Banking In Oman: Bank Muskat Essay Sample
The Omani banking sector chiefly the merchandise of a November 1974 banking regulation set by the Central Bank of Oman ( CBO ) enforced by April 1974. The jurisprudence besides helped the entry of foreign – owned Bankss and to let growing in the figure of local Bankss in the Sultanate. As of September 1992 there were 20 – one commercial Bankss in comparing with three registered Bankss in 1972. In add-on there were three expert development Bankss: the Oman Development Bank ( 1977 ) the Oman Housing Bank ( 1977 ) and the Oman Bank for Agriculture and Fisheries ( 1981 ) . However the Omani ba-nk market is the smallest in the GCC. Of the 20 –one commercial Bankss eleven are foreign owned and covering chiefly on funding trade. Ten are local Bankss working a really active market. Because of competition the authorities suggested to merges to beef up them. The given is that five or six local Bankss will look as the nucleus with those confronting fiscal job commanding dealing or unifying with more profitable establishment.
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A similar method may use to foreign Bankss of which merely five or six would go on to execute of import concern.
The CBO took over the Oman Currency Board which was set up in 1972 to publish currency command authorities histories and carry through banking dealing with commercial Bankss and international organisation. The board’s occupation includes taking attention of the authorities s uneven assets. The CBO is authorized to give loans to the authorities to cover short term deficits in currency incomes to purchase authorities exchequer notes and warrants with long term adulthoods ten old ages to give loans to commercial Bankss and to purchase sell price reduction and rediscount commercial paper. In 1991 the banking order was changed to assist let the CBO to call off the licence or collar the motion of Bankss under its control leting the CBO to shut reappraisal control a bank straight.
Bank Muscat is the taking fiscal services supplier in Oman with assets deserving over USD 18 billion. holding strong presence in Corporate Banking. Retail Banking. Investing Banking. Treasury. Private Banking and Asset Management. The Bank has the largest web of 126 subdivisions and 362 Automated Teller Machines ( ATM ) . 112 Cash Dispensing Machines ( CDM ) and 4500 Point of Sale ( POS ) terminuss. Bank Muscat’s international operations consist of a subdivision each in Riyadh ( KSA ) and Kuwait. a Representative Office in Dubai ( UAE ) and strategic bets of 49 % in BMI Bank in Bahrain and 43 % in Mangal Kershav Holdings in India. besides Silk bank Limited in Pakistan.
Bank Muscat holds the rare differentiation of being voted the ( Best Bank in Oman ) by The Banker. Global Finance and Euromoney. Bank Muscat is besides the victor of the esteemed Hewitt acknowledgment as the Middle East’s Best Employer. and was awarded ( The Strongest Bank in Oman ) at the Asiatic Banker Leadership Achievement Awards 2010. BankMuscat holds the rare differentiation of being voted the ‘Best Bank in Oman’ for seven old ages by The Banker. FT London ; nine old ages in a row by Global Finance and Euromoney. BankMuscat is the receiver of the esteemed Hewitt acknowledgment as the Middle East’s Best Employer 2009. The Bank was declared an Investor in People ( IiP ) administration in January 2007. going the first banking administration in the MENA part to be awarded the esteemed planetary acknowledgment. In 2004. BankMuscat became the first bank in the Middle East to be wholly ISO 9000:2000 certified BankMuscat’s fiscal statements are prepared in conformity with International Financial Reporting Standards and these evaluations are the highest assigned to any Omani bank. | L / Term | S / Term | Financial Strength/Outlook | Moody’s Investor’s Service | A1| Prime-1| C-/Stable|
Fitch Rating| A-| F2| Stable|
Capital Intelligence| A| A1| A-/Stable|
Standard and Poor’s | A-| A2| Stable|
Board of Directors
Board of Directors
1 ) Sheikh Khalid bin Mustahail Al Mashani
2 ) Sulaiman bin Mohammed bin Hamed Al Yahyai
3 ) Brigadier General Nasser bin Mohamed Al Harthy
4 ) Hamoud bin Ibrahim Soomar Al Zadjali
5 ) K. K. Abdul Razak
6 ) Salim bin Taman Musallam Al Mashani
7 ) Abdul Salam bin Mohamed Al Murshidi
8 ) Sheikh Said bin Mohamed Al Harthy
Bank Muscat offers a full scope of retail and single banking merchandises and services through its web of subdivisions all around Oman. A thorough realizing of client demands has assisted Bank Muscat to successfuly germinate flexible and customized merchandises to run into them.
