OAB Announces New Digital Instant Loan Facility

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  • To enable an easy and quick borrowing experience for customers via the OAB Online App

Muscat, March 08, 2022: In line with its commitment to delivering a seamless digital banking experience for its customers, Oman Arab Bank announced the introduction of its Digital Instant Loan facility, a first in the banking industry in Oman. With this service, which is available through the OAB Online App, customers can apply for a personal loan for various purposes, in just a few minutes.

Commenting on the introduction of the new digital solution, Rashad Al Shaikh, Head of the Retail Banking Division at OAB said, “OAB has always placed customers at the heart of everything it does. This new service is aligned with our commitment to providing a myriad of advanced digital solutions to our customers, as well as a way for us to transform how customers interact with the bank so that their experience is seamless, easy and efficient. With this feature, our customers can get instant access to additional funds for all their requirements, easily, securely and conveniently.”

The Digital Instant Loan facility has been designed to enable OAB customers to avail personal loans up to OMR 10,000 with a quick automated approval process as well as topping up existing loans. Any Omani national or resident OAB customer with a minimum monthly salary of RO 325 can apply for this service if they have a credit history with the Bank.

For both Digital instant loans and loan top-up facilities, customers can opt for a grace period, which will last for 30 days without any installments. Customers can also opt for loan deferment prior to Eid Al Fitr and Eid Al Adha.

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 49 conventional branches, 15 Islamic branches, 150 conventional ATMs and 15 Islamic ATMs in high footfall 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.

For Website OAB Staff Graduate from the Etimad Programme

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Muscat, March 06, 2022: Oman Arab Bank (OAB) proudly announced the graduation of several of its employees from the prestigious Etimad programme. The programme stems from a government initiative with the key objective of preparing qualified Omanis for leadership positions.

Highlighting the importance of this achievement, Essam Al Busaidi, Head of the Human Resources Division of OAB, said, “OAB has always strived to ensure that its employees are provided with the opportunity to be a part of programmes that support the enhancement of their leadership skills. Through this endeavour, we can play an integral role and contribute towards building the leaders of tomorrow by equipping them with the required skillsets. Moreover, the programme reinforces the Bank’s commitment towards training and upskilling Omani talent to build a dynamic team and strengthen its position as a leading banking institution in the Sultanate.”

Etimad is a prestigious leadership programme aimed to empower Omanis in middle and senior management positions to assume leadership roles within the private sector. The programme’s goals are aligned in collaboration with representatives from the private sector, as well as public sector policymakers, to prepare national talents for leadership positions in the private sector. Participants attend several classroom and distance learning courses that focus on acquiring leadership skills, over three weeks.

Graduates of the latest Etimad programme include Sumaiya Al Riyami from the Human Resources Division, Khalil Al Balushi from the Internal Audit Division Al Shaima Al Shuaili from the Compliance Division, Saqar Al Harasi from the Banking Operation Group, Hamida Al Balushi from the Credit Administration Department, Mohamed Al Abri from the Retail Banking Division, Khalil Al Balushi from the Internal Audit Division and Ammar Al Zadjal from the Corporate & Institutional Banking Division.

The Etimad programme saw the delivery of high-level training and qualifications to graduates, in collaboration with international and local institutions that specialise in management and leadership skill training.

“On behalf of OAB, I would like to extend my warmest congratulations to the graduates and wish them further growth and success for the future. Together, we can build a better and brighter future for generations to come,” he 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 Oman Arab Bank Group operates a nationwide network of 51 conventional branches, 15 Islamic branches, 150 conventional ATMs and 15 Islamic ATMs in high footfall 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.

Oman Arab Bank Receives Award for Social Responsibility

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Muscat, February 22, 2022: Oman Arab Bank (OAB) was recently presented with the Excellence Award in Social Responsibility in acknowledgment of its contributions towards sustainability and sustainable initiatives in 2021. The award was received by  Feras Al Farsi, Head of Sustainability and CSR  on behalf of Oman Arab Bank.

Social responsibility forms the basis of OAB’s Sustainability strategy and its three main focus areas: community partnerships, environmental responsibility and financial inclusion. The Bank’s sustainability strategy was designed to add value to society and the environment in parallel with the development and growth of the organisation.

