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

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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 Up-front interest will be paid for the first two months, which can be withdrawn, as long as the deposit remains fixed, followed by monthly payments for the remainder of the term.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.

OAB and First Carbon Investments sign MoU to accelerate deployment of clean technologies

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12th December 2023: Muscat: Oman Arab Bank (OAB) and First Carbon Investments (FCI) announced the signing of a Memorandum of Understanding (MoU) to accelerate the deployment of new clean technologies in Mena.

The MoU was signed by Sulaiman Al Harthi, CEO of OAB, and Peter Ellen, CEO of FCI, in advance of COP28 UAE.

Under the terms of the MoU, OAB will explore financing projects identified by FCI to advance the purchase of carbon credits that help accelerate the viability of new green fuels such as hydrogen, ammonia and biofuels. In 2024, global commitments to the next wave of green energy sources will exceed $200 billion. FCI has developed a platform to accelerate the viability of new green technologies destined to support global efforts to limit greenhouse gas emissions.

Speaking at the signing ceremony, Sulaiman Al Harthi, CEO of OAB, said: “This partnership marks a significant milestone in our efforts to promote the shift towards sustainable energy systems. We look forward to collaborating to develop and finance projects that will have a tangible and positive impact on the energy industry, the wider global community and more specifically the lives of the people of Oman.”

Peter Ellen, CEO of FCI, said: “We are excited to partner with Oman Arab Bank to support our platform for accelerating clean technologies at scale. OAB is a leading bank in Oman with a strong track record of supporting sustainable development. We look forward to working together to develop financing opportunities which will accelerate new clean tech projects that will help reduce carbon emissions and create a more sustainable future.” Chairman of FCI, Prof John Wright added, “As a veteran banking leader, I commend OAB’s vision and leadership at a time when the spotlight is on the region with COP28.”

The signing of the MoU between OAB and FCI is a significant development for Oman’s clean energy and sustainability sector. The two companies have the expertise and resources to make a real difference in accelerating the deployment of new clean technologies emerging as fossil fuel replacements.

Oman Arab Bank provides customers with financing opportunities for La Vie Properties.

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May 17, 2023 – MUSCAT: Oman Arab Bank (OAB), Alizz Islamic Bank (AIB) and Oman Real Estate Investment Services (ORIS) have signed a joint agreement allowing customers to access a full range of financing solutions and competitive rates when purchasing property at new project La Vie in Muscat Hills.

Customers can now finance off-plan units via an OAB housing loan, with full details and terms available from OAB’s sales agents and branches. The agreement was signed by Mr. Sulaiman Al Harthi, CEO of OAB; Mr. Ali Al Mani, General Manager of AIB; and Engineer Nasser Al Shibli, Chief Real Estate Officer of ORIS.

The LA VIE project covers an area of around 640,000 square meters and features a natural golf course spanning 600,000 square meters, complete with 18 holes and a private club managed by the world-renowned golf management company ‘Troon.’

The project also comprises of residential, commercial, and tourism buildings with a built-up area of 64,000 square meters. The centerpiece of the development is an 80-room boutique hotel managed by TIVOLI, with the largest rooftop swimming pool in Muscat to date, providing panoramic views of the golf course. The Hotel will also provide a private health club, and spa operated by the world-leading brand ‘Anantara.’

TIVOLI will also manage 100 fully serviced branded apartments. The residential complex comprises of 8 independent luxury villas and 22 apartments, all offering spectacular views of the golf course  and Al Hajar Mountains. The project also includes approximately 2,800 square meters of retail space hosting a variety of international brands, some of which are new to the Omani market.

Sulaiman Al Harthi said: “This joint agreement will give prospective buyers increased financial flexibility when purchasing property at the outstanding new LA VIE development in Muscat Hills. We pride ourselves on the wide suite of financial products we offer to our customers, giving them an excellent range of options when making their most important purchases.

“I would like to extend my thanks to my colleagues at Alizz Islamic Bank and our counterparts at Oman Real Estate Investment Services (ORIS) for all their hard work to make this agreement possible. I look forward to working with them on this project and, I hope, many more in the future.”