Histories and Deposit
At Bank Muscat we provide you a big system of sedimentation merchandises to assist you maintain money and acquire good returns. Choose from options runing from attractive gifts or involvement. Savingss Account: With Al Mazyona Scheme
Al Mazyona Saving Scheme is Bank Muscat’s flagship consumer banking merchandise. and has controlled the nest eggs scheme sphere for about 20 old ages. The strategy has created an feeling. expanded its range and come to offer high-value hard currency awards throughout the twelvemonth. Interest Bearing Saving Account
While opening an Interest Bearing Salvaging Account at Bank Muscat. you can acquire much more than merely the regular involvement. When you get involvement. you have the autonomy to utilize the history for your day-to-day banking minutess through our assorted electronic channels and all switch Oman and Visa Electron ATMs across the Earth. Al Mazyona Children’s Account
When you have an Al Mazyona Account with the basic sedimentation merely Rial 50. the usefulness accruing to your kid include involvement free instruction loan for higher surveies ; assured schooling with Rial 100 per month till the age of 18 in the event of inadvertent decease of income gaining parent. free Super Card with fantastic offers and price reduction twofold opportunity to win al Mazyona gifts ; opportunity to fall in monthly children’s draw ; and electronic hard currency sedimentation installation. Al Mazyona Salary Plus Account
This history gives you and your work spouses a host of benefits that are a new pattern in itself including ; no minimal balance required. on monthly services charges. attractive offers on one-year recognition card subscription. Hayatuna Family Protection at a particular monetary value. free SMS is received on your Mobile phone when your wage is credited to your history. international debits card. free involvement banking installation. free public-service corporation measure payment. … . . etc.
Salvaging Account with Double-your-Salary Scheme
The bank offers a ‘Double-You-Salary’ strategy wherein clients get the opportunity to win a gift equivalent to their salary. Current History
As a Current Account holder at Bank Muscat you enjoy limitless easiness and comfort. Buy opening the history. you get a debit card that gives you 24 hours ATM entree at all Bank Muscat ATMs. Switch Oman and Visa Electron ATMs across the Earth ; overdraft installation ; and a cheque book. For a minimal recognition balance. of Rial 200 you can bask a host of alone privileges. Fixed Deposit Account
If you are a short /medium /long term investor and desire your money to work harder than you do. Bank Muscat Fixed Deposits are made merely for you. You can open a Fixed Deposits with a minimal sum of Rial 1000 for a period runing from 1 month to 3 old ages. Recuring Deposit Account
Open a Recuring Deposit Account with Bank Muscat and get down doing programs for your hereafter from today. Salvage your money. with little sum every month and see your nest eggs grow twelvemonth after twelvemonth. Choose the sum which you can salvage every month or take the mark sum that you are taking at. LOANS AND MORTGAGES
To provide the fiscal demand of our clients Bank Muscat offers a broad scope of land merchandises. 1. BAITUNA HOME FINANCE
2. EDUCATIONAL Loan
3. Consumer AND PERSONAL LOANS
4. OVERDRAFT FACILITY
5. SAYYARATI CAR Loan
A scope of confidence merchandises from Bank Muscat aid you provide security for yourself. your household and your properties. 1. HAYATUNA FAMILY PROTECTON
2. HAYATUNA MEDICAL CARE PLAN
3. HAYATUNA HOME CONTENTS INSURANCE
4. Motor Insurance
Whether you demand a debit. recognition or prepaid card for personal or concern –related usage. in order to do payment at assorted shops authorities offices. . Bank Muscat has the card to run into your want handily firmly. 1. DEBIT CARDOS
Debit Card facilitate direct entree to your history and easy to retreating hard currency at anytime and anyplace. 1-BANK MUSCAT VISA ELECTRON DEDIT CARD 2-BANK MUSCAT VISA PLATINUM DEDIT CARD 2. CREDIT CARDS
Recognition Card games are safer and easier than transporting hard currency. They can be used to purchase goods services all over the universe at different merchandiser mercantile establishments every bit good as through mail. telephone order and even on the Internet. 1-BANK VISA CLASSIC CREDIT CARD 2-BANK MUSCAT VISA CLASSIC CREDIT CARD WITH PICTURE
3-BANK MUSCAT MINISTRY OF EDUCATION VISA CLASSIC CREIT CARD 4-BANK MUSCAT GOLD CREDIT CARD 5-BANK MASTER CARD PLATINUM CREDIT CARD 6-BANK MUSCAT VISA INFINITE CREDIT 7-ZEINAH CAEDIT CARD
3. PREPAID CARDS 1BANK MUSCAT MY MONEY PREPAID CARD 2MUSCAT E-PAYMENT PREPAID CARD 4. E-PURSE 1BANK MUSCAT E-CASH INDIVIDUAL AND CORPORATE PERPAID CARD
