiency, and optimal use of the very latest in banking technology. These new transformed branches are thoroughly unique and unlike anything found elsewhere in Oman.”

“This event marked the second transformed branch that we have opened this year, the first being the Sur branch that we opened a few months back. As with the other branches that have undergone this change, this revamped flagship Salalah Branch features our new design philosophy, with beautiful yet subtle colours and a stylish modern design. It also features the very best in technology and products, together with personalised levels of service, generous size, spacious layout, and a large parking area. That being said, this is the very first branch that has been designed as a ‘Financial Souq’ with several features and facilities never before seen in any of our branches to date. As a result, this new branch will elevate the banking experience for our customers in Salalah to an entirely new level,” added Rashad Al Musafir.

As with the previous relocated branches, the new Salalah branch features OAB’s enhanced brand identity with a refreshed look and feel; identical to the two flagship branches opened last year by OAB, in Qurum and Barka respectively, and the one launched in Sur earlier this year. Aesthetically, its design inspiration has been taken from the ‘Omani Skyline’, wherein the white symbolises Omani architecture, browns denote the sand deserts, grey referencing the mountains, and the blue glass overhangs representing the sky.

The sleek, modern, and streamlined look is augmented by a number of features and systems introduced as part of the new transformed branches. This includes the introduction of a new meet and greet facility with a streamlined queuing system, private advisory spaces with moving monitors for more personal interaction, together with digital signature pads and ID card readers within the advisory station design.

The new Salalah branch, however, is amongst the largest branch transformation projects OAB has undertaken and is also a first of its kind of ‘Financial Souq’ with U-capital and National life soon to be housed in the same building. The main branch area has six tellers and 11 customer care advisories with a seating capacity of 80 customers. It has a dedicated Corporate Services area, with capacity for three relationship managers and eight back-end staff, together with a corporate lounge area.

Commenting on the upgraded Elite facilities at the new Salalah Branch, Al Musafir said, “With the Salalah Branch we are elevating our elite services to an entirely new level. To begin with, the branch features a dedicated ‘Elite’ section with two Majlis with a total capacity of 25 customers. The ‘Elite’ section also has a dedicated coffee-lounge with restaurant-style seating, three RM Offices, and a 20-seat Elite Board Room. There is even a dedicated basement parking area for Elite customers, with a VIP lift that leads directly to the ‘Elite’ section. Together these features will provide the Bank’s VIP customers with a one-of-a-kind elegant and private experience that remains memorable.”

Lastly, the branch also has a multi-purpose space for training, entertainment, and future expansion purposes. As a result of all these changes, the branch transformation combines elements of design, form, and function and aims to elevate the customer experience as a whole resulting in better service. Furthermore, U-capital and National life will soon be opening their doors to customers in the same building, completing the Salalah branch’s transformation into a one-of-a-kind ‘Financial Souq’ in the region.

“This marks the third of a series of branches we plan on transforming and opening this year across the country. As one of our flagship branches, the new Salalah branch is amongst the largest in the country; helping us transform the banking experiences of our customers in Salalah. Given the size and capabilities of the branch, I am confident that the new branch will not just meet, but exceed our customer’s expectations; taking us one step closer to our ultimate goal of being their bank of choice in the country,” added Al Musafir.

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 148 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

OMAN ARAB BANK AND ALIZZ ISLAMIC BANK SIGN MOU TO CONTINUE MERGER DIALOGUE

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  • HH Sayed Taimur A. Al Said: Alizz Islamic Bank will continue its banking operations as an independent Islamic banking institution further strengthening its capital and overall balance sheet
  • Rashad Al Zubair: The merger project will allow for the formation of a stronger financial entity capable of contributing effectively in the development of the sector

Muscat, 7th October 2018: Oman Arab Bank (OAB) and Alizz Islamic Bank announced the signing of a Memorandum of Understanding (MoU) to continue the dialogue between them concerning the intended merger between the two parties. This was done following obtaining initial approvals from the Capital Market Authority (CMA) and the Central Bank of Oman (CBO). The Memorandum sets out a broad framework for the merger process, wherein Alizz Islamic Bank will continue to operate as an independent Islamic banking institution under the supervision of an independent management team, but operating under the umbrella of the newly merged entity. Furthermore, it will continue to operate under Shari’a compliant banking principles, under the guidance of the Shari’a Supervisory Board, and in line with the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and local regulatory authorities.

The memorandum also encompassed an agreement between both parties to appoint legal and financial advisors to conduct due diligence reviews of both entities; paving the way for the proposed merger.

