Muscat, 15 August 2022 | In line with its sustainability strategy, Oman Arab Bank recently sponsored the third edition of the Little Tourist Forum. Organised by the Ministry of Heritage and Tourism, the two-week event took place from 17 to 28 July and included several workshops and activities related to tourism.

Designed to target the next generation of young Omanis, several interactive programmes, activities and field trips, focused on the tourism sector, were held this year. The forum aimed at equipping the participants with the necessary skills and knowledge to excel in the tourism industry. Moreover, it sought to utilise children’s free time during the summer holiday with valuable activities.

Commenting on the initiative, Sulaiman Ali Al Hinai, Head of Treasury, Investments & Government Relations Division said, “We are delighted to support the Little Tourism Forum. There is no doubt that the forum will develop the skills of our talented young children in the tourism industry. This will enable them to serve as ambassadors for this vital sector, whose enormous potential for stimulating the economy is vital to the government.”

“At Oman Arab Bank, we believe that public-private sector partnerships are crucial for achieving national socioeconomic goals. Therefore, to maximize our positive impact, we will continue to support national initiatives as part of our sustainability strategy,” he further stated.

OAB’s sustainability strategy was designed to strengthen the Bank’s social impact within its three main strategic pillars: community partnerships, environmental responsibility and financial inclusion. The strategy was developed to boost the Bank’s social contribution in line with its business growth. The Bank will remain steadfast with its commitment towards delivering impactful initiatives over the years.

Muscat, August 2, 2022: Oman Arab Bank (OAB) launched its newest scheme, the OAB Savings Basket, in line with its efforts to enhance financial returns for customers. The scheme enables them to invest their savings and receive guaranteed returns at an interest rate of up to 5.75% per annum.

“With the global macroeconomic challenges that have prevailed over the last few years, it is imperative that we offer schemes that have long-term benefits for our customers and their families. The main objective of the launch of our Savings Basket is to enable customers to grow their savings with attractive returns on their investment. With this in mind, we would like to encourage our customers to take part in this limited-time opportunity that is catered to meeting their long-term aspirations, with an array of value-added benefits,” said Rashad Al Shaikh, Head of the Retail Banking Division at OAB.

With the OAB Savings Basket, customers can deposit a specified amount as a fixed deposit for a maximum period of three years, which will be subject to a guaranteed interest rate. The minimum and maximum deposits for eligibility are OMR 50,000 and OMR 1,000,000, respectively. OAB will invest 70% of the amount as a fixed deposit, with an interest rate of 5.5% per annum for one year, 5.65% per annum for two years and 5.75% per annum for three years.

Furthermore, the remaining 30% of the deposited amount will be held in a cash margin account with added benefits, including a complimentary Elite Credit Card with a maximum limit of OMR 20,000 and an Overdraft Facility with an upper limit of OMR 50,000.

Customers can visit their nearest OAB branch to apply for this limited-time scheme or visit the OAB website for more information.

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 locations 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.

Muscat, June 26, 2022: Oman Arab Bank (OAB) announced the launch of “Friends of OAB”, its new referral programme. Starting from today, OAB customers will be able to refer their friends and family by clicking on “Friends of OAB” on the OAB Online Banking app, a not-to-be-missed opportunity with rewards up to OMR 1,000 for successful referrals.

The more friends and family members a customer refers, the greater the rewards. OAB customers taking part in the referral programme will automatically receive OAB rewards points when their referral deposits OMR 1,000 and above in their new OAB account, and maintains that amount for at least one month. The reward amounts to 1% for every OMR 1,000 deposited (up to 10 referrals). It is simple to reap the rewards as an OAB customer could earn up to OMR 1,000 with only 10 referrals. Beneficiaries will be able to view details of their current and previous reward points and transaction details at any time, with ease, through the OAB Online App.

Commenting on the launch of the programme, Rashad Al Shaikh, Head of the Retail Banking Division at OAB, said, “We are always exploring new ways to reward our customers for their loyalty. The reward programme is not new to our customers. Following the success of the OAB rewards programme for credit cardholders, we decided to extend the rewards programme to “Friends of OAB”. Our latest programme enables customers to earn reward points when they refer their friends or family members to OAB through the OAB Online Banking app. These points can be redeemed for incredible benefits”.

Through the “Friends of OAB” programme, customers will be able to redeem their points to pay for their purchases using OAB POS machines at partner retailers. Additionally, customers can also benefit from a cashback option, which will be directly credited to their account, equal to the value of the points redeemed.

