Muscat: Bank Muscat Money Market Fund recorded the best industry return with 2.97 per cent return during the month of December 2018, higher than the typical call rate of 0.5 per cent to 1.5 per cent offered by banks in Oman. In addition, the Money Market Fund’s returns remained higher as compared to 3 month average deposit rate of 1.87 per cent based on the quotes received from most of the local banks in Oman.
The Bank Muscat Money Market Fund remains the only one of its kind in Oman offering investors an excellent treasury management tool to manage their day to day cash flows. The Fund offers daily liquidity and does not charge any entry or exit load to investors. The Fund has a track record of more than 6 years and provides daily liquidity.
The Fund, together with Bank Muscat, provides convenient sweep-in and sweep-out facility from investors’ current account in Bank Muscat. This enables investors to invest and redeem from the Fund in a simple way.
The Money Market Fund is managed by Bank Muscat and the minimum investment in the Fund is RO 10,000 with no entry or exit fees.
Abdullah Al Hinai, Chief Wholesale Banking and Strategic Growth Officer of Bank Muscat, said: “The Fund is attracting investors as a result of strong performance, no entry and exit load and daily liquidity. We continue to see strong interest from investors.”