OAB_Alzz

OMAN ARAB BANK AND ALIZZ ISLAMIC BANK SIGN MOU TO CONTINUE MERGER DIALOGUE

  • HH Sayed Taimur A. Al Said: Alizz Islamic Bank will continue its banking operations as an independent Islamic banking institution further strengthening its capital and overall balance sheet
  • Rashad Al Zubair: The merger project will allow for the formation of a stronger financial entity capable of contributing effectively in the development of the sector

Muscat, 7th October 2018: Oman Arab Bank (OAB) and Alizz Islamic Bank announced the signing of a Memorandum of Understanding (MoU) to continue the dialogue between them concerning the intended merger between the two parties. This was done following obtaining initial approvals from the Capital Market Authority (CMA) and the Central Bank of Oman (CBO). The Memorandum sets out a broad framework for the merger process, wherein Alizz Islamic Bank will continue to operate as an independent Islamic banking institution under the supervision of an independent management team, but operating under the umbrella of the newly merged entity. Furthermore, it will continue to operate under Shari’a compliant banking principles, under the guidance of the Shari’a Supervisory Board, and in line with the standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and local regulatory authorities.

The memorandum also encompassed an agreement between both parties to appoint legal and financial advisors to conduct due diligence reviews of both entities; paving the way for the proposed merger.

The memorandum was signed by Saleh bin Nasser Al Araimi, a member of the Board of Directors of Alizz Islamic Bank, and The Honourable Salaam bin Said Al Shaksy, the CEO, on behalf of Alizz Islamic Bank, and was signed by Abdulaziz Al Balushi, a member of the OAB Board of Directors, and Rashad Ali Al Musafir, the CEO, on behalf of Oman Arab Bank. The ceremony was held at OAB’s Head Office in the presence of other senior executives from both institutions.

Commenting on the occasion, HH Sayyid Taimur A. Al Said, Chairman of Alizz Islamic Bank said, “Since the announcement of the planned merger in May, both banks have made good progress towards developing a mutually beneficial framework for the intended merger. This is with the objective of bringing together the best talents from OAB and Alizz Islamic Bank to create a market-leading Islamic bank that will continue its operations as an independent Islamic banking institution.”

Remarking on the signing of the agreement, Rashad Al Zubair, Chairman of the Board of Directors of OAB said, “The success of the merger between the two institutions will result in the formation of a new financial entity that will be more competitive, both locally and regionally, and will be in a position to promote the development of the financial sector in the Sultanate in line with the latest international standards. The proposed merger will offer a number of synergies as the banks currently have complementary products, systems, technologies, and customer segments.”

The merger process began at the end of May when OAB approached Alizz Islamic Bank for talks on the possibility of entering into a strategic partnership that could lead to a possible merger between the two institutions down the road; a proposal which was subsequently accepted by Alizz Islamic Bank. The signing of this MoU is yet another step in this ongoing process.

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 58 branches and representative offices, together with seven Islamic banking windows, operating under the ‘Al Yusr’ name, spread across the country; namely the Muscat Governorate (Athaiba and Wattayya), and in Salalah, Nizwa, Falaj al-Qabail, Ibra, and Al-Buraimi. The bank also operates a network 148 ATMs spread across the Sultanate.

Alizz Islamic Bank is one of the first full-fledged Islamic banks in Oman. The Bank offers customers an enriching banking experience designed for today’s modern world. The Bank has focused its investments on human capital and world-class technology to ensure the delivery of exceptional, responsive customer service. Alizz Islamic Bank operates ten branches across the Sultanate and continues to reinforce its position as Oman’s most dynamic and innovative Islamic banking institution. It does so by developing a plethora of Shari’a-compliant banking products and services that meet all the financial needs of both corporate and retail customers.

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OAB Appoints New Head of Innovation

Muscat, September 26, 2018: Oman Arab Bank (OAB) has announced the appointment of Leen Al Atassi as the Head of Innovation at the Bank. In this newly established position, Leen will lead the Banks efforts in introducing innovative new ideas and initiatives that drive continuous improvement across the bank.

