OAB Announces Winners of its May Hasaad Savings Draw

OAB Announces Winners of its May Hasaad Savings Draw

Muscat, July 9, 2020: Oman Arab Bank (OAB) has announced the names of 132 winners from its May monthly Hasaad Savings Scheme. This included 95 winners from the monthly branch draws of OMR 500 each, ten winners of OMR 100 from the Children’s Account draw, twenty OMR 100 winners from the Youth Account draw, five winners of OMR 500 from the Bank’s Salary Transfer draw and two winners of OMR 10,000, from the Elite Draws at the Al Khuwair and Al Mintareb branches.

Commenting on the results of the May draw, Rashad Al Shaikh, Acting Head of the Retail Banking Division at OAB said, “Given the prevalence of the current pandemic, we have noticed our customers’ spending reduce considerably over the past few months. This has resulted in creating a positive effect since the level of savings has increased in the same period. As the market gradually re-opens, we encourage our customers to continue this savings culture to be able to be financially stable in the days to come. At OAB we continue to support our customers’ efforts to save and spread awareness about its importance. On behalf of everyone here at OAB, I wish you all the best of health and the strength and patience to persevere as we all go through these challenging times together.”

The Hasaad scheme sees 95 lucky winners, with a minimum of one winner per month per branch, receiving a prize of OMR 500 and OMR 1,000 at the quarterly draws. In addition, ten winners are selected from the Children’s Account holders (aged 18 and below) and receive OMR 100 each. Twenty winners are selected from the Youth Account holders (aged between 18 and 27), each receiving a prize of OMR 100. There also two Elite winners of OMR 10,000 each per month.

The monthly Elite draw is replaced by a Grand Prize draw of OMR 50,000 for one lucky Elite customer, and occurs twice a year, in June and December. Oman Arab Bank also conducts a special ‘Big Prize’ draw of OMR 25,000, for one winner across its expansive branch network at the end of every quarter.

The Salary Transfer draw was introduced in 2020, which sees 5 winners per month receiving a prize of OMR 500 each, as well as a guaranteed gift to both children and youth (up to 27 years old) once a year. Oman Arab Bank is the only Bank providing a guaranteed gift to its youth customers.

“We are extremely pleased with the outcome of the May draw and look forward to the next one, set to take place in June. This will include the Grand Prize of OMR 50,000 for one lucky Elite customer. I would like to congratulate all the winners of this month’s draw and hope to see many more in the remaining draws for the year. Once again, I encourage all our valued customers to continue in their efforts to save, so that they can increase their chances of winning,” Rashad added.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices with 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

OAB Transforms into a Public Joint Stock Company with Listed Shares on MSM

OAB Transforms into a Public Joint Stock Company with Listed Shares on MSM

Muscat, July 6, 2020: Oman Arab Bank (OAB) saw its recent transformation into a public joint-stock company by listing its shares on the Muscat Securities Market (MSM) on July 6, 2020. This is the final step after the completion of its merger with Alizz Islamic Bank (AIB), which began nearly two years ago. The ceremony saw the attendance of Khalid bin Mohammad Al Zubair, Chairman of Oman International Development and Investment Company (OMINVEST), Abdulaziz bin Mohammed Al Balushi, Board Member of OAB, and Rashad bin Ali Al Musafir, CEO of OAB. Also in attendance was Ahmed bin Saleh Al Marhoon, Director General of Muscat Securities Market (MSM).
The total number of shares listed was 1,669,410,000 (one billion six hundred and sixty-nine million four hundred and ten thousand), at a listing price equivalent to 213 baisas per share, with a total value equivalent to OMR 355,584,330 (three hundred and fifty-five million five hundred and eighty-four thousand and three hundred and thirty).

Commenting on this development, Rashad Al Musafir stated, “We are proud to have the OAB shares listed on the MSM, following the success of our merger with AIB. The merger will see the creation of a major financial entity, comprising of both traditional and Islamic banking arms, allowing it to compete at local and regional levels. OAB’s decision to move forward with this important strategic step stems from our vision for the future of the national economy. This is built on stability and safety, thanks to the efforts of both the late His Majesty Sultan Qaboos bin Said, may his soul rest in peace, and the present leader of the Omani Renaissance, His Majesty Sultan Haitham bin Tariq. The merger is also in line with efforts by the private sector to support the acceleration of the local economy.”

Al Musafir also extended his gratitude to the regulatory and supervisory entities for their efforts in supporting this project and playing an integral role in its success. Special thanks was given to the Central Bank of Oman, Capital Market Authority, Muscat Clearing & Depository, Ministry of Commerce and Industry, OAB and AIB shareholders, who believed that this unifying decision is in the best interests of both banks.

