Friday 19 / April / 2024
Muscat: Bank Muscat, the flagship financial services provider in the Sultanate, marked a milestone of 35 years of leadership as the beacon of banking excellence in Oman at a glittering ceremony under the auspices of His Highness Sayyid Shihab Bin Tariq Al Said, Adviser to His Majesty the Sultan.
The grand event held at the bank’s head office was attended by Royal Family members, ministers, under-secretaries, dignitaries, Management Team members, top executives of corporates houses, media and advertising establishments. As the Bank of first choice, the magnificent achievements contributing to the country’s growth and development were highlighted in a graphic exhibition retracing the history and journey of leadership in the last 35 years. The strong relations built with the country’s leading establishments were showcased in endorsements by top corporate executives.
Congratulating the Bank, His Highness Sayyid Shihab Bin Tariq Al Said Said, “We are proud about the achievements of Bank Muscat during the past years, the positive role played by the bank in development projects, services and facilities offered to customers which have helped the bank to attain the leadership position in the Sultanate and regionally. We wish the Board of Directors, Executive Management and all Bank Muscat employees the very best in the coming years and we encourage them to continue achieving more success and achievements for the Omani banking sector and society.”
Abdul Razak Ali Issa, chief executive, said, “For Bank Muscat, this is a defining moment to celebrate 35 years of spectacular achievements. The bank is a classic example of the Renaissance achievements in Oman. First and foremost, the bank owes its success to His Majesty Sultan Qaboos Bin Said for his vision and guidance to steer the country along the path of success, growth and prosperity. The trust and confidence reposed by the banking community, shareholders and clients have helped the bank to attain the leadership position. The stable leadership, dedication and commitment of employees have contributed to attaining higher levels of excellence. The bank is thankful to the supportive measures by the Central Bank of Oman (CBO) and the Capital Market Authority (CMA) to strengthen the financial market in the Sultanate. The Bank’s success and excellence are the results of concerted efforts combined with a strong ambition and the will to attain the leadership position.”
The first phase of the Bank’s development was marked by a series of mergers and acquisitions to emerge as the leading Bank in Oman. The beginning was in 1982 as Oman Overseas Trust Bank and then named Bank of Muscat. Later, the bank acquired Oman Banking Corporation.
The year 2000 witnessed the merger of Commercial Bank of Oman and acquisition of Industrial Bank of Oman. During this period, the bank opened a branch in Saudi Arabia and financial services subsidiary Muscat Capital in Saudi Arabia.
The period from 2010 witnessed the inauguration of Bank Muscat Head Office and the bank's branch in Kuwait. This period also witnessed the opening of the Representative Office in Singapore and the launch of Meethaq Islamic Banking.
Today, the bank’s network is spread across all regions in the Sultanate, from one branch in 1982 to the largest network of 156 branches and electronic channels as well as branches in Saudi Arabia, Kuwait and representative offices in Dubai, Singapore and Iran. From a limited number of customers, the Bank today has the largest customer base of more than 1.8 million benefiting from innovative products and services. The Bank’s assets have also marked a phenomenal growth from RO 16 million in 1982 to more than RO 10 billion today. The issue of Global Depository Receipts (GDRs) by the Bank was a first for an Omani company and the first for a bank in the Gulf region in 2005.
The bank started operations with 30 employees at its inception in 1982 to reach 3619 employees by the end of October this year with 94% Omanisation. The bank’s human resources strategy is notable in maintaining gender diversity as 48 per cent of employees are women holding various positions, including senior management positions. Bank Muscat reckons its competent people as key strength and is focused on equipping them to make vital contributions to the Bank's growth and success. The bank plays a prominent role in the development of Omani talent and is committed to investing in improving their skill and expertise.
The inauguration of the iconic head office in 2010 was an important milestone in the successful journey of the bank, representing a big leap in providing the best working environment to establish the bank as the best place to work in Oman.
Reiterating its leadership role, Bank Muscat took the lead in launching Islamic banking services through Meethaq Islamic Banking. Within four years of operations, Meethaq Islamic Banking has consolidated its leadership position. Notably, Meethaq has crossed a milestone of over OMR1 billion in assets. Presently, Meethaq accounts for over 33% market share in terms of assets and is the market leader in Islamic banking in Oman.
During the past 35 years, the bank has been closely associated with the progressive march of the nation in all realms, participating in the country’s development projects and complementing the government’s endeavours to boost the national economy.
Building on the government emphasis to diversify the economy and to encourage private sector participation in national development, Bank Muscat plays an integral part in development projects. The bank has been associated with major syndicated financing programmes across various sectors as the mandated lead arranger. The bank's clients include multinational and domestic companies engaged in activities across all sectors of the economy such as contracting, trading, power, water, telecommunications, oil and gas, aviation, shipping, airport and ports, gas and petrochemicals, real estate and international trading.
Complementing government efforts in strengthening the role of small and medium enterprises (SMEs) in the economic development of Oman, Bank Muscat has launched a series of unique initiatives. Serving as building blocks for existing and prospective entrepreneurs, these initiatives assume importance in the backdrop of the priority accorded by the government to develop the SME sector in Oman.
The technology focus of Bank Muscat is reflected in the largest network of inter-connected branches, payment gateways, cards, merchant services, alternate channels of ATMs, CDMs, online and mobile banking as well as connectivity with utility service providers. Marked by speed, convenience and security, Bank Muscat’s electronic banking channels enable financial transactions anytime, anywhere.
Bank Muscat customers are increasingly moving to electronic banking channels owing to the adaptive and flexible nature of services. The bank is focused on adding value and engaging customers through their preferred banking channels.
As a forward looking financial institution, Bank Muscat is at the forefront in contributing to society and thereby setting a fine example for the corporate sector to develop social responsibility as a corporate culture. As the pioneer of CSR activities in the banking sector in Oman, the Bank has implemented several initiatives benefiting various segments of society.
Imprints, the Bank’s largest CSR initiative, was launched in 2016 to address the changing economic environment and current social issues. Stemming from the Royal directive of His Majesty Sultan Qaboos Bin Said to accord priority for social responsibility, the initiative is the first-of-its-kind in Oman in terms of its scope and reach, seeking to unite different segments of people in making a big difference in reciprocating to what the country has given them.
In recognition of outstanding achievements and commitment to offer world-class banking service to customers, Bank Muscat has won all prestigious local, regional and global awards. Bank Muscat is progressing well on track with clarity on its dynamic ‘Let’s Do More’ vision, values and strategy, which have helped in distinguishing itself in banking excellence, and remains focused on its customer-centric strategy to sustain the leadership position.