Commenting on the appointment of Leen, Rashad Al Musafir, the CEO of OAB said, “OAB has always been committed to attracting and developing local talent and unlocking their full potential. We always take a long-term view and aim to build the right capabilities amongst the staff that allows us to achieve a competitive edge in everything we do, as well as continue to innovate to deliver a consistently superior customer experience. Furthermore, the Bank has, over the past few years, focused on introducing innovative ideas and technologies across every facet of its operation. This is something we wish to expand on and take to the next level in the future. With that objective in mind, I am confident that Leen will be a valuable asset to the organisation in this newly established position and will help spearhead our efforts towards establishing OAB as a forerunner for innovating banking solutions in the financial sector of the Sultanate.”

Holding an MBA degree from the University of Strathclyde, a Bachelors of Arts degree in Psychology with a minor in Communications, and with a career spanning over 12 years across various financial institutions in the Sultanate, Leen Al Atassi brings with her vast levels of experience and expertise to support OAB in accelerating its strategic objectives. She has a proven record of introducing innovative strategic communication strategies, change management, and internal culture initiatives that have strengthened the brands and contributed towards the growth of organisations she has previously worked for.

Commenting on her appointment into the new role, Leen said, “I am extremely grateful to OAB for providing me with this opportunity and I am pleased to take up my new role as the Head of Innovation. I look forward to working closely with the team here at OAB to introduce new and innovative initiatives that will strengthen our core competencies and grow our business. In doing so, we aim to set ourselves apart from the competition whilst continuing to maintain the highest standards of customer service and business excellence that OAB is known for.”

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 65 branches and representative offices and 148 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

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OAB Conducts Hasaad Savings Scheme August Draw

Muscat, September 26, 2018: Oman Arab Bank (OAB) recently conducted its Hasaad draw for the month of August, at its Head Office. The draw saw 83 winners from across the Bank’s branch network receiving OMR 500 each, together with one winner of OMR 20,000 as part of the Monthly Elite Draw and another of OMR 20,000 as part of Regional Draw covering the Bank’s branches in Dhofar.

Commenting on the draw for July, Rashad Al Sheikh, Deputy General Manager of Retail Banking at OAB said, “With the August draw now done, we have one more draw left before we move into the final quarter of the Hasaad Savings Scheme for 2018. That being said, there are still hundreds of prizes yet to be won, providing even more opportunities for our customers to be rewarded for their savings.”

Hasaad Savings Scheme in its current edition offers the Bank’s clients across all regions and branches a chance to win one of several valuable prizes on a monthly basis. These prizes come as part of the Bank’s monthly draws, alternating between OMR 1,000 and OMR 500 per winner every month, across all branches. Regional Prize Draws, which will see one winner of OMR 20,000, conducted once every two months over the course of the year. The Hasaad Savings Scheme will also include 12 dedicated prize draws for Elite account holders with one winner of OMR 50,000 every quarter and one winner of OMR 20,000 for every month in between.

“On behalf of OAB I would like to congratulate each of the winners of the August Hasaad Savings Scheme draw; as well as encourage our other customers to continue saving so as to maximise their chances of winning in the upcoming draws,” added Rashad.

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 65 branches and representative offices and 148 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

Al Yusr Staff Meeting

Al Yusr Hosts Staff Town Hall Meeting

Muscat, September 16, 2018: Al Yusr, the Islamic Banking window of Oman Arab Bank (OAB), last weekend, hosted a special ‘Town Hall Meeting’ for its staff at the Sundus Rotana Hotel Muscat. The event, which was presided over by the CEO of the Bank, Rashad Al Musafir, reflected on the many achievements and performance of the Bank over the course of the past 12 months, while also touching upon the Bank’s strategic plans for the year ahead.

Also in attendance at the event were Dr Khalifah bin Ahmed Al Ghammari, General Manager of the Al Yusr Islamic Banking Window, together with other members of the executive management as well as staff from across the Bank’s branch network.

The event, which began at 8:30am on Saturday, September 15, included a speech by the CEO and a presentation by the GM; collectively providing the staff with an overview of the Bank’s achievements over the past year and what they can expect in the months ahead.