The shareholders of OAB currently include Arab Bank (49%), Oman International Development and Investment Company (OMINVEST) (31.63%), with the remaining 19.37% owned by AIB shareholders and others. After OAB’s shares were listed on the MSM, everyone will be able to continue the trade process as usual.
OAB has a rich and proud history as one of the first financial institutions established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices with 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking and corporate banking clients.

OAB And Alizz Islamic Bank Sign Agreement To Finalise The Merger

Muscat, June 16, 2020: Oman Arab Bank (OAB) and Alizz Islamic Bank (AIB) announced the signing of an agreement for the overall structure of the potential merger between the two banks. This step will pave the way for the successful finalisation of two-years of negotiations between both parties.

The agreement was signed by Rashad Mohammad Al Zubair, Chairman of OAB, and Saleh Nasser Al Araimi, Chairman of AIB, on behalf of both respective banks. The potential merger will witness the establishment of a major banking entity that will deliver world-class conventional and Islamic banking services and will be the first of its kind in the local banking sector. The signing was attended by AbdulAziz Mohammed Al Balushi, Board Member of OAB, Rashad Ali Al Musafir, CEO of OAB and Salaam Said Al Shaksy, CEO of AIB.

The agreement covered the overall structures and procedures that will be taken as part of the merger process. Oman Arab Bank agreed to submit an offer to the shareholders of Alizz Islamic Bank to acquire all shares, with the aim to make Alizz Islamic Bank a wholly-owned Islamic banking subsidiary and convert Alizz Islamic Bank into a closed joint-stock company (SAOC). Once this step is completed, the business of Al Yusr, the Islamic Banking window of Oman Arab Bank, will be integrated with Alizz Islamic Bank SAOC, creating a larger full-fledged and licensed Islamic bank.  Following this, shares of OAB will be listed at the Muscat Securities Market (MSM), converting it into a public joint-stock company.

Upon completion of the merger, Oman Arab Bank will continue its conventional banking business and operations, while Alizz Islamic Bank will remain fully Shari’a-compliant and continue to offer Islamic Banking products and services as a full-fledged Islamic bank.

Commenting on the signing of the agreement, Rashad Al Zubair, Chairman of OAB, said, “I believe that this is an important milestone in the distinguished history of OAB. We take pride in being part of this first-of-its-kind agreement, which will see the establishment of a robust banking entity. The same will enable both banks to expand their customer base and scale up their businesses a lot faster.  We will continue to finance major projects in the public and private sector that will have a positive impact on the Sultanate’s development and will contribute positively in terms of job creation.”

From his side, Saleh Al Araimi, Chairman of AIB, said, “The Islamic banking sector in the Sultanate is one of the most promising sectors and through this merger with OAB, AIB will have the necessary capital to meet the regulatory requirements and enhanced abilities to finance new projects that contribute greatly to the local economy. Through the transfer of Al Yusr to AIB, the branch network will grow and complement our strong digital platforms as we continue to grow our presence. This will, in turn, enable us to better serve our existing customers and attract new customers, thanks to our comprehensive suite of Islamic Banking products and services. ”

Both banks will proceed to complete the necessary formalities as stipulated in the applicable laws and regulations.

Oman Arab Bank Launches New Communication Platform via WhatsApp

OAB Branches to Resume Normal Working Hours

Muscat, June 14, 2020: In light of the Supreme Committee’s recent decision to lift the lockdown in most of the Sultanate’s Wilayats, Oman Arab Bank has announced the reopening of all its 60 branches and offices according to its normal operating hours.

Highlighting the importance of this decision, Rashad Al Shaikh, Acting Head of the Retail Banking Division at OAB, said, “OAB is always committed to offering seamless, high-quality services to our customers, therefore we have decided to adapt to the current situation and gradually return to work, in accordance with the directives of the Supreme Committee. The Bank’s branches, which had been closed during the previous period to ensure the safety of customers and employees, will be resuming work as per normal working hours. We have implemented various precautionary measures and preventive guidelines, as requested by the concerned authorities, to ensure that the highest of safety standards are maintained for our customers and employees.”

During the onset of the pandemic, Oman Arab Bank launched an internal integrated programme to mitigate the risks of infection. ‘Wiqaya’, which was directly supervised by OAB’s Human Resources Division, saw a successful reduction of employees at the workplace as well as the activation of remote working procedures. The Retail Banking Division worked tirelessly through the Bank’s digital platforms to meet customer needs, and minimising their need to visit a branch.

