Oman Arab Bank Marks Ramadan With A Month Of ‘Giving And Doing’ In Communities Across The Sultanate

Muscat, March 28th 2023 – This Ramadan, Oman Arab Bank (OAB) will celebrate the true spirit of the season with a wide-ranging program of community events every week during the Holy Month. Across four weeks, the bank will support good causes and charitable organizations to help spread goodwill across the country.

 

The first week will be marked with a visit to the Royal Hospital in Muscat to hold an Iftar gathering and a walking carnival with gift distribution and entertainment for young cancer patients and their families. A traditional qaranqashoo celebration follows in the second week at the Children Care Center.

 

Several organizations will come together to present the third week’s activities, with an Eid Exhibition at the bank’s head office  for OAB staff. The event is in coordination with three non-profits: Oman Association for the Disabled  which will exhibit products made by its members; Kiswa Oman, encouraging staff and visitors to donate clothes; and Oman Food Bank, which will be raising awareness of its activities.

 

In the final week of the Holy Month, OAB will lead Eid preparations at the Social Care House in Rustaq, to celebrate early with the elderly.

 

Sulaiman Al Harthi, Chief Executive Officer at OAB, said: “This Ramadan, we wanted to create a calendar of thoughtful events to make a difference every week during the Holy Month. We are looking forward to contributing to this extremely important initiative, as we all demonstrate what really matters during Ramadan. It’s not just what you give, it’s also what you do.”

 

 

He added, “We want to foster community spirit and believe that volunteering is a great way to build relationships, develop new skills and enhance personal growth. We are encouraging OAB staff to play an active role in improving the lives of others.”

 

The program of events is part of OAB’s ongoing strategy to make a positive impact in communities across the Sultanate – something that the bank has strived to achieve throughout its 50-year history. The initiative continues the bank’s tradition of annual Ramadan events, which have highlighted the importance of donating and giving during the Holy Month.

 

Oman Arab Bank Invites The Public To Help Turn The Sultanate Green With The Roots Of Oman Tree-Planting Initiative

Muscat, 2 October 2023 – Oman Arab Bank (OAB) announced its ‘Roots of Oman’ campaign, which aims to plant 5,000 trees across the Sultanate by the end of the year, coinciding with the bank’s 50th anniversary. The bank is also inviting the public to participate giving them an opportunity to join OAB’s efforts and contribute to making Oman greener.

 

Sulaiman Al Harthi, CEO of Oman Arab Bank, said: “Coinciding with OAB’s 50th anniversary celebrations, Roots of Oman is part of the bank’s ongoing efforts to give back to our beloved nation. The initiative was conceived to make the Sultanate greener and to inspire environmental efforts across the country. Together, we can help reduce our carbon footprint as we continue the journey towards achieving net zero in our nation.”

Sayyid Salim bin Musallam bin Ali al Busaidi, Undersecretary at the Ministry of Labour, and Sulaiman Al Harthi, CEO of OAB recently set the Roots of Oman in motion when they jointly planted a symbolic tree at the bank’s Awqad branch, located in the Dhofar Governorate. The initiative highlights OAB’s continued commitment to fostering  positive and far-reaching effects on both the nation and its citizens as the Sultanate strives for carbon neutrality in 2050.

OAB is encouraging individuals to engage by posting pictures showcasing their tree planting efforts on Instagram, accompanied by the hashtags #OABRootsofOman or #عمان_تزهر#. Participants not only contribute to this cause but also stand a chance to win enticing prizes by actively taking part. This campaign aims to heighten environmental consciousness and amplify Oman’s green initiatives.

Oman Arab Bank Welcomes Eid With Al Rahma Association

Muscat, 2 July 2023 – Oman Arab Bank (OAB) helped to lift the spirits of more than 400 children thanks to its participation in Eid celebrations organized by Al Rahma Association for Motherhood & Child Welfare. As part of its unwavering commitment to making a positive difference across the Sultanate, the bank organized a heartwarming event that created a memorable experience for the children.