Addressing the staff at the event, Rashad said, “As you all know, OAB has gone through a strategic transition these last couple of years, where it was successful in transforming itself from a traditional bank, whose primary concern was the business sector, into one of the leading local banks for retail customers as well. This development would not have been possible without Al Yusr, our Islamic Banking Window; which has successfully overcome the difficulties of introducing a relatively new sector into Oman. That being said, this is a very promising sector; one that will offer Al Yusr great opportunities for growth in the years ahead.”

The event also included an interactive session with the CEO and GM where the staff were presented with an opportunity to ask the CEO and GM any queries they might have with regards to the Bank as a whole. In addition, Al Yusr also held a special commemorative prize draw for its staff that attended the event.

Commenting on the event, Dr Khalifa said, “Remaining transparent with our staff on all aspects of the Bank’s operations is key aspect of our operational strategy and is vital to our continued growth and success. In fact, the success or failure of any large business is heavily dependent on the quality and skill of its management and workforce. By ensuring transparency and increasing our staff’s awareness of every aspect of our operations, we can foster a more positive work environment that compels employees to form deeper connections with their jobs and are also more heavily invested in the future of the business.”

Al Yusr is the Islamic window of OAB. Established in 2013 and started its operations on July 14 of the same year, the Islamic banking window provides its services via seven branches; two in the Muscat Governorate (Athaiba and Wattayya), and others in Salalah, Nizwa, Falaj al-Qabail, Ibra and Al-Buraimi. Al Yusr customers also have access to 148 OAB ATM’s located across Oman. Al Yusr Islamic Banking Window provides its retail and corporate customers as well as investors a wide range of shari’ah compliant products and services.

Customer excellence award

OAB Receives Customer Excellence Award for Outstanding Security Practices

Muscat, September 12, 2018: Oman Arab Bank (OAB) was recently presented with the Customer Excellence Award for Outstanding Security Practices. The ceremony organised by the Bank, saw Trend Micro representatives handing out the award and certificates at the OAB Head Office.

Commenting on this honour, Ghulam Basheer, Head of the IT Security Department at OAB said, “Being a financial institution, security has always been our top priority. Businesses are subjected to all kinds of security threats and vandalism. Therefore, information which is considered to be the ‘life blood’ of businesses require extensive protection. Our partner, Trend Micro, are the leaders in the security domain and we have had the pleasure of teaming up as a strategic partner in this journey.”

OAB’s partnership with Trend Micro for a cyber-security solution with its innovative and modern technology offers simple, and highly secure facilities and is governed by a set of internationally renowned safety standards for the transmission of data.

The Customer Excellence Award for Outstanding Security Practices recognises companies that are have shown prowess at handling classified information with integrity, discretion and proven reliability, while also signifying outstanding achievement in matters related exclusively to the organisation’s security protocols.

Fabio Picoli, Trend Micro Country Manager notes, “Information has currently become the most strategic asset, representing competitive advantage and driving operational excellence. With the spread of several advances in the form of mobile, social, and cloud technologies, the protection of information has become even more challenging. OAB has strived to maintain an innovative outlook in safeguarding its customers’ information and on behalf of Trend Micro, I would like to congratulate them on this great achievement.”

Trend Micro, a global leader in security software and solutions, seeks to make the world secure for the exchange of digital information. Over the course of 25 years, it has been inspired to protect individuals, families, businesses, and governments as they seek to harness the potential of emerging technologies and new means of sharing information.

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 65 branches and representative offices 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_ROP

OAB Payment Kiosks at Muscat International Airport facilitates payment process

Muscat, August 5, 2018: In cooperation with the Royal Oman Police (ROP), Oman Arab Bank payment kiosks that have been lately launched facilitate the payment of local and GCC traffic fines, in addition to municipal fines for residents (expats) or other visitors to the Sultanate during the summer holiday. The launch of these kiosks embodies the partnership initiatives between the public and private sector in the Sultanate.