Bank Muscat electronic channels permit clients to entree their histories and execute assorted fiscal minutess. These channels comprise automated Teller machines ( ATM ) . call Centre. hard currency sedimentation machines ( CDM ) . cyberspace and nomadic banking. Standard atmosphere
ATMs Access your history round the clock. Bank Muscat has Omanis biffest ATM web. The bank’s ATM are situated in commercial and residential country. gasoline make fulling station. airdrome. and other countries. which are handily accessible. Cash Deposits
A sedimentation mechanism accept money. It counts the notes. gives you admittance for lodging hard currency in your history or any other client history in Bank Muscat. Bank Muscat clients can utilize this channel to give their usefulness measures and for Mobiles top up every bit good. Name Centre
Behavior banking behaviour over the phone from anyplace and at anytime via a 24-hour user-friendly automatic service bill of fare. or talk to single bankers 24-7 every bit good as vacations. Internet Banking
Bank Muscat offers you with the agencies to transport out assorted banking minutess at the imperativeness of mouse. Available on 24 footing cyberspace banking licenses do the following 1-view histories. balances. statements
2-Pay public-service corporation measures. recognition card measures and instruction fees
3-Mobile top up
4-Transfer financess between ain histories
5-Transfer money to India – Speed Transfer
6-Make check book / demand bill of exchange petitions
8-Report lost ATM cards
Bank Muscat provides clients a agencies nomadic travelliy to make banking through nomadic banking channel. 1-Salary recognition
2-ATMWithdrawal: Rial 50/-and above
3-Point of sale transaction:75/-and above
4-Cash sedimentation through Cash Deposit Machine: OMR 100/- and above 6-Loan delinquent
Examples of cards in Bank Muscat
Bank Muscat Expat Services presents universe of fiscal consequence in Oman and in your place state. We offer am easy solution for all your fiscal demands at one counter. MONEY TRANSACTION AND REMITTANCEN
Bank Muscat gives yet another suited service for clients by a tie-up with Oman and UAE Exchange Centre Co. LLC. This service is provided by our Call Centre. The client can inquire for a demand bill of exchange ( DD ) from the Call Centre and the petition is changed to acquire the DD sent to the donee in approximately 4 yearss clip Demand Draft in foreign currency is This a basic and low cost outgoing payment. DD is a cheaper to reassign money abroad. This service is besides really safe TTs ( Telegraphic transportation ) to another history
Fast. dependable payment to planetary finish. Telegraphic Transfer is one of the fastest secure channels for reassigning money abroad Traveller’s Cheques
Bank Muscat releases and gets American Express Trave llers Cheques ( TCs ) through all subdivisions in USD. EUR and GBP currencies and in many denominations. TCs are secure. convenient manner to maintain safe your travel money while travel around the universe or around the state Money Transportation
Now you do non hold to look for exchange houses when you have to reassign money to India. Bank Muscat offers you Speed Transfer. the first remittal services of its type in Oman. Payment Facilities
Bill Payment and Facilities
Easy Deposit Bill payments can assist us do payment for electricity. H2O. telephone. etc. Through the different bringing manner such us Bank Muscat drenches. call Canter. Internet banking. ATMS-there by supplying easy to the client. Safe Deposit cabinets
Our Quality Policy is to accomplish and prolong a repute for quality in the national and international markets by offering merchandises and services that exceed the demands of our clients. We strive to stay the bank of first pick in all our merchandise and services.
Towards this policy. our aims are:
| Establishing and keeping a quality direction system in the Bank. based on international quality criterions. | | Continually reexamining our merchandises and services. feedback from employees ( internal clients ) and our clients to guarantee that there is continual betterment. | | Offering our clients first-class service. advanced merchandises and value-added banking while developing with them a reciprocally good association. | | Demonstrating vision. professionalism transparence and unity in the behavior of our concern and service. | | Achieving disciplined growing and sensible profitableness while runing on a sound fiscal base. | | Creating value for our stockholders. |
| Encouraging. motivation and developing our human resources our most valuable plus and the basis of the Bank. | | Working towards the successful execution of authorities aims applicable to us. | | Striving towards and keeping a pre-eminent place in the bank |
Interview with Ms: Najia Saif Harib ALShaili ( Deputy Director ) of Bank Muscat –AL Hamra Branch on: 20/9/2012 at: 12:30 Amani: How many subdivisions do you hold in Oman?