 

The ‘Wiqaya’ programme was designed to be highly flexible, adaptable to changes where and when required.  The programme helped the Bank successfully overcoming this unprecedented period, from the onset of the pandemic until today. The next phase is largely dependent on awareness and individual responsibility, together with constant monitoring and supervision by the management team.

Rashad added, “Despite having all our branches resume work, as well as the implementation of all precautionary safety measures, we are continuing our efforts to enhance awareness and encourage customers to benefit from one of the best digital infrastructures in the local banking sector, available at Oman Arab Bank. The future depends extensively on advanced technological solutions and we began investing in this field several years ago. This enables us to provide the latest innovative and optimal solutions to our customers, and limits the need for direct personal interaction at this crucial time. It is clear that we are on the right path to achieve our vision for the future, especially in regards to the banking sector in general.”

Oman Arab Bank has a rich and proud history as one of the first financial institutions established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices with 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

OAB Announces Names of 132 Winners for its April Hasaad Savings Scheme Draw

Muscat, June 9, 2020: Oman Arab Bank (OAB) has announced the 132 winners of its April monthly Hasaad Savings Scheme draw. The winners included 95 winners of the monthly branch draws of OMR 500 each, ten winners of OMR 100 of the Children’s Account draw, twenty OMR 100 winners of the Youth Account draw, five winners of OMR 500 of the Bank’s Salary Transfer draw and two winners of the monthly Elite draw of OMR 10,000.

Commenting on the April draw, Rashad Al Shaikh, Acting Head of the Retail Banking Division at OAB said, “Despite the challenging situation we are in, which has had a huge impact on the local market, we have continued to see a surge in savings by all our valued customers, at every branch. We are proud to have played a part in instilling a savings culture. It is important to preserve one’s finances during this critical period and maintain a reserve in case of unforeseen emergencies. On behalf of OAB, I wish everyone the best of health and the strength to persevere together during these difficult times.”

The Hasaad scheme sees 95 lucky winners, with a minimum of one winner per month per branch, receiving a prize of OMR 500 and OMR 1,000 at the quarterly draws. In addition, ten winners are selected from the Children’s Account holders (aged 18 and below) and receive OMR 100 each. Twenty winners are selected from the Youth Account holders (aged between 18 and 27), each receiving a prize of OMR 100. There also two Elite winners of OMR 10,000 each per month.

The monthly Elite draw is replaced by a Grand Prize draw of OMR 50,000 for one lucky Elite customer, and occurs twice a year, in June and December. Oman Arab Bank also conducts a special ‘Big Prize’ draw of OMR 25,000, for one winner across its expansive branch network at the end of every quarter.

Newly introduced in 2020 was the Salary Transfer draw, which sees 5 winners per month receiving a prize of OMR 500 each, as well as a guaranteed gift to both children and youth (up to 27 years old) once a year. Oman Arab Bank is the only Bank providing a guaranteed gift to its youth customers.

“We are delighted with the results of the April draw and, on behalf of everyone at OAB, I would like to extend my congratulations to all the lucky winners and look forward to seeing the numbers rise for the remaining draws planned for this year. I encourage all of our valued customers to maximize their saving efforts to increase their chances of winning incredible prizes in the months to come.” Rashad added.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices with 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

Kargeen Distributes Iftar Meals to COVID-19 Frontline Workers

Muscat, May 21, 2020: Kargeen Restaurant continues its commitment to give throughout the holy month of Ramadan, in collaboration with Oman Arab Bank, Carrefour and other participating brands, by providing Iftar meals to frontline workers combatting the Novel Coronavirus (COVID-19) pandemic.

Commenting on the Bank’s initiative, Hilal Al Siyabi, Head of Corporate Communications at Oman Arab Bank, said “We are proud of everyone who has participated to overcome this global pandemic, and especially those who are working on the frontlines and are putting themselves at risk for the sake of our health and safety. Our involvement in this initiative, which was launched by Kargeen Restaurant, is a small way to support those heroes who have left their homes during the holy month to contribute towards mitigating the risks of the current situation”.

Feras Al Farsi, Head of Social Sustainability at Oman Arab Bank, added “The Bank continues to make partnerships in the community to provide support for the frontline workers who are risking their lives every day.  Over the past few weeks, we have been involved in several endeavours aimed at supporting those who are keeping Oman safe and healthy. On behalf of all the staff at Oman Arab Bank, I would like to extend my thanks and appreciation to each and every frontline worker for their hard work and dedication to Oman, its citizens and residents”.