Commenting on the launch of the self-service kiosks, Rashad Al Sheikh, Deputy General Manager of Retail Banking at OAB said, “We at OAB, are proud to be the first bank in the Sultanate to collaborate with the ROP in providing self-service kiosks at Muscat International Airport. These kiosks will facilitate the payment and enquiry of fines for locals, residents, and visitors to the Sultanate. These devices are easy to use and are equipped to collect fines via bank cards or cash deposits. Initially, three devices have been installed at various locations across Muscat International Airport so as to maximum their accessibility to visitors.”

The first kiosk is in the departures building in hall one, the second is located at the visa cancellation hall, while the third kiosk is located near the passport and electronic travel gates. These devices can be used by entering the ID number for citizens and residents and visa number for tourists. Omanis can also settle or enquire about their traffic violations through these kiosks.

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 65 branches and representative offices 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 Induction New Staff Course

Oman Arab Bank Conducts Induction Course for New Omani Staff

Muscat, August 29, 2018: As part of its continued support of Omanisation within the banking sector, Oman Arab Bank (OAB), recently conducted an induction course for 13 new Omani staff recruited for the Head Office and various branches.

The induction was conducted at the Bank’s Head Office in Ghubra and included two primary segments. The first focused on the branches, business, and services of the Bank and was conducted by Ahmed Al Kharousi, Head of Regional Management & Branch Support Department. The second was focused on service quality and was conducted by Ahlam Al Wardi, Head of Customer Quality & Assurance Department. The 13 new staff were also given a tour of the Head Office and were introduced to each of the departments.

Adil Al Rahbi, Head of Human Resources, commented on the hiring of Omanis at the Bank saying, “Maintaining a high level of Omanisation has always been one of the key pillars of our operations here at OAB. As such, we always strive to enhance our work environment and attract the best national talent. The hiring of these 13 new Omani employees reinforces our commitment towards supporting the ongoing efforts of the Omani government towards offer Omani citizen greater employment opportunities and help them contribute towards the overall economic growth and development of the Sultanate. We are honoured to welcome them into our ever growing OAB family, which today stands at over 1,160 employees strong.”

Oman Arab Bank is one of the leading Banks in the Sultanate with regards to Omanisation, achieving a percentage over 96% in terms of citizens employed within the Bank across all levels. The Bank’s ‘LEAD’ program is an extension of the banks efforts towards supporting its Omanisation objectives. LEAD is firmly centred on developing capabilities and capacities for the Omani staff, preparing them for assuming greater leadership positions within the Bank.

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 65 branches and representative offices 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 - HQ

Flexible Loans for Every Purpose from OAB

Muscat, August 27, 2018: Oman Arab Bank (OAB) offers customers a comprehensive trio of market-leading loan products that are guaranteed to meet any customer’s needs or requirements. Comprising of the OAB Auto Loan, Personal Loan, and Housing Loan, OAB covers the entire spectrum of any customer’s loan requirement while offering competitive rates and quick hassle free application and processing together with several other value-added benefits.

Commenting on the Bank’s loan offering, Rashad Al Sheikh, the Deputy Head of Retail Group said, “Our Loan products are continuing to grown in popularity amongst our customers, thanks to their incredible flexibility, hassle free processing, and quick approval process. Furthermore, each of our products have been designed to provide our customers with the best possible interest rates that are amongst the lowest in the market; together with other value added benefits.”

A Personal Loan from OAB offers total peace-of-mind with unrivalled flexibility with repayment periods of up to 10 years and highly competitive interest rate; and can even be used to buy out other loans that customers may have. The Bank also offers special rates for government and semi-government employees and the option for instalment deferment on special occasions. Furthermore, quick hassle free electronic application processing ensures customers have the funds they require in their account whenever they need them.

The housing loan is available for all types of home purchase – from existing homes and under construction properties, to land, renovation and even self-construction. With a loan tenure of up to 25 years, down payment as low as 20%, competitive interest rates, and the option of combining multiple sources of income, the Housing Loan ensures your purchase remains as affordable as possible. Furthermore, as with personal loans, OAB offers special rates for government and semi-government employees. The option for loan deferment of up to 18 months is available for construction projects and financing of ITC properties. And if customers already have a housing loan with another bank, OAB can even arrange for special buyout deals.

