Credit Oman pays OMR2.13 million compensation to local exporters, sellers

Muscat: Credit Oman has paid a total of OMR2.136 million to local exporters and sellers in compensation for beneficiaries’ failure to pay the value of the goods they received from Omani exporters and sellers.
The initiative comes as part of efforts exerted to develop Omani exports and promote them via the services and insurance solutions offered by Credit Oman.
Payment for compensations about commodities sold outside the Sultanate that are listed under 'Credit Oman Policy' stood at OMR1.85 million due to the failed or crippled bids by buyers in several countries around the world. Locally, a compensation of OMR281,880 had to be made by Credit Oman.
Compensation to local exporters and sellers covered the sectors of agriculture and fisheries, food, packaging and building materials, which altogether constituted 11.3 per cent, against 65.6 per cent paid-out compensations for the consumption sector and 0.4 per cent compensations for the petrochemicals and plastics sector.
The compensations come within Credit Oman’s commitment to offer insurance cover to its clients in all circumstances, secure their rights and to indemnify them against commercial and non-commercial risks, so that they could confidently market their products locally and internationally.