OAB recently issued its first GRI-certified sustainability report, which is aligned with the United Nations Sustainable Development Goals and Oman Vision 2040. This report makes OAB the third bank in the Sultanate to achieve this distinction.

Throughout 2021, 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 led several awareness campaigns on environmental responsibility highlighting the different native flora and fauna that are at risk of being endagered and shared tips to encourage a more eco-friendly 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 strives to educate and advise the public regarding financial management to ensure they make optimum use of the available opportunities. The Bank conducted a financial management workshop for members of the Omani Women’s Association and partnered with the Oman Banks Association for a financial inclusion campaign from April to May 2021. The Bank also developed its own social media content to explain the concept of financial inclusion to the uninitiated.

Oman Arab Bank has developed a strong relationship with several non-profit organizations over the years and 2021 was no different. All partners can be found and donated to through the OAB app: Dar Al Atta’a, Al Noor Association For The Blind, Oman Charitable Organization, Takaful, Handicapped Children Association, and Environment Society of Oman. During Ramadan the bank also ran an awareness campaign with the partners and set up festive competitions with all proceeds being donated to the charities. Throughout 2021, OAB collaborated with several other private and public entities on other initiatives such as financially supporting students with their studies and providing medical equipment to those in need.

Due to climate change, Oman saw several natural disasters in 2021 such as the flooding in Sur and then North Batinah, followed by Cyclone Shaheen. For Sur and North Batinah, the Bank donated to the Ministry of Social Development to ensure that the aid reached those who needed it most, in addition to providing a list of SMEs from the affected areas that specialised in construction to facilitate with repairs. For Cyclone Shaheen, OAB and Alizz Islamic Bank allocated OMR 300,000 as relief funds for those in need.

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 51 conventional branches, 15 Islamic branches, 150 conventional ATMs and 15 Islamic ATMs in high footfall 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.

OAB Signs Agreement with Visa for the Launch of Visa Platinum card for ‘Advantage’ Customers

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  • For the first time in Oman, guaranteed limited time 1% cashback on all digital and POS transactions with the ‘Advantage’ Visa debit card
  • Attractive rates of up to 3% p.a with Growth Plus account
  • Loans starting from 4.7% p.a
  • Exclusive travel benefits and more

Muscat, January 31, 2022: In line with its continuous endeavours to provide high-quality services to all its customers across various segments, Oman Arab Bank (OAB) recently signed up with the world’s leader in digital payments, Visa, to collaborate for its new ‘Advantage’ segment. This is aimed at offering Visa Platinum debit and credit cards to the upper mass segment, which are customers with salaries ranging from OMR 1,000 – OMR 3,499 or deposit OMR 10,000 -34,999. Setting itself apart from competitors, the debit card offers a limited time 1% cashback on all digital and POS transactions for the first time in the Sultanate, alongside hosting attractive rates, exclusive travel benefits and more.

Commenting on the signing and the launch of ‘Advantage’, Rashad Al Shaikh, Head of the Retail Banking Division at OAB, said, “At OAB, we believe that all the facilities we offer must be inclusive and customised to best meet the needs of our large customer base, especially with regard to their respective earning tiers.  Targeted towards customers within the mid-salary range (from OMR 1,000 – OMR 3,499 or deposit OMR 10,000 -34,999), ‘Advantage’ seeks to provide them with a myriad of opportunities and enrich their overall banking experience with OAB. A unique aspect of the new facility that places it ahead of its competitors is that it is the first debit card in Oman to provide a 1% cashback on all digital and POS transactions, while also opening the door for our customers to step into a world of incredible advantages.”

Customers that meet the requirements of the ‘Advantage’ segment can, benefit from competitive rates for new and buyout loans and receive exclusive returns on savings up to 3% p.a. with Growth Plus account. In addition, they will be eligible for monthly draws on salary transfer, enjoy complimentary airport pick and drop-off services from and to Muscat International Airport, have lounge access to over 35 airports and a dedicated customer service number through OAB’s “Fil Khidma” call center. Customers can easily sign-up by visiting any of the Bank’s branches and filling in the requisite details. Existing customers can also upgrade digitally via the OAB online app.