Completing the trio of loan offerings from OAB is the auto loan OAB offers its customers auto loans for new and used cars for up to 80% of the value at a special rates. Finance will be available for a period of up to ten years; for both Omani and expatriate customers. The program also prides itself on offering quick processing with initial approvals and hassle-free loan processing.

For more details on all OAB loan products please visit your nearest OAB branch, email the bank at contactus@oman-arabbank.com, or contact the Bank’s Call Center on +968 2475 4444.

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 65 branches and representative offices 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 Hasaad July

OAB Conducts Hasaad Savings Scheme July Draw

Muscat, August 16, 2018: Oman Arab Bank (OAB) recently conducted its Hasaad draw for the month of July, at its newly opened Al Khuwair Branch. The draw saw 83 winners from across the Bank’s branch network receiving OMR 1,000 each, together with one winner of OMR 20,000 as part of the Monthly Elite Draw.

Commenting on the draw for July, Rashad Al Sheikh, Deputy General Manager of Retail Banking at OAB said, “With the draw for the month of July behind us, we are now well into the second half of the Hasaad Savings Scheme for year. However, there are still hundreds of prizes yet to be won, providing even more opportunities for our customers to be rewarded for their savings.”

Hasaad Savings Scheme in its current edition offers the Bank’s clients across all regions and branches a chance to win one of several valuable prizes on a monthly basis. These prizes come as part of the Bank’s monthly draws, alternating between OMR 1,000 and OMR 500 per winner every month, across all branches. Regional Prize Draws, which will see one winner of OMR 20,000, conducted once every two months over the course of the year. The Hasaad Savings Scheme will also include 12 dedicated prize draws for Elite account holders with one winner of OMR 50,000 every quarter and one winner of OMR 20,000 for every month in between.

“On behalf of OAB I would like to congratulate each of the winners of the July Hasaad Savings Scheme draw; as well as encourage our other customers to continue saving so as to maximise their chances of winning in the upcoming draws,” added Rashad.

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 65 branches and representative offices 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 - HQ

OAB Conducts Training Programs for Undergraduates and Fresh Graduates

Muscat, August 14, 2018: in line with its consistent efforts to promote collaboration between the private sector and higher education institutions; Oman Arab Bank (OAB) conducted a series of training programs for undergraduates and fresh graduates. The number of trainees involved in these programs reached 57 for the first four months of the current year, while the total last year reached 171. Not only did these programs provide the trainees with the expertise they needed to succeed in their careers, but also offered them an opportunity to put into practice what they have previous studied only theoretically.

Commenting on providing students with this opportunity, Adil Al Rahbi, the Head of the Human Resources Division of OAB said, “At OAB, we recognise the different roles we need to play in boosting our contribution to the community; roles that go beyond the traditional activities CSR may offer. It is in line with this ideology that the Bank is committed to its annual training programs for college and university students in Oman or abroad. The trainees can join different departments within the Bank based on their specialisations, with the aim of providing them with an opportunity to gain a deeper insight into a real workplace environment within the banking sector. In addition, they acquire new key skills, such as working within a team and completing work in a way that serves the goals of the entire institution.”

The training programs covered a multitude of majors that comprise accounting, marketing, finance and banking, information technology, human resources, public relations, and several more for a period of one to two months; based on the type of program chosen. Every trainee that has participated in these programs has emphasised their usefulness, and said that they were successful in acquiring new banking knowledge and skills.

“Training the students receive provides them with better job opportunities, be is within OAB itself or even other banking institutions. Moreover, during the training period, they will come across challenges that need to be overcome; providing the trainees with yet another opportunity to acquire new skills that can augment the theoretical knowledge they have already learned. As such, they will be better qualified and significantly more productive right from the first day at they work, compared to someone that hasn’t undergone such training. We are extremely pleased with the results of our training programs so far; which in turn has been a source of encouragement for us to continue offering them for the foreseeable future,” Adil further added.

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 65 branches and representative offices and 148 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.