Commenting on the agreement, Nasser Al Shibli said “We are delighted to collaborate with Oman Arab Bank and Alizz Islamic Bank to offer customers a comprehensive range of financing options and competitive rates when purchasing properties at LA VIE. Located in the heart of Muscat, this exceptional development offers a unique lifestyle experience and a range of amenities to its residents. Through this joint agreement, we aim to provide buyers with the necessary financial flexibility and convenience to purchase their dream home at LA VIE. We are confident that this partnership will contribute to the success of the project, and we look forward to exploring further opportunities for collaboration with both banks in the future.”

All inquiries related to the project, and interested individuals can visit the website www.lavie.om or call at +968 22186600 to book an appointment.

Oman Arab Bank Champions Homegrown Sme And Startups With Strategic Tie-Up With Handyman Services Platform Musalih

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03rd December/2023 : Oman Arab Bank (OAB) has announced a strategic collaboration with Musalih, the first Omani repair and maintenance platform. This marks the latest initiative in the bank’s ongoing efforts to bolster SME growth in the Sultanate and accelerate the development of an innovative national economy.

Under the terms of the agreement, Musalih will be responsible for providing maintenance services for all 49 OAB branches across the Sultanate. To enhance its operations and expand capabilities, Musalih will be utilizing the bank’s easy-to-use, wireless order-taking and payment solutions. Exclusive offers will also be extended to both OAB customers and staff members.

Khalid Al Amri, Acting Head of Retail Banking at OAB, said: “Empowering and advancing the SME and Startup sector is a key strategic priority for Oman Arab Bank. Throughout our 50-year history, we have always championed the needs of homegrown small businesses that play a pivotal role in contributing to the nation’s GDP and will constantly strive to do more to unlock their full potential.”

Musalih is a trusted one-stop-shop for repair and maintenance services  that uses a web and mobile application to connect “Mahirs” (Service providers) with customers in need of household services.

Sultan Al Zadjali, CEO of Musalih, said: “This partnership with Oman Arab Bank will be transformative for Musalih, not only in terms of the facilities and knowhow that the bank is providing, but also the prestige that such a working relationship will generate. We are excited about what the future holds and to grow our business to new heights.”

Earlier this year, OAB launched Tumouhi to provide a seamless banking experience for SME and Startups. The comprehensive ecosystem includes financial services, telco solutions, legal assistance, delivery/courier services and accounting solutions, in addition to cybersecurity measures

Oman Arab Bank Announces Its First Car Loan Package With The Lowest Interest Rates In Oman

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Muscat, March 13th 2023 – With Ramadan on the horizon, Oman Arab Bank (OAB) customers can now rev their engines rather than budgets thanks to the bank’s new attractive car loan package. Offering the most competitive and affordable prices on some of the most desirable cars, the package – the first of its kind for the bank – features the best interest rates in the market, starting from 3.75 per cent per annum for two years.

In another first, financing is available for up to 10 years, for both new and pre-owned cars. OAB has also secured special agreements with car dealerships in the Sultanate for discounted rates on their best-selling cars, with a simple, transparent and easy-to-understand process. Credit card fees are also waived for the first year for new customers.

“With market-leading rates and our unique tie-ins with car dealerships, OAB’s first car loan package is responding to the needs of our customers and rewarding them with the best rates on the market, with unique additional benefits,” said Khalid Al Amri, Assistant General Manager & Head of Branch Banking, Retail Banking Division, at OAB. “A car is among the most important purchases our customers will make in their lifetimes and we want to be with them every step of the way, helping them to invest in their futures, while balancing their finances.”

Customers taking out the car loan package can also keep cool with the summer months approaching by availing a 65 per cent discount on window tinting and 35 per cent off other services from Car Lab.

To access the offer, which is available until 31 May 2023, customers need to have their salaries transferred to OAB. Customers can visit their nearest branch to apply. The bank has ensured that its car loan process is optimized for faster turnaround for customers.