The memorandum was signed by Saleh bin Nasser Al Araimi, a member of the Board of Directors of Alizz Islamic Bank, and The Honourable Salaam bin Said Al Shaksy, the CEO, on behalf of Alizz Islamic Bank, and was signed by Abdulaziz Al Balushi, a member of the OAB Board of Directors, and Rashad Ali Al Musafir, the CEO, on behalf of Oman Arab Bank. The ceremony was held at OAB’s Head Office in the presence of other senior executives from both institutions.

Commenting on the occasion, HH Sayyid Taimur A. Al Said, Chairman of Alizz Islamic Bank said, “Since the announcement of the planned merger in May, both banks have made good progress towards developing a mutually beneficial framework for the intended merger. This is with the objective of bringing together the best talents from OAB and Alizz Islamic Bank to create a market-leading Islamic bank that will continue its operations as an independent Islamic banking institution.”

Remarking on the signing of the agreement, Rashad Al Zubair, Chairman of the Board of Directors of OAB said, “The success of the merger between the two institutions will result in the formation of a new financial entity that will be more competitive, both locally and regionally, and will be in a position to promote the development of the financial sector in the Sultanate in line with the latest international standards. The proposed merger will offer a number of synergies as the banks currently have complementary products, systems, technologies, and customer segments.”

The merger process began at the end of May when OAB approached Alizz Islamic Bank for talks on the possibility of entering into a strategic partnership that could lead to a possible merger between the two institutions down the road; a proposal which was subsequently accepted by Alizz Islamic Bank. The signing of this MoU is yet another step in this ongoing process.

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 58 branches and representative offices, together with seven Islamic banking windows, operating under the ‘Al Yusr’ name, spread across the country; namely the Muscat Governorate (Athaiba and Wattayya), and in Salalah, Nizwa, Falaj al-Qabail, Ibra, and Al-Buraimi. The bank also operates a network 148 ATMs spread across the Sultanate.

Alizz Islamic Bank is one of the first full-fledged Islamic banks in Oman. The Bank offers customers an enriching banking experience designed for today’s modern world. The Bank has focused its investments on human capital and world-class technology to ensure the delivery of exceptional, responsive customer service. Alizz Islamic Bank operates ten branches across the Sultanate and continues to reinforce its position as Oman’s most dynamic and innovative Islamic banking institution. It does so by developing a plethora of Shari’a-compliant banking products and services that meet all the financial needs of both corporate and retail customers.

OAB Appoints New Head of Innovation

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Muscat, September 26, 2018: Oman Arab Bank (OAB) has announced the appointment of Leen Al Atassi as the Head of Innovation at the Bank. In this newly established position, Leen will lead the Banks efforts in introducing innovative new ideas and initiatives that drive continuous improvement across the bank.

Commenting on the appointment of Leen, Rashad Al Musafir, the CEO of OAB said, “OAB has always been committed to attracting and developing local talent and unlocking their full potential. We always take a long-term view and aim to build the right capabilities amongst the staff that allows us to achieve a competitive edge in everything we do, as well as continue to innovate to deliver a consistently superior customer experience. Furthermore, the Bank has, over the past few years, focused on introducing innovative ideas and technologies across every facet of its operation. This is something we wish to expand on and take to the next level in the future. With that objective in mind, I am confident that Leen will be a valuable asset to the organisation in this newly established position and will help spearhead our efforts towards establishing OAB as a forerunner for innovating banking solutions in the financial sector of the Sultanate.”

Holding an MBA degree from the University of Strathclyde, a Bachelors of Arts degree in Psychology with a minor in Communications, and with a career spanning over 12 years across various financial institutions in the Sultanate, Leen Al Atassi brings with her vast levels of experience and expertise to support OAB in accelerating its strategic objectives. She has a proven record of introducing innovative strategic communication strategies, change management, and internal culture initiatives that have strengthened the brands and contributed towards the growth of organisations she has previously worked for.

Commenting on her appointment into the new role, Leen said, “I am extremely grateful to OAB for providing me with this opportunity and I am pleased to take up my new role as the Head of Innovation. I look forward to working closely with the team here at OAB to introduce new and innovative initiatives that will strengthen our core competencies and grow our business. In doing so, we aim to set ourselves apart from the competition whilst continuing to maintain the highest standards of customer service and business excellence that OAB is known for.”