Through this initiative over 1,000 meals have been distributed to frontline workers, with the initiative scheduled to continue until the end of Ramadan.

Expressing his thanks to all associations that supported and donated to the initiative, Jalil Al Asfoor, CEO of Jalil Al Asfoor Enterprises and Kargeen Restaurant, said “As we specialise in the F&B industry, this initiative is the best of what we can offer as a token of gratitude to all individuals working on the frontline, combatting this pandemic. On behalf of Kargeen Restaurant, I thank all the sponsors and partners that were influential in helping achieve the objective of this initiative. This is a testament to the fact that together we can make a difference”.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices and 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

Oman Arab Bank Appoints New Deputy CEO

Muscat, May 20, 2020: Oman Arab Bank (OAB) recently announced the appointment of Sulaiman bin Hamad Al Harthy as the Deputy Chief Executive Officer – Chief Business Officer, as of May 17, 2020.

Commenting on the appointment, Rashad Al Musafir, the CEO of OAB, said, “Sulaiman Al Harthy has extensive experience in the banking industry in general, and Sharia-compliant banking in particular, holding several senior positions over the past three decades. This has provided him with insight and thorough knowledge about market needs, competition and marketing mechanisms.  I am confident that upon taking up his new role and joining the Oman Arab Bank family, he will be a valuable addition to our efforts in enhancing the Bank’s market share and enriching our reach to the broader segments of society.”

Commenting on his appointment to Oman Arab Bank, Sulaiman Al Harthy said, “I believe that this is truly an important step in my career in the banking sector, which comprises of more than three decades now. Joining Oman Arab Bank during the current phase is a challenge that I am fully prepared for. The Bank has a clear strategic vision for the future, with specific goals in place that it will strive to achieve during the upcoming period. I am delighted to be a part of this wonderful team that will work tirelessly to achieve these great ambitions and look forward to the future with optimism. I look forward to working with the team, I look forward to working with the team towards taking the Bank to the forefront of the banking industry.”

Sulaiman Al Harthy has over 32 years of experience, and held several leadership positions at major local banks and financial institutions. Most recently, he was the Group Chief Personal Banking Officer at Bank Muscat and had been appointed as Deputy Chief Executive Officer of Meethaq Islamic Banking. Al Harthy is a graduate of Oman Institute of Bankers, as well as a graduate from the Executive Management Programme at Harvard Business School. He also holds an MBA in Finance from Leicester University, UK.

“We are all extremely delighted to have Sulaiman Al Harthy be a part of OAB, especially as we are on the verge of a major expansion milestone after the completion of the proposed merger with Alizz Islamic Bank, which will see the establishment of a larger and more powerful financial entity in the local banking sector. On behalf of the Board of Directors of Oman Arab Bank and members of the Executive Management, I am pleased to welcome Sulaiman as a new OAB family member and wish him the best of luck and success in his new position.”, Rashad added.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices with 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

OAB Announces Over 130 Winners in Hasaad Savings Scheme draw

Muscat, May 12, 2020: Oman Arab Bank (OAB) recently announced the names of the 133 winners of its March monthly Hasaad Savings Scheme draw. These winners included 95 winners of the monthly branch draws of OMR 1,000 each, OMR 100 for ten winners from the Bank’s Children’s draw for those under the age of 18 and 20 from the Bank’s Youth Holders who are between the age of 18 and 27 of OMR 100 each, OMR 500 for 5 winners from the Bank’s Salary draw. This month also included the first quarterly ‘Big Prize’ draw, which saw one of the bank’s customers win OMR 25,000 and two winners of the monthly Elite Draw of OMR 10,000 each.

Commenting on the recent draw results, Rashad Al Shaikh, Acting Head of the Retail Banking Division at OAB said, “In light of the current challenges and market closure since mid-March, we have noticed an increase in the amount of savings of our valued customers, which in turn, has led to a rise in their chances of winning prizes of Hasaad Savings scheme draw. This reaffirms the need to enhance finances and focus more on savings to ensure a better future for all their family members, as well as enhancing their financial ability to deal with emergencies, such as the COVID-19 pandemic, currently impacting not only the Sultanate but the world as well.  We are proud that Hasaad Savings Scheme has contributed to the creating of a savings culture among the various segments of the society, over the past years, which has proven its worth during these difficult times. ”

As a part of the scheme, 95 lucky winners, with a minimum of one winner in each branch, will receive a prize of OMR 500 monthly, reaching OMR 1,000 each quarter. There will be 10 winners of OMR 100 each for the Children’s account holders, aged 18 and below; 20 winners of OMR 100 each for Youth account holders, aged between 18 and 27 and two winners of OMR 10,000 each as part of the monthly Elite Draw. The latter Elite draw, however, will see its monthly draw replaced by a Grand Prize draw of OMR 50,000 for one lucky Elite customer, which will occur twice a year, in June and December. In addition to these monthly draws, the Bank will also be conducting a special ‘Big Prize’ draw of OMR 25,000 for one winner across its branch network at the end of every quarter.