For more information on the car loan package, including full rates and conditions, please visit www.oman-arabbank.com.

OAB SIGNS MOC WITH THE MINISTRY OF LABOR TO ENHANCE HUMAN RESOURCES DEVELOPMENT

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Muscat, May 26 2024 –  Oman Arab Bank (OAB) signed a memorandum of cooperation (MoC) with the Ministry of Labor to develop human skills, support Omani cadres, expand work opportunities and exchange experiences, to implement the priorities of Oman’s future vision towards empowering youth and building national competencies. The MoC comes within OAB’s plans to invest in human resources and continue its initiatives in supporting national talents and skills.

H.E. Sayyid Salem bin Muslim Al Busaidi, Undersecretary at the Ministry of Labor for Human Resources Development, and Mr. Sulaiman Al Harthi, Chief Executive Officer of OAB, signed the MoC.

According to the MoC, OAB will provide opportunities to train employees, provide them with modern work skills, and enhance their academic knowledge with practical experiences that develop their capabilities in the labor market. The MoC also includes the exchange of knowledge and experiences between OAB and the Ministry of Labor, to achieve the maximum benefit from the elite regional or international experts and speakers hosted by both the Ministry and the Bank. The Bank will organize workshop sessions and scientific forums on modern solutions and relevant innovative projects in this context.

H.E. Sayyid Salem Al Busaidi said: “The agreement with OAB comes within the framework of activating the partnership between the public and private sectors to support job nationalization efforts and empower Omanis in the labor market by providing job opportunities, training, and qualifying the national workforce through enhancing their competitiveness and skills and facilitates their entry in the labor market at various job levels and all economic sectors.”

H.E.  praised the efforts of OAB and its initiatives in providing job opportunities, training, and empowering Omani cadres.

Mr. Al Harthi said: “OAB believes that investing in human resources is vital for improving performance and services and for its growth strategies now and in the future. The bank has always been a role model in caring for its human resources and developing them professionally. It has also presented many initiatives that contributed to developing leadership and training national cadres in the financial sector, such as the “Ruwad Al Arabi” initiative, which has contributed to developing leadership talents and supporting the achievement of the Oman 2040 vision “.

Al Harthi added: “Through this cooperation with the Ministry of Labor, OAB continues its contributions and initiatives to support employment efforts, develop national competencies, and hone talents in the financial and banking sector.

Through this partnership, we aim to benefit from the various training opportunities provided by the bank and the conferences and lectures it organizes and experts hosted by the Bank and the Ministry of Labor. We also aspire to harness the initiatives and programs adopted by the Bank, including the “Ruwad Al Arabi” initiative, to develop employees’ skills and enable them to advance in their careers continuously.”

As part of the cooperation between OAB and the Ministry of Labor, many initiatives will be implemented by OAB, which support skills development and honing local talent to raise their competitiveness and supply the labor market with its requirements for skilled workers.

OMAN ARAB BANK RECEIVES BANK OF NEW YORK’S ‘STRAIGHT THROUGH PROCESSING’ EXCELLENCE AWARD

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Muscat, January 14th 2024: Oman Arab Bank (OAB) proudly announces its receipt of the ‘Straight Through Processing’ (STP) Excellence Award from the Bank of New York Mellon (BNY Mellon). This recognition, consistently earned since 2018, highlights OAB’s leading position in the financial industry, emphasizing its excellence in secure transaction processing and automotive processes.

Asma Al Zadjali, Chief Banking Operations Officer at OAB, expressed her gratitude, stating, “We are honored to be recognized by BNY Mellon  for our excellence in STP. This award underscores our commitment to customer service and integrating cutting-edge technology into our banking processes, further enhancing our position in Straight Through Processing Excellence awardthe financial sector.”

She added, “The accelerated pace of processing times is a notable advantage arising from OAB’s embrace of automation. This enables transactions to be executed much faster than traditional manual processes.”

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

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

OAB Organises a Special Event to Celebrate Omani Women’s Day

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Muscat, 22 October 2022: Oman Arab Bank (“OAB”) celebrated Omani Women’s Day with a special event organized exclusively for its female employees at the Bank’s Headquarters.