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 148 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

OAB Conducts Hasaad Savings Scheme August Draw

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Muscat, September 26, 2018: Oman Arab Bank (OAB) recently conducted its Hasaad draw for the month of August, at its Head Office. The draw saw 83 winners from across the Bank’s branch network receiving OMR 500 each, together with one winner of OMR 20,000 as part of the Monthly Elite Draw and another of OMR 20,000 as part of Regional Draw covering the Bank’s branches in Dhofar.

Commenting on the draw for July, Rashad Al Sheikh, Deputy General Manager of Retail Banking at OAB said, “With the August draw now done, we have one more draw left before we move into the final quarter of the Hasaad Savings Scheme for 2018. That being said, there are still hundreds of prizes yet to be won, providing even more opportunities for our customers to be rewarded for their savings.”

Hasaad Savings Scheme in its current edition offers the Bank’s clients across all regions and branches a chance to win one of several valuable prizes on a monthly basis. These prizes come as part of the Bank’s monthly draws, alternating between OMR 1,000 and OMR 500 per winner every month, across all branches. Regional Prize Draws, which will see one winner of OMR 20,000, conducted once every two months over the course of the year. The Hasaad Savings Scheme will also include 12 dedicated prize draws for Elite account holders with one winner of OMR 50,000 every quarter and one winner of OMR 20,000 for every month in between.

“On behalf of OAB I would like to congratulate each of the winners of the August Hasaad Savings Scheme draw; as well as encourage our other customers to continue saving so as to maximise their chances of winning in the upcoming draws,” added 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 148 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

OAB Receives Customer Excellence Award for Outstanding Security Practices

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Muscat, September 12, 2018: Oman Arab Bank (OAB) was recently presented with the Customer Excellence Award for Outstanding Security Practices. The ceremony organised by the Bank, saw Trend Micro representatives handing out the award and certificates at the OAB Head Office.

Commenting on this honour, Ghulam Basheer, Head of the IT Security Department at OAB said, “Being a financial institution, security has always been our top priority. Businesses are subjected to all kinds of security threats and vandalism. Therefore, information which is considered to be the ‘life blood’ of businesses require extensive protection. Our partner, Trend Micro, are the leaders in the security domain and we have had the pleasure of teaming up as a strategic partner in this journey.”

OAB’s partnership with Trend Micro for a cyber-security solution with its innovative and modern technology offers simple, and highly secure facilities and is governed by a set of internationally renowned safety standards for the transmission of data.

The Customer Excellence Award for Outstanding Security Practices recognises companies that are have shown prowess at handling classified information with integrity, discretion and proven reliability, while also signifying outstanding achievement in matters related exclusively to the organisation’s security protocols.

Fabio Picoli, Trend Micro Country Manager notes, “Information has currently become the most strategic asset, representing competitive advantage and driving operational excellence. With the spread of several advances in the form of mobile, social, and cloud technologies, the protection of information has become even more challenging. OAB has strived to maintain an innovative outlook in safeguarding its customers’ information and on behalf of Trend Micro, I would like to congratulate them on this great achievement.”

Trend Micro, a global leader in security software and solutions, seeks to make the world secure for the exchange of digital information. Over the course of 25 years, it has been inspired to protect individuals, families, businesses, and governments as they seek to harness the potential of emerging technologies and new means of sharing information.

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 148 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

OAB Payment Kiosks at Muscat International Airport facilitates payment process

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Muscat, August 5, 2018: In cooperation with the Royal Oman Police (ROP), Oman Arab Bank payment kiosks that have been lately launched facilitate the payment of local and GCC traffic fines, in addition to municipal fines for residents (expats) or other visitors to the Sultanate during the summer holiday. The launch of these kiosks embodies the partnership initiatives between the public and private sector in the Sultanate.

Commenting on the launch of the self-service kiosks, Rashad Al Sheikh, Deputy General Manager of Retail Banking at OAB said, “We at OAB, are proud to be the first bank in the Sultanate to collaborate with the ROP in providing self-service kiosks at Muscat International Airport. These kiosks will facilitate the payment and enquiry of fines for locals, residents, and visitors to the Sultanate. These devices are easy to use and are equipped to collect fines via bank cards or cash deposits. Initially, three devices have been installed at various locations across Muscat International Airport so as to maximum their accessibility to visitors.”

The first kiosk is in the departures building in hall one, the second is located at the visa cancellation hall, while the third kiosk is located near the passport and electronic travel gates. These devices can be used by entering the ID number for citizens and residents and visa number for tourists. Omanis can also settle or enquire about their traffic violations through these kiosks.

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 148 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.