 

The event was part of OAB’s ongoing year-long program of community-based events to foster a sense of togetherness, exemplifying the bank’s core values of responsibility and social impact. Earlier this month, OAB collaborated with the Ministry of Health to promote awareness of the early detection and prevention of breast cancer, following on from a month of Ramadan events across Oman that benefitted the elderly, children, cancer patients and several non-profit organizations.

Oman Arab Bank Outlook Risen To ‘Positive’, Following Similar Recent Status Update For Sultanate Of Oman

Muscat, 09 April 2023  The outlook on Oman Arab Bank (OAB) Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) was revised from ‘stable’ to ‘positive’ by Capital Intelligence Ratings (CI Ratings).”

 

The bank’s LT FCR and BSR are respectively ‘BB’ and ‘bb’, while its Short-Term Foreign Currency Rating (ST FCR) has been affirmed at ‘B’, its Core Financial Strength (CFS) at ‘bbb-’ and its Extraordinary Support Level (ESL) at ‘moderate’. The move follows CI Ratings’ similar revision of Oman’s sovereign ratings outlook to ‘positive’ from ‘stable’.

 

Sulaiman Al Harthi, CEO at OAB, said: “Reflecting the similarly positive momentum across the Sultanate’s wider economy, we are extremely pleased to share the news of Capital Intelligence Ratings’ revisions for OAB. We see this move as strong backing for the bank that will inspire further confidence in everything we are striving to achieve.”

 

He added, “Over the coming year, I share CI Ratings’ views and believe that OAB will continue to go from strength to strength, supported by strong economic growth. It’s a journey on which I am enthused to be steering us all.”

 

CI Ratings expects OAB’s ratings to be upgraded in the next 12 months, reflected by the ‘positive’ outlook, thanks to an improving operating environment, supported by stronger economic growth, with positive movement anticipated in terms of loan and deposit expansion prospects. Post-pandemic recovery is also seen as likely to stabilize loan asset quality, while rising interest rates provide a boost to earnings.

 

Other facets noted by CI Ratings included that OAB is well capitalized, with capital ratios fairly solid, and key metrics continued to be well above regulatory requirements. OAB’s LT FCR and BSR could be upgraded by more than one notch dependent on several factors, including if similar action is taken on a national scale.

 

Most recently, Oman outlook was revised to ‘positive’ by S&P Global.  This assessment reflects the efforts made by the government to diversify the economy, strengthen fiscal position, reduce gross debt stock and implement reforms to improve the business environment and attract foreign investment.

 

Oman Arab Bank Recognised As Domestic Retail Bank Of The Year And Receives Award For The Sme Payment Solutions Of The Year – Oman

 

Muscat, 26th July 2023 – Oman Arab Bank (OAB) has been recognized as Domestic Retail Bank of the Year – Oman and the SME Payment Solutions of the Year – Oman, earning two wins at the prestigious Asian Banking & Finance (ABF) Retail Banking Awards 2023. A distinguished panel of judges from the banking and financial industry bestowed the bank with top honors in these two categories.

 

The SME Payment Solutions of the Year – Oman award reflected the successful introduction of OAB’s state-of-the-art Mobile Pay Soft POS solution for SME customers, which represented the first of its kind in Oman and gained an extremely high initial customer penetration rate. Among its innovative elements, the solution provides an enhanced option allowing customers to enter their PIN through their mobile device, increasing customer convenience and confidence on security, as well as allowing the merchant to carry out real-time stock management, tax calculations and liquidity management. The bank acquired a total of 116 new merchants in the first three months from launch.

 

Continuing to uphold its customer-first vision, OAB has launched numerous other new products and services in recent months, including an instant debit card issuance machine; increased limits to its Digital Instant Loan; and several seasonal offers for customers. The process of optimizing its branches has also continued, including the installation of state-of-the-art digital banking technology to enhance the customer experience and allow customers to bank more efficiently.

 

 

OAB’s brace of awards were the latest recognition for the bank, which also recently won Best Online Platform in Oman at the 2022 MEA Business Awards and received the Payment Card Industry Data Security Standard (PCI-DSS) certification, which confirmed OAB’s security measures meet the highest standards of protecting customers’ payment card data, as set by the PCI Security Standards Council and most recently being accredited by the ACCA.