A new introduction this year is the Salary Transfer draw, which provides 5 winners with a prize of OMR 500 each month, as well as a guaranteed gift to children and youth (up to 27 years old), once a year, respectively. Moreover, OAB is the only Bank that will be providing a guaranteed gift to its youth customers.

“The March draw marks the end of the first quarter of the year. I would like to extend my congratulations to all the lucky winners and look forward to seeing the largest number of winners in the upcoming nine monthly draws. I encourage each and every one of our valued customers to continue saving, so as to maximise their chances of winning amazing prizes and wish them all the very best of luck for 2020.” Rashad added.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices with 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

Oman Arab Bank Launches New Communication Platform via WhatsApp

Oman Arab Bank Launches New Communication Platform via WhatsApp

  • A modern platform to reinforce leading position as innovator.
  • A great added value service to further a comprehensive banking experience.

Muscat, May 11, 2020: In line with its comprehensive digital transformation, Oman Arab Bank has announced the launch of a new innovative platform that allows customers to communicate with the bank at their convenience through WhatsApp. This platform is spearheaded by “SAIF”, an animated character that will provide customers with the best possible solutions to all their inquiries.

Commenting on the launch of the platform, Rashad Al Shaikh, Acting Head of Retail Banking Division at Oman Arab Bank said, “WhatsApp has become one of the most popular communication platforms in the Sultanate of Oman as well as in the Middle East, with a majority of people utilizing it, in comparison to other alternatives. Therefore, the Bank decided to take the initiative and develop an innovative technical solution through a dedicated WhatsApp business account that will connect customers with the Bank 24/7. The  platform will also answer all the customers’ inquires in a simplified way and will provide information about the latest available offers and discounts, as well as providing tips on the best savings techniques.”

This new initiative is in line with OAB’s efforts to reinforce its leading position in the banking sector in the Sultanate of Oman, especially when it comes to digital infrastructure that focuses on innovation and the use of artificial intelligence to develop better customer experience solutions. Moreover, it is also an added value to the already existing products and services. Customers can send a WhatsApp message to “SAIF” on 72599000 to receive a list of services that can be provided, or to learn more through an instant conversation.

“We believe that this platform will be very effective, as it was designed as per the latest technical developments to further our customer’s satisfaction and enhance their comprehensive banking experience. For example, Oman Arab Bank offers several exclusive discounts in various retail stores, with the option of using reward points to shop instead of paying cash. The “SAIF” Platform will keep the customers aware of the latest offers and how they can benefit from them. I am sure that this platform will witness a great demand from the Bank’s customers, especially from the youth, who prefer to deal with advanced digital platforms.” Rashad added.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices with 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.

OAB Launches New Digital Platform for Donations through its Mobile App

  • Customers can choose the association and the amount and donate with a single press of a button

Muscat, May 4, 2020:In line with its efforts to enhance its digital offerings and on the occasion of the holy month of Ramadan, Oman Arab Bank has launched a special platform dedicated to providing donations through the OAB app. Customers who wish to donate can select their preferred association and the amount, and donate through their mobile phones.

Commenting on the importance of launching the new digital platform, Hilal Al Siyabi, Head of Corporate Communications at Oman Arab Bank, said “We have decided to launch this initiative to offer our customers an opportunity to donate money utilising a quick and easy solution. We host several charitable associations on this platform and all that our customers have to do is select the relevant association they want to support and the process will be completed in a few seconds”.

“We currently have a number associations and civil society organisations from various fields, including Dar Al Atta’a, Al Noor Association for the Blind, Association of Early Intervention for Children with Disability, Environment Society of Oman, Takaful Social Account (related to the Ministry of Social Development) and the COVID-19 account from the Ministry of Health. Attendance is open to all organisations working in the social sector and we are in contact with most of them, so as to provide them with an opportunity to be a part of this advanced platform,” Hilal added.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the bank operates a nationwide network of 65 branches and representative offices and 152 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking, corporate banking and investment clients.