OAB Introduces Child Education Savings Plan

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Muscat, July 03, 2017: Oman Arab Bank (OAB), aiming to foster youth development and the savings habit, has recently introduced a new savings plan targeted at children. The new savings plan helps parents save for their children and build up a brighter educational future for them via a completely automated monthly transfer standing order; one that also offers high Interest rates and a number of other attractive benefits.

As part of new Savings Plan, parents with accounts at OAB can now open an account for their children under the plan, following which a predefined amount will automatically be transferred from the parent to the child’s account at monthly intervals. The monthly savings amount can range from as low as OMR 25 to a maximum of OMR 5,000 and can be amended by the parent at any time without any additional charge. Under the plan the account will benefit from a high interest rate of 1.75% per annum on the monthly deposit balance. As a further value added benefit, the plan offers bonus interest, calculated at 1.25% per annum, once every three years. This bonus is applied above the existing interest rate and is automatically awarded following regular monthly deposits for 36 consecutive months.

Commenting on the new Child Education Savings Plan, Fahad Amjad; General Manager of Retail Banking at OAB said, “Opening a child education savings plan with OAB is a great way to helps you save for your son or daughter; to build up a brighter educational future for them. This new plan has been designed specifically for that purpose. Offering the ability to easily set a monthly debit instruction free of charge and operating completely autonomously, the plan offers both simplicity and convenience; offering our customers a hassle-free savings plan to secure their child’s future.”

In addition to the high interest rate and bonus interest awarded every three years, the plan offer several other benefits. For starters, the account is entitled to take part in the Hassad Savings scheme with a chance to win cash prizes every month as part of the special draws for children. The plan also comes with free life insurance which covers up to OMR 50,000 in case of any unforeseen incident that may occur to the parent. This allows parents to rest assured of the continuity of monthly payments to the account.

Oman Arab Bank is one of the first banks to be established in Oman, with a rich and proud history. Today, the bank operates a nationwide network of 57 branches and 8 representative offices across and over 150 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

OAB CONDUCTS HASSAD SAVINGS SCHEME DRAW FOR JUNE AT AVENUES MALL

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Muscat, July 9, 2017 – Oman Arab Bank (OAB) recently held its sixth monthly draw of this year’s ‘Hassad’ Savings Scheme live at the Avenues Mall in Muscat. The draw event was held under the auspices of Fatma Al-Nabhani, the famous Omani tennis player, and was attended by Amin Al Husseini, the Chief Executive Officer of the Bank, together with other senior members of the Bank’s Retail Department. Totaling 100 winners, the draw saw 25 winners receive OMR 500 together with 28 winners receiving OMR 1,000 and ten winners of the OMR 250 child account draws. The draw also saw one customers win Bumper Draw of OMR 25,000, as well as an Elite Draw winner of OMR 25,000. In addition, the Bank also held a special Eid draw where 35 winners received OMR 300 each.

Rashad Al Sheikh, DGM of Retail Banking at OAB said, “This year’s scheme focuses on rewarding customers through two kinds of monthly draws. The main draw alternating between each of our different regions of operation and the Nation each month as it offers greater opportunities for our customers to win. This month’s draw was focused on the nation as a whole with winners being selected from across each of our 57 branches across the country.”

The draw event, which was held at the Avenues Mall in Muscat, saw a number of fun activities being held for children including face painting, games, contests, and even dedicated drawing areas. There were also some special prize draws conducted for attendees of the event.

“On behalf of OAB, I would like to congratulate each of the 100 winners of our ‘Hassad’ savings scheme draw for the month of June. As well as wish all our customers the best of luck for the remaining draws which will continue until the end of 2017,” added Rashad.

Launched earlier in the year, the new Hassad savings scheme ensures customers from every region and branch have an equal opportunity to win, with OAB conducting prize draws every month alternating between regions and nationwide draws. Each of the draw will ensure a minimum of two winners of OMR 1,000 per branch in that respective region, together with multiple winners of OMR 500 across all branches and one Bumper draw of OMR 25,000 per month. OAB customers need only open a ‘Hassad’ account with a minimum balance of OMR 100, in order to be eligible for these prize draws. The Bank will also be conducting region and nationwide draws for children’s accounts with 10 winners of OMR 250 per month.

Oman Arab Bank’s banking proposition ‘Elite’ for High Net worth customers will also benefit from the revised Hassad scheme. Elite customers will now be participating in a dedicated monthly draws with a prize pot of OMR 25,000 monthly, and the upcoming year-end prize draw in December of OMR 50,000.

Oman Arab Bank is one of the first banks to be established in Oman, with a rich and proud history. Today, the bank operates a nationwide network of 57 branches and 8 representative offices across and over 150 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

OAB Holds Professional Development Workshop

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Muscat, July 25, 2017: Oman Arab Bank (OAB), with a continued focus on professional development, recently conducted a specialised audit workshop at the OAB Head office in Al-Ghubra. The workshop, which was held in collaboration with Ominvest and Oman LNG, witnessed the participation of 13 staff from the three different organisations.