“At OAB, we are always keen on ensuring that we introduce new and innovative means to enhance our customer’s banking experience, which is aligned with one of the key pillars of our transformational strategy. Through the launch of ‘Advantage’, which is specially crafted to suit our mid-range customer’s diverse lifestyles, we can support them by providing them with the best possible services, so that they can focus on the things that matter in life. We are thankful to VISA for their collaboration and look forward to seeing the positive impact the new facility will bring in the long run. This, in turn, will reinforce OAB’s position as a customer-centric institution, placing it at the forefront of the banking sector,” Rashad added.

From her side, Dr. Saeeda Jaffar, Visa’s Group Country Manager for GCC, said, “Visa is delighted to partner with OAB to launch their new Visa Platinum card with a unique proposition tailored for their ‘Advantage’ segment customers. Our cardholders in Oman enjoy the security, convenience and reliability of their Visa cards – and now, with this new Visa Platinum card from OAB, they will also be rewarded every time they pay. This product is a great way to expose more consumers to the benefits of digital commerce and encourage business at our merchant partners in Oman. We look forward to growing our partnership with Oman Arab Bank by developing more innovative digital payment products and enabling the bank to deliver the secure, frictionless and rewarding payment experiences our Visa cardholders in Oman increasingly expect and deserve.”

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the Oman Arab Bank Group operates a nationwide network of 51 conventional branches, 15 Islamic branches, 150 conventional ATMs and 15 Islamic ATMs in high footfall 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.

OAB Announces Redemption of Perpetual Subordinated Bonds

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Muscat, January 25, 2022: Oman Arab Bank (OAB) announced the redemption of the Perpetual Subordinated Bonds (OAB PERPET. SUB OAB1) on 27 December 2021 in MSX (Muscat Stock Exchange). The bonds for OMR 30 Million were issued by the Bank on 29 December 2016, at an interest rate of 7.75% p.a. and listed on the MSX Bonds market.

Commenting on the notice, Sulaiman Ali Al Hinai, General Manager – Treasury, Investment and Government/FI Banking Group, said, “in order to attract foregin direct investment in country as well as diversify funding sources the Bank had successfully completed first international  issuance of AT1 Perpetual bonds of USD 250 Million in June 2021, which are listed in the International Securities Market of London Stock Exchange. Upon the completion of this issuance, the capital position of the Bank has strengthened significantly. We are also happy to redeem the bonds issued in 2016, at the first call option, which will enhance the investor confidence and prove the bank’s permanent abilty to service its obligations.”

As per the terms and conditions of the OAB PERPET. SUB OAB1 bonds, the Bank has issued an irrevocable notice to the holders of these bonds on 27 December 2021 that it will fully redeem all the bonds on the redemption date, 29 January 2022 by paying the  principal amount together with the interest accured for the period.

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

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 51 conventional branches, 15 Islamic branches, 150 conventional ATMs and 15 Islamic ATMs in high footfall 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.

OAB Participates in National Initiative to Plant 10 Million Trees In collaboration with Environment Authority

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Muscat, 30 November 2021: Oman Arab Bank (OAB) recently announced its contribution to the Environmental Authority’s national initiative to plant 10 million trees. This initiative is in line with the Bank’s sustainability strategy and its focus on Environmental Responsibility.

The objectives of this project are aligned with Oman Vision 2040, specifically its goal to develop sustainable governorates and cities that balance environmental, economic and social factors. The focus is on the optimal use and investment of natural resources to ensure high returns for both society and the environment. Since the start of the initiative the Environment Authority along with several other private and government institutions, planted over 190 thousand trees. The Bank will aim to plant an additional 2,800 trees throughout 2022.

Moreover, the initiative aims to sustainably increase vegetation coverage and restore biodiversity across The Sultanate. It will also contribute towards the rehabilitation of degraded sites and reduce desertification, while simultaneously raising the level of awareness around the importance of increasing green spaces and its benefits to the environment and the community.

Since 2020, OAB has made a concerted effort to ensure sustainable practices throughout its network of stakeholders. This initiative by the Environment Authority aligns with this goal and raises awareness about environmental responsibility to society at large. The Bank’s contribution to this initiative is an ideal opportunity to implement its strategy on the ground and encourage its employees to follow a similar approach in their daily lives. This, in turn, will lead to an increase in the overall green spaces and reduce carbon emissions across the Sultanate, reinforcing the Bank’s ultimate goal of working together with the community to provide a sustainable future.