The Omani Women’s Day event showcased the Bank’s commitment to fostering an inclusive organizational culture and celebrating the integral role that Omani women continue to play in the development of Oman’s socioeconomic goals and objectives.

The event was a huge success and saw a large number of female employees attending various educational and wellness workshops throughout the day to help them realize their personal and professional goals and unlock their full potential.

Commenting on Omani Women’s Day, Leen Al Atassi, Head of Corporate Communications said: “We are delighted to recognize and celebrate the valuable contributions and achievements of Omani women. At OAB, we emphasize and value promoting women in leadership roles and developing future women leaders. We place significant importance on gender diversity in the workplace, with more than 39% of our workforce comprising of women and 36% of middle management positions filled by women. We are also proud to have 16 talented women leaders running our branches across Oman.”

Throughout the month, OAB will be featuring stories of women leaders across the branch network on its social media channels.

Irresistible Offers from Oman Arab Bank

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Guaranteed Cash on new Credit Cards and 20% discount on food purchases from Lulu Hypermarket

Muscat, 25 September 2022: Oman Arab Bank has announced its latest offer designed to enhance its customers’ shopping experience. Under this new offer, customers can apply for a new Credit Card and get guaranteed cash on their card up to OMR 50 after completing their first transaction. OAB will also waive the first-year subscription fee for the credit card as part of the offer. They can also save 20% on their food purchases from Lulu Hypermarket outlets across Oman, in-store or online.

OAB Credit Card holders can take advantage of this exciting offer during the last weekend of September, from 29 September until 1 October 2022, where they will receive an instant discount on all food items when using their credit cards to pay for their shopping.

Commenting on the new offer, Rashad Al Shaikh, Head of the Retail Banking Department at OAB, said, “This is our way of thanking and rewarding our customers for choosing OAB as their preferred banking partner. When customers apply for a new OAB Credit Card, they receive guaranteed cash up to OMR 50 on their Credit Card, and they can enjoy a 20% discount on food items at any Lulu Hypermarket during the last weekend of September, allowing them to save even more. The Bank will also waive the first-year subscription fee for new credit cards as part of the offer.

“Furthermore, our customers can access various other valuable promotions and benefits. These include interest-free instant easy payment plans at participating retailers, reward points, and a wide range of other offers from hotels, restaurants and shops across the country and abroad.”

OAB customers can always check the Bank’s website for new offers throughout the year to get the most value out of their cards.

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 48 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.

OAB Brings You the Chance to Watch the FIFA World Cup 2022 Live

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Muscat, September 11, 2022: In a recent announcement, Oman Arab Bank announced a special offer for all football enthusiasts among its customers. Three lucky customers will win a trip for two to attend one of the FIFA World Cup 2022 matches in person in Qatar. For football fans, this is the chance of a lifetime.

Customers can enter the draw by simply using an OAB VISA Credit Card to make purchases. Every OMR 10 spent will qualify customers for an entry into the raffle draw where the grand prize is an all-expenses-paid trip for two to the FIFA World Cup, which includes air tickets, accommodation, and stadium transport.

Commenting on the promotion, Rashad Al Sheikh, the Head of the Retail Banking Division at OAB said, “We are delighted to share the excitement of FIFA World Cup Qatar 2022 with our customers and are always looking to bring the best offers, world-class privileges and rewards to our loyal customers. Our latest card promotion in partnership with Visa offers our Visa Credit Card holders an opportunity to witness this once-in-a-lifetime and unforgettable event in person, courtesy of Oman Arab Bank.”

Under the promotion, customers are eligible for one raffle entry for every OMR 10 they spend on an OAB Visa Card within the Sultanate of Oman and two entries for every OMR 10 spent abroad. Therefore, the more a customer spends using their OAB Visa Credit Cards, the greater their chances of winning. There are three sets of tickets to be won in total. The promotion runs until 20 September 2022, with the draw taking place on the 29th of October 2022.

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 48 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.