More information is available on the OAB website (www.oman-arabbank.com) and via the OAB Online App.

OAB has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the OAB Group operates a nationwide network of 48 conventional branches and 145 conventional ATMs locations 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.

As a testament to its efforts towards supporting local communities, Oman Arab Bank (OAB) was recently honoured by the Ministry of Social Development (MoSD) with an award for its Corporate Social Responsibility.

Held under the patronage of H.H. Sayyid Kamil bin Fahd Al Said and H.E. Laila Ahmed Al Najjar, the Minister of Social Development, the ceremony took place in Avani Muscat Hotel. It was attended by a number of Ministers, Undersecretaries and senior officials from the public and private sectors.

Commenting on the Bank’s achievement, Mr. Rashad bin Muhammad Al Zubair, Chairman of OAB said; “We are delighted to be recognised for our corporate commitment and social involvement to serve Oman and its people. We continue to collaborate with local partners and charities to ensure that as many people as possible in the communities in which we live and work are supported. Our objective is to grow and mature alongside our employees, customers and the community through sustainable practices. Receiving this award is testament to our work to support Oman’s 2040 vision and socioeconomic agenda.”

Last year, the bank supported low-income families whose homes were destroyed by the storm that hit the North Batinah Governorate. This social initiative was carried out in collaboration with the Ministry of Social Development and a number of Small to Medium Enterprises. The initiative provided support to families in the governorate by repairing their homes in partnership with reputed local construction companies.

OAB’s sustainability strategy was designed to strengthen the Bank’s social impact within its three main strategic pillars: Community partnerships, environmental responsibility and financial inclusion.

In line with the Bank’s community partnerships sustainability pillar, the Bank donated OMR 300,000 to support those affected by ‘cyclone Shaheen’ that hit the Sultanate last year. Additionally, several Bank employees volunteered to help in cleaning and re-building the affected homes and neighbourhoods in the Wilayats of Al Khaboura and Al Suwaiq. The Bank also launched an internal initiative to support employees affected by the cyclone. Furthermore, the Bank launched a donation feature through its mobile banking app to create an easy and safe platform for donors to contribute.

Seeking to preserve the environment and promote sustainability, OAB collaborated with 12 talented Omani photographers to produce the Bank’s first eco-friendly desk calendar made entirely of recycled paper and vegetable ink. The bank also sought to reduce its carbon footprint by introducing recycling and eliminating single use plastic bottles. The Bank also led several awareness campaigns on environmental responsibility highlighting a variety of native flora and fauna that are at risk of being endangered and shared tips to encourage a more eco-friendly way of life. For the second time, the bank also sponsored The Environment Society of Oman’s virtual fundraiser.

As part of its financial inclusion efforts, the Bank launched a series of Financial Literacy videos recently. The initiative aims to equip Omani youth with the necessary financial skills and knowledge to empower them to make informed financial decisions. The videos shed light on subjects such as buying a car, a house, getting married, saving, and business management.

3 April 2022: Muscat, Oman:  Oman Arab Bank (OAB) announced that the international credit rating agency, ‘Capital Intelligence’, has revised the outlook for its Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) to Stable from Negative.

The recent revision comes in the wake of the amendment of the Sultanate’s sovereign credit rating to Stable from Negative. The agency also affirmed the bank’s Long-Term (LT FCR) and Short-Term Foreign Currency Ratings (ST FCR) at ‘BB’ and ‘B’ respectively.

The revision of Oman’s LT FCR Outlook by the agency to Stable reflects the ongoing strengthening of the Sultanate’s public finances and external balances, as well as improving government debt metrics due to the recent rise in oil prices.

Commenting on the result of this report, Rashad Al Zubair, Chairman of Oman Arab Bank said, “The improvement of the macroeconomic environment of the Sultanate, and its reflection on the banking sector, which showed high efficiency in managing the last stage, led to the revision of the outlook by the agency. The report emphasised that the the credit rating of Oman Arab Bank is based on its strong deposits, good loans and high capital adequacy ratios after issuing perpetual bonds during the past year.”

He added, “We are confident that this report will reflect positively on the financial position of the bank, and we, in turn, will continue to diversify our activities and strengthen our financial position by following a prudent and focused approach to risk management, as we look forward to further development and growth in all areas.”