Muscat: Facilitating financial inclusion, Bank Muscat najahi products and services have created a benchmark, helping micro and small businesses to overcome hurdles and chart successful ventures with proper planning, financial discipline and prudent management.
The innovative najahi products and services are in line with the bank’s ‘Let’s Do More’ vision and commitment to partnership in strengthening the role of micro and small businesses in diversifying the Sultanate’s economy and creating job opportunities for Omani youth. Serving micro and small business customers, exclusive najahi centres are available across the Sultanate.
Securing credit without collaterals and accessing innovative banking services have been hurdles faced by micro and small businesses. The specially designed najahi products mainly include credit facilities without collaterals to develop and grow micro and small businesses. With najahi, Bank Muscat fulfils the primary need of finance for the micro and small business segment.
The najahi suite of products include the value added najahi Current Account, najahi Flexi Loan to support working capital, business expansion and other business needs; najahi Business Credit Card; najahi Contractors Loan to help complete contracted jobs; najahi Contractors Bill Discounting to get immediate funds after completing contracted jobs and Najahi PoS Receivables financing for customers who use PoS machines for their sales.
The value-added najahi Current Account offers differentiated services, including Business Debit Card, branded chequebook, priority queuing at branches, and online banking services.
The najahi Business Debit Card offers a daily withdrawal limit of OMR1,000. The higher withdrawal limit helps customers to meet day-to-day cash requirements. najahi customers can also avail multiple debit cards on the same account allowing authorised persons to make transactions on behalf of the company.
Maintaining cash flow is a challenge faced by small businesses. Addressing this critical need, najahi Flexi Loan facility gives customers the power to choose when to avail a loan and for what period. Customers pay interest only when they actually avail the loan and not when the facility is granted.
For short-term financing, the bank has launched najahi point of sale (PoS) receivables financing. The specially designed short-term finance facilitates working capital requirements of small businesses and helps maintain cash flow.
The key features of najahi PoS receivables financing include daily instalment repayments. A small amount is automatically deducted daily from customers’ bank account to repay the loan. The evergreen facility allows najahi customers to keep repaying and replenishing loan, thereby ensuring assured cash flow
As with other najahi credit facilities, customers are not required to provide any collateral guarantee for PoS receivables financing. The convenience and speed of najahi PoS receivables finance help customers to meet their urgent requirement of funds. In a quick and hassle-free process, customers with a 1-year PoS track record are eligible to avail the collateral-free finance.
Presently, najahi centres serve customers at Bank Muscat head office at Airport Heights and branches in MBD, Al Khuwair Souq, Al Azaiba, Seeb Souq, Maabela South, Barka Souq, Sohar Main, Buraimi, Ibri (Jubail), Sur Al Afiya, Nizwa Firq and Salalah Corporate.
Bank Muscat has launched a series of initiatives covering all segments of the SME sector in Oman. Serving as building blocks for entrepreneurs, these initiatives assume importance in the backdrop of the priority accorded by the government to develop the MSME sector in Oman.
In step with responsible banking, the focus of Bank Muscat is clear – create a sustainable financial platform for the nation and people and thereby contribute to the country’s progress and development.