Commenting on the importance of conducting professional development in the workplace, Salah Abdullah Al Sharji, Head of Internal Audit said, “We place a great emphasis on developing the skills and capabilities of everyone within OAB. Holding workshops such as these is an important part of our professional development process for team members. The themes of this workshop highlighted risk analysis, international audit standards and methodologies, proper utilisation of audit tools, and improving overall efficiency and techniques when finalising audit reports. In a financial environment, professional audit capabilities are critical for organisational transparency.”

Organised by the Internal Audit Team at Oman Arab Bank, the workshop was sponsored by the Bank and conducted in collaboration with Ominvest and Oman LNG. Heading the workshop were trainers from US-based PEF Associates, Inc, who focused on best practice techniques to strategize and draft audit reports based on risk-based auditing techniques.

“The workshop was a great success, providing the participants with much more effective report writing strategies and auditing techniques. Given the overwhelmingly positive response we have received from participants, we will most definitely look into conducting similar collaborative workshops in the future” Salah Al Sharji added.

PEF Associates, lnc. is registered with the National Association of State Boards of Accountancy (NASBA). They have been providing training and consulting services to audit departments for twenty-five years. Their highly interactive workshops focus on report development and root cause analysis. They are also pre-qualified by the Institute of Internal Auditors (IIA) and Information Systems Audit & Control Association (ISACA).

Oman Arab Bank is one of the first banks to be established in Oman, with a rich and proud history. Today, the bank operates a nationwide network of 57 branches and 8 representative offices across and 148 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

OAB Organizes Staff Blood Donation Drive

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Muscat, July 30, 2017:  As part of its commitment to community, Oman Arab Bank (OAB) organised an internal Staff Blood Donation Drive at its head office on July 17. The event was organised by the Social Committee of OAB in collaboration with the Ministry of Health and saw a good number of OAB employees volunteer to donate blood.

Commenting on the Blood Donation Drive, Hilal O. Al Siyabi, Head of CSR at OAB said, “At OAB we believe that we have a responsibility towards the local community, which has to be expressed through both our values and actions. This Blood Donation Drive is a clear reflection of this ideology; one that is aimed at raising awareness on the importance of blood donation, as well as providing an avenue through which our staff can donate; especially for those whose otherwise tight schedules would not allow them to participate.”

“Many do not realise the importance of blood donations and the fact that a single unit of blood donated can save multiple people’s lives. Furthermore, the need is constant for a healthy and reliable blood supply. As such, on behalf of OAB, I would like to thank each and every employee who donated blood on the day as well as the staff at the Ministry of Health and members of our Social Committee who helped in hosting such a successful event,” added Hilal.

OAB is engaged in various initiatives, such as this Blood donation drive, throughout the year; each of which is intended to enhance the social wellbeing of the community in which it operates. Some of these social projects involve direct support from its employees, through invaluable work done by the Social Committee at OAB.

Oman Arab Bank is one of the first banks to be established in Oman, with a rich and proud history. Today, the bank operates a nationwide network of 57 branches and 8 representative offices across and over 150 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

OAB Partners with OUE for Affordable Remittances

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Muscat, July 30, 2017: Oman Arab Bank (OAB), one of the first banks to be established in the Sultanate, recently signed a new partnership with Oman United Exchange Company (OUE) to make it even more convenient for customers to transfer remittances abroad for lower services fees. The signing ceremony for the partnership was held at Oman Arab Bank head office. Representing OAB at the ceremony was Rashad Al Shaikh, DGM Retail Banking, while Mr. Syed Faraz Ahmed, General Manager represented the exchange company.

The partnership will enable OAB customers to make International Transfers to India, Pakistan, Sri Lanka, Bangladesh, Philippines, and Egypt, at a discounted rate of just OMR 1.500 at any OUE location by using their debit cards at the POS machines installed at each outlet. Furthermore, all POS charges at the branches will be waived for OAB customers.

Commenting on the new partnership Rashad Al Shaikh said, “Our collaboration with OUE allows us to forge a mutually beneficial strategic partnership between our two institutions. It is also in-line with the strategy of the Bank in aiming to reach out to a broader client base; offering them flexible, innovative, and cost effective financial solutions specially designed to cater to their specific needs.”

“As with OAB, we are always on the lookout for opportunities to make our services readily available to a broader spectrum of our customer base, while at the same time making our services even more affordable. This partnership has enabled us achieve exactly this, allowing us to offer bank transfers to the most commonly used countries at a rate unmatched by the market,” added Mr. Syed Faraz Ahmed  the General Manager of OUE.

“The ability to transfer money directly from POS machines located at OUE sites at special rates exclusive to our customers will offer them great value. It will also provide them with total peace-of-mind by not having them worry about withdrawing or carrying large sums of cash from location to location. As such, I am confident this partnership will be a value addition to the services offered by both OAB and OUE,” concluded Rashad.

Additional information can also be obtained at each of the seven OUE branches; located in Ruwi, Salalah, Ghubra, Sohar, Salalah Industrial Area, Barka, and Duqm.

Oman Arab Bank is one of the first banks to be established in Oman, with a rich and proud history. Today, the bank operates a nationwide network of 56 branches and offices and over 135 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.