Oman Arab Bank’s sustainability strategy includes three main pillars: Community Partnerships, Environmental Responsibility and Financial Inclusion. Taking part in the 10 Million Tree initative is an example of its activities aimed at supporting the environment.

The initiative includes planting different types of native flora such as Tapiscia, Acacia and Ziziphus Spina-Christi (Sider) trees, known for their role in producing Omani honey, in addition to Moringa Peregrina, Pteropyrum, Frankincense and many others. The campaign will target a group of vital sites such as parks, educational institutions, parking lots, streets, government institutions, valleys and environmentally degraded areas.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the Oman Arab Bank Group operates a nationwide network of 51 conventional branches, 15 Islamic branches, 150 conventional ATMs and 15 Islamic ATMs in high footfall locations across the Sultanate. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally open an account and benefit from several other services, directly from the convenience of their mobile phones.

OAB Sponsors “Influential Women” Discussion Event

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  • In cooperation with the Omani Women’s Association
  • Highlighting the integral role of women in the entrepreneurship sector

Muscat, November 16, 2021: Oman Arab Bank (OAB) is sponsoring a discussion session that will be organised by the Omani Women’s Association in Muscat tomorrow. This support is in line with the Bank’s objective of enhancing its role in supporting society, stemming from the umbrella of its sustainability strategy. Aimed at highlighting the efforts and empowering Omani women, the session will be conducted under the patronage of HH Sayyida Basma Fakhri Al Said and will cover two main topics, namely, Omani women and entrepreneurship and the inspiring success stories of influential women.

Over the course of the session, several women entrepreneurs will shed light on their success stories. This will include Zakira Jamal Khader, owner of Taj Al Yasmeen, Badria Hilal, owner of Mandazi and other projects, Raeda Mohammed Al Wahaibi, owner of Al Raeda Gold and Jewellery and Nadia bint Saeed Al-Rawahiah, owner of Silver Sunlights. Other notable mentions that will be present are Muzaffa Hamad Al-Amriya, owner of Al-Amriya incense and Maymouna Hamdan Al-Dahmani, owner of Lavender and Rose, a vendor of soaps, gifts and other distributions.

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 53 branches and representative offices with 150 ATMs spread across Oman. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally open an account and benefit from several other services, directly from the convenience of their mobile phones.

OAB announces Hasaad Savings Scheme Winners for the Month of September

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Muscat, November 2, 2021: Oman Arab Bank (OAB) recently announced the names of the winners of its Hasaad Savings Scheme for September 2021. The draw witnessed 101 customers winning prizes of OMR 500 each and two winners of OMR 10,000 as part of the Big Prize Draw. As for the Elite account holders, one customer was the winner of the Elite Grand Prize of OMR 25,000 from the Quriyat branch.

Commenting on the winners of the recent scheme, Rashad Al Shaikh, Head of the Retail Banking Division at OAB, said, “As we come to the end of the third quarter of this year, we are delighted to see a huge increase in the number of savings across all our valuable customer accounts. Keeping in mind the need to encourage saving especially in the cases of unforeseen circumstances, we ensure that all our customers are well rewarded for their efforts. We believe that it is our responsibility to motivate our customers to have a savings culture and help them maintain sound financial management practices.”

The Hasaad Savings Scheme 2021 will see 101 lucky winners from 52 branches win OMR 500 each per month, as well as five winners of OMR 1,000 each. This is in addition to a Big Prize draw, which will see two winners of OMR 10,000 each every quarter.

The Elite Draws will see two winners every month of OMR 10,000 each. This is replaced by an Elite grand prize draw conducted every three months with one lucky winner of OMR 25,000.

“On behalf of Oman Arab Bank, I extend my warmest congratulations to all the winners of this month’s draw. I encourage all our customers to continue saving to increase their chances of winning for the remaining draws for 2021,” Rashad 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 52 branches and representative offices with 150 ATMs spread across Oman. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally open an account and benefit from several other services, directly from the convenience of their mobile phones.