Abraj Energy Services Ipo Subscription Now Live On Oman Arab Bank Mobile Banking App

Muscat, 27 February 2023 – Oman Arab Bank (OAB) customers can now use their mobile banking app to subscribe digitally to the initial public offering of Abraj Energy Services Company (under transformation), a subsidiary of OQ, the global integrated energy group. Completely paperless and without the need to physically visit a branch, customers will be able to benefit from a seamless digital experience instantly through a click of a button from the comfort of their home, office, or on the go.

 

The bank is also one of the few financial institutions that is offering customers short term loans to finance up to 50% of their total IPO investment which expires on February 28th.

 

“By leveraging cutting-edge technology, we are making investing simpler, easier, more accessible and secure for our customers,” expressed Sulaiman Ali Al Hinai, General Manager – Head of Treasury, Investment and Government Relations/FI Banking Group at Oman Arab Bank. “We are both proud and excited to be supporting the government achieve the economic diversification objectives of Oman Vision 2040 by providing seamless access to market opportunities through our mobile banking proposition that will facilitate greater private sector participation.”

 

He added, “Innovation is at the core of everything we do and is driving the acceleration and scaling of our digital transformation plan to deliver greater value to customers. We are committed to constantly keep pace with the latest trends to enhance our offerings and provide the best possible service across all our channels.”

 

OAB has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, OAB operates a nationwide network of 47 conventional branches and 142 conventional ATMs across the Sultanate. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally benefit from several other services directly from the convenience of their mobile phones.

 

Customers can easily apply for the Abraj Energy Services Company IPO subscription through the mobile banking app, which is available for download on both the App Store and Google Play.

 

Oman Arab Bank and Omran Group announce strategic partnership for Sole Financing of Nikki Beach Resort & Spa Muscat

 11/September 2023 – Muscat: Oman Arab Bank (OAB) and Oman Tourism Development Company (OMRAN Group) have sealed a strategic partnership to solely finance the upcoming Nikki Beach Resort & Spa Muscat, currently being developed adjoining the Sustainable City – Yiti. This marks the latest landmark project that the bank has financed in the Sultanate of Oman, further supporting the country’s advancement across developmental, economic and sectors.

Sulaiman Al Harthi, CEO of Oman Arab Bank, said: “We are proud to partner with OMRAN Group to bolster the nation’s hospitality sector. The bank has a proven track record of handling large-scale, complex projects and catalyzing economic diversification efforts that are aligned with the objectives of Oman’s Vision 2040. Economic diversification is vital to stimulate Oman’s sustainable development at a global level and this project represents another step forward on that journey.”

OMRAN Group’s CEO, Hashil Al Mahrouqi, said: “We are excited to be working with Oman Arab Bank to see the Nikki Beach Resort & Spa Muscat project through to its successful completion. This resort is part of our continued endeavor to build on the nation’s position as a preferred global destination for tourists. It is a landmark development widely considered to be one of the most significant additions to Oman’s luxury hospitality sector. It will undoubtedly play a vital role in pushing Oman’s tourism sector to reach its full potential, which aligns with OMRAN Group’s commitment to developing exceptional and sustainable destinations.”

Nikki Beach Resort & Spa Muscat will feature 140 hotel rooms and 30 villas with private pools. Facilities will include the beach club, three signature restaurants, three swimming pools, a spa, gym and marina. Founded in 1998, Nikki Beach is a global concept that combines elements of music, dining, entertainment, fashion, film and art. Its Muscat property will be the latest in a portfolio that currently boasts 11 beach clubs and five hotels and resorts located around the world.

Oman Arab Bank Confirms Strong Position After Announcement Of Latest Perpetual Subordinated Bonds Redemption

Muscat, 15 October 2023 – Oman Arab Bank (OAB) has announced the redemption of the Perpetual Subordinated Bonds (OAB PERPET. SUB OABB) on 14 September 2023 in MSX (Muscat Stock Exchange). The bonds for OMR 42.553 million were issued by the Bank on 17 October 2018, at an interest rate of 7.50% p.a. and listed on the MSX Bonds Market.