Najia: About 134 subdivisions.
Amani: Do you hold any subdivisions abroad?
Najia: Yes we have in Saudi Arabia Kuwait India and Bahrain Amani: In which metropolis of Oman do you hold the most concentration of subdivisions? Najia: At capital country ( Muscat )
Amani: What is the ratio of males to female employees in your country? Najia: 45 % mail – % 55 female
Amani: which section have the most figure of Exiles working? Najia: Information Technology Department
Amani: Which country of banking gives you the maximal net income? Najia: Loans and salvaging
Amani: Do you give loans to pupils for higher surveies within Oman and abroad? What are the standards for these loans?
Najia: Yes we give pupils loans to finish their higher instructions
Standards: 1 ) The pupils must convey commendation of surveies from the university or college.
2 ) Must his or her male parent wage transportation to the bank because he will be a warrant for the loan. Amani: Do you give loans for autos? What are the standards?
Najia: Yes. the client can use for a auto loan ( sayyarati ) at any of bank Muscat subdivisions or auto franchises The bank will necessitate the undermentioned certification to be enclosed with the loan application: NID/Resident card transcript. passport transcript with visa page in instance of expartrials merely. salary certificate/salary assignment missive as applicable ( adverting your wage. terminal of service benefit and yoyr day of the month of employment ) . citation from the trader. You can avail of up to 80 % of the bill value of new auto. The maximal loan tenor offered is up to 72 months ( 6 old ages ) Amani: How rapidly do you react to client ailment?
Najia: Equally shortly as possible. we assure the client that his /her job will be solved every bit shortly as possible. Some client ailments can be resolved with one visit or one phone call. Drawn-out issues should be tracked and reviewed to guarantee that advancement is being made and maintain the client informed about the advancement and job solution. Amani: What is your process of managing a client ailment? Najia: Through call centre Centre ( 24795555 ) and through FMS which are send the client complain to the subdivision. Amani: Do you hold a call Centre? How does it run?
Najia: Yes the client can name the call Centre at anytime and from anyplace on ( 24795555 ) and follow the direction after content the call Centre material will reply all the questions such as information on Bankss merchandises. services and any other questions related to account balance. loans inside informations. issued checks position. fixed sedimentation involvement rates. currency exchange rates and etc. Amani: Is your client service staff bilingual? How do you better their linguistic communication accomplishments if need? Najia: Yes they must be. The bank ever sends the material courses to develop them about the best ways of communicating accomplishments.
The general uninterrupted growing in Oman has been consistent until 2012 and recognition enlargement is to rush up in this twelvemonth. The equity market which was optimistic was damaged earlier has shown good betterment so far. The equity markets in Oman are ready for the issue of IPOs or right issue. We can speak about Oman tell Telecommunications Company Volt A MSN Power and so on in this regard. Furthermore many Bankss are expected to take a portion shortly in the primary market to increase financess in the close hereafter for illustration: Bank Nizwa. AlIzz International Bank and so on. These programs are at different degrees of completion which the Capital Market Authority.
The right clip and sum to be issued are being worked out. Contribution to these issues is been expected to be made largely by the Omanis ( families and establishments ) Other than some part from citizens of the GCC states other non –resident subscription may by every small as the planetary recovery continues to be show. Appetite for each issue would trust on the pricing of each issue. Same instances may be controlled by commercial Bankss. At the clip of subscription there is strong possibilities of backdown of bank financess to an of import Economic Research and statistics Dept six Bankss might be called to give loans to likely endorsers. If many instances are put together there might be some forces on the domestic liquidness at least for a period of clip till the returns come back to the banking system. The CMA can distribute the issue one time all the clip to maintain off from the frictional liquidness job in bank.
Annual Report 2011. Financial reappraisal. p. g 84-88
Banking in Oman ( 2004 ) [ Online ] . Available at: hypertext transfer protocol: //www. Photius. com/countries/oman/economy/oman_economy_banking. hypertext markup language. [ Accessed on 18/9/2012 ]
Bank Muscat ( 2008 ) [ Online ] Available at: hypertext transfer protocol ; //www. bank Muscat. com [ Accessed on:29/9/2012 ]
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