Oman Arab Bank’s Head of Innovation, Leen Al Atassi Receives Oman Woman of the Year Award

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Muscat, Oct  12, 2021: Leen al Atassi, Head of Innovation at Oman Arab Bank (OAB) recently won the prestigious ‘Oman Woman of the Year Award 2021’ in the category of Innovation and Technology. The ‘Oman Woman of the Year Award’ awards, founded by Apex Media in 2017, recognise and honour the outstanding achievements of women who have made a difference in fields as diverse as technology, education, medicine, law, philanthropy, and sports, to name a few.

The award recipients all represent excellence, dynamism and diversity regardless of the field. Each of these women has a remarkable story to tell, whether it is beating the odds or finding new ways to set themselves apart in a male-dominated industry.

On winning the award, Leen stated, “I am honoured and humbled to receive this recognition and to be standing alongside talented women who are highly accomplished in their respective fields. , This achievement would have not been possible without the support and contributions of my team and colleagues, the management of OAB, and my family. I look forward to continue to support innovation efforts within the banking industry and across related ecosystems in line with Oman’s 2040 vision.”

With a career span of over 15 years in finance and banking, Leen al Atassi has supported the acceleration of OAB’s Innovation agenda by introducing various platforms and initiatives that enable and promote innovation within the bank and the community such as the annual Innovation Hub hackathons, the innovation university roadshows across Oman, the inception of the first-of-its-kind Innovation Lab in Omanand the OAB Online Learning Hub. This approach has not only encouraged the youth to think outside the box but has also stimulated great minds to come together to develop ideas and build working solutions that would support the growth of the industry..

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 53 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally open an account and benefit from several other services, directly from the convenience of their mobile phones.

Oman Arab Bank Launches New Direct Remittance Service

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  • Free remittance service for a limited time via the OAB Online App
  • Technology underpinned by Mastercard Send, a leading payments and remittance solution in the Middle East and North Africa

Muscat, 26 September 2021: Oman Arab Bank (OAB) recently announced the launch of the ‘iSend’ feature for money remittance, further enhancing the portfolio of innovative digital banking facilities and products that it provides. The new service is a secure, fast, and easy way of sending money internationally, anywhere and at any time, through the OAB Online App and is underpinned by Mastercard’s proprietary remittance solution – Mastercard Send.

Commenting on the new feature, Rashad Al Shaikh, Head of the Retail Banking Division at OAB said, “iSend is an exclusive remittance solution that enables our customers to carry out money transfers within seconds, effortlessly and conveniently. As compared to the traditional swift, this new service offer more convenience, value addition and is also aligned with our key strategy of enhancing digital financial inclusion. Through iSend, we can help citizens and customers abroad send money through our secure and real-time payment infrastructure. To encourage more customers to utilise this feature, we are offering it as a complimentary facility to all our customers for a limited time. As we look forward to our phase one roll-out, we continue to enrich our offerings to improve overall customer experience.”

Through Mastercard Send, financial service providers can seamlessly process digital payments leveraging its global network through a single connection. Furthermore, these cross-border payments can reach almost anywhere in the world with certainty and predictability, and without back-end charges. Mastercard’s platform plays a key role in improving world-wide connectivity, by providing new and enhanced innovation across the global digital ecosystem.

Nadia Ghissassi, Country Manager, Qatar, Oman, Kuwait & Iraq, Mastercard, said, “As Oman Vision 2040 is underway, the ability to make fast, frictionless cross-border transfers is crucial in driving the country’s digital transformation efforts. Oman Arab Bank customers will now be able to send money to their family and friends across the world with increased convenience and peace of mind. As a trusted technology partner, Mastercard is committed to empowering consumers to connect to the digital economy in simpler and more secure ways.”

With the new feature, customers with an Oman Arab Bank account can send money to friends and family abroad with just a few taps, from the comfort of their home or office. During phase one, the Bank has launched the service as an account-to-account solution and will add more options in subsequent phases.

Currently, the transfer service is available to India, Pakistan, Bangladesh, Sri Lanka, Singapore, UAE, and the EU SEPA (countries that use Euro as their currency). Phase two will see the extension of the service to the Philippines, Egypt, Morocco, the United Kingdom, and the United States of America.

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 53 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally open an account and benefit from several other services, directly from the convenience of their mobile phones.