 

Sulaiman Ali Al Hinai, General Manager – Head of Wholesale Banking Group at Oman Arab Bank, said: “Oman Arab Bank has been working domestically, regionally and internationally on bonds offerings for many years, such as our successful completed the first issuance of AT1 Perpetual bonds of OMR 30 million on the 29th of December, 2016, listed in the MSX. Upon the completion of this issuance, the capital position of the bank strengthened significantly and our ongoing work on such initiatives is continuing to make OAB’s position in the market ever stronger.”

 

He added: “We will continue to diversify funding sources and strive to attracting foreign direct investment in Oman, these successful redemptions underline our ability to service our obligations and enhance investor confidence.”

 

As per the terms and conditions of the OAB PERPET. SUB (OABB) bonds, the bank has issued an irrevocable notice to holders of these bonds on 14 September, 2023 that it will fully redeem all the bonds on the redemption date, 17 October, 2023, by paying the principal amount together with interest accrued for the period.

 

Post-redemption, the bonds will be delisted from the MSX Bonds Market. The process of transferring amounts to bondholders, based on investor records, will be carried out by the Muscat Clearing and Depository Company (MCDC).

Oman Arab Bank offers customers competitive 6.1% p.a. interest rate on new Fixed Deposits

Muscat, 6 November 2023 – Oman Arab Bank (OAB) is offering both new and existing customers a market-leading competitive interest rate of 6.1% per annum for all new deposits over OMR 30,000 made by 31st of December 2023. In addition to guaranteed higher earnings, security and flexibility, customers will have access to useful loan and credit facilities.

 

Qualifying customers will receive the top-level rate against 90% of their deposit and 1.25% against the remaining 10%. Customers can also apply for an overdraft facility or OAB Credit Card against 10% of the deposit. Up-front interest will be paid for the first two months, which can be withdrawn, as long as the deposit remains fixed, followed by monthly payments for the remainder of the term.

 

“We are always looking at ways to deliver better value by understanding customer needs and market dynamics”, said Khalid Al Amri, Acting Head of Retail Banking Division at Oman Arab Bank. “This is a great incentive for customers to save their hard-earned money and save for a better future. The zero-risk, high-reward investment option will help them achieve their financial goals and make their money go further.”

 

The bank’s latest offer enables customers to grow their savings with attractive returns on their investment and long-term benefits. Customers can visit their nearest OAB branch to apply for this limited-time scheme or visit the OAB website for more information.

 

Oman Arab Bank has a rich and proud 50-year history as one of the first financial institutions to be established in the Sultanate and is committed to empowering customers with the tools and resources to improve their quality of life through financial wellness. The bank offers a myriad of products and services designed to encourage greater savings and investments safely and securely.

Oman Arab Bank Offers Customers Competitive 6.1% P.A. Interest Rate on New Fixed Deposits

Muscat, 6 November 2023 – Oman Arab Bank (OAB) is offering both new and existing customers a market-leading competitive interest rate of 6.1% per annum for all new deposits over OMR 30,000 made by 31st of December 2023. In addition to guaranteed higher earnings, security and flexibility, customers will have access to useful loan and credit facilities.

 

Qualifying customers will receive the top-level rate against 90% of their deposit and 1.25% against the remaining 10%. Customers can also apply for an overdraft facility or OAB Credit Card against 10% of the deposit. Up-front interest will be paid for the first two months, which can be withdrawn, as long as the deposit remains fixed, followed by monthly payments for the remainder of the term.

 

“We are always looking at ways to deliver better value by understanding customer needs and market dynamics”, said Khalid Al Amri, Acting Head of Retail Banking Division at Oman Arab Bank. “This is a great incentive for customers to save their hard-earned money and save for a better future. The zero-risk, high-reward investment option will help them achieve their financial goals and make their money go further.”

 

The bank’s latest offer enables customers to grow their savings with attractive returns on their investment and long-term benefits. Customers can visit their nearest OAB branch to apply for this limited-time scheme or visit the OAB website for more information.

 

Oman Arab Bank has a rich and proud 50-year history as one of the first financial institutions to be established in the Sultanate and is committed to empowering customers with the tools and resources to improve their quality of life through financial wellness. The bank offers a myriad of products and services designed to encourage greater savings and investments safely and securely.