OAB Delegation Visits SMEs in Dhakliya

/in /by

Muscat, 16 December 2018: In recognition of the importance of SMEs to the growth of the economy, Oman Arab Bank (OAB) recently conducted a visit to Dhakliya region to visit SMEs it had supported in the past, as well as explore new opportunities for partnerships. The delegation from OAB included several members of the Bank’s Corporate Banking department and was headed by the CEO, Rashad Al Musafir.

Commenting on the visit, Rashad Al Musafir said, “Small and Medium Enterprises play a vital role in developing any country’s national economy, especially for one such as ours that looking towards further economic diversification. SMEs also provide vital employment opportunities and encourage self-employment. This is why place great importance in offering them as much support as possible; be it by offering them innovative tailor-made financial products with all processes being completed in a timely manner, offering them consultancy and guidance services, or by tying up with various other entities that are supporting SMEs to help boost their services.”

The visit saw the delegation visited craftsmen and SMEs in the Dhakliya region. A large number of these visits were to companies and individuals the Bank had supported in the past in order to see how their businesses were developing as well as to obtain their feedback on the services and products offered by OAB. In addition, the delegation was also on the lookout for new opportunities for collaboration and partnerships as well as to develop synergies with companies under its support umbrella in order to further boost the growth and development of SMEs in the region.

“The SME sector greatly contributes to economic diversification and social stability, and plays an important role in private sector development. Meeting such as these help us collectively recognise the untapped and profitable opportunities present within the sector as well as provides us with a better understanding of how we can cater to as SME’s financial needs,” concluded 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 150 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

OAB Received STP Award from Citibank

/in /by

Muscat, December 31, 2018: Oman Arab Bank (OAB) was recently recognised as one of the best ‘Straight Through Processing’ (STP) banks in Oman by Citibank, a globally renowned financial firm.

Commenting on the award, Mahfoudh Sultan Al Rawahi, the Head of Branches Central Operations at OAB said, “We are honoured to receive this award from Citibank. Industry recognitions such as this not only underscores our efforts to ensure accuracy of electronic payments, but also incentivises us to step-up our operations and processes by always adopting the best international practices.”

The award was presented to the Bank at its headquarters in Al Ghubra by Mohammed Ahmed Al Hammadi, the vice president of correspondence banking group at Citibank. Mahfoudh Sultan Al Rawahi received the award on behalf of OAB and was accompanied by members of staff from the Bank’s Central Operations department.

The award was presented to OAB in appreciation of the quality and accuracy payments sent by OAB, wherein the Bank maintained an outstanding of 95% modification-free rate for bank remittances in USD.

“Our success as a Bank, both in terms of remittances as well as our other retail and commercial products and services, can be attributed to our continued emphasis on implementing the best global standards in managing our processes, people, and service delivery,” added Mahfoudh.

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 across and 150 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

OAB Announces November Winners for Hasaad Savings Scheme 2018

/in /by

Muscat, December 30, 2018: Oman Arab Bank (OAB) recently conducted its Hasaad draw for the month of November, at its Head Office in Ghubra. 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 October, Rashad Al Sheikh, Deputy General Manager of Retail Banking at OAB said, “With the November draw completed, we have just one more draw left, for the month of December, as part of the Hasaad Savings Scheme 2018. There are however 85 prizes to be won in the final draw, including an OMR 50,000 draw for Elite and an OMR 20,000 regional draw covering Muscat branches.  This final draw is set to take place in the first half of January 2019.”

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 November 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 final draw of the Hasaad Savings Scheme 2018,” 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 150 ATMs spread across the Sultanate. OAB also provides a complete range of financial products and services for Retail and corporate banking clients.

OAB launches host of Innovative Digital Solutions

/in /by

Muscat, January 07, 2018: Oman Arab Bank (OAB) kicks off 2019 with the launch of a host of new customer centric innovations as part of its ongoing digital transformation journey. Headlining the press conference, which was held on January 06 at the Bank’s headquarters in Ghubra, were OAB’s Next Gen ATM capabilities including ‘Tap & Go’ payments, and enabling of Instant Rewards as well as Discounts at Points of Sale (POS) machines across OAB’s network of select merchant partners.

The press launch was presided over by the Bank’s CEO, Rashad Al Musafir, and accompanied by Fahd bin Amjad, the Head of the Retail Banking Group, and Rashad Al Shaikh, DGM – Retail Banking. Also in attendance were members of the media as well as members of the senior management and staff from OAB.

Commenting on the new launches, Rashad Al Musafir said, “Stepping into 2019, OAB is taking a more fervent approach towards its digitalisation process starting with the launch of these innovative new payment solutions and enhancing customer experience. This launch is in line with our objective of offering our customers the most advanced and hi-tech products and services; ones that will serve as benchmarks for the industry to follow in the country. The launch of these innovative new solutions represents a significant development for Oman Arab Bank and bring with it true quality of life improvements to our customer’s shopping experiences across the country.”

Headlining the press launch was the Bank’s new NFC (Near Field Communications) payment capability across its entire ATM network. This innovative technology, more commonly known as ‘Tap & Go’ or ‘Contactless Payment’, allows the customers to carry out ATM transactions by simply tapping their NFC enabled cards on the ATM. At ATMs this means customers can carry out cash withdrawals much faster than before without ever needing to insert their cards into the machines. This technology not only saves the physical card from wear and tear, but is also fully secure, requiring a customer’s PIN entry. Additionally; customers will also be able to make payment to merchants by simply tapping their NFC enabled cards on the POS machine, without even needing to enter their PIN code. The Bank is expecting to have the NFC feature enabled across most of OAB’s POS merchants by mid-2019.

“Our NFC solution utilise the very latest in security technologies to ensure that our customers’ data remains secure. During any transaction no personal information is transmitted except for only basic account information,” said Rashad Al Shaikh. “In addition, we have very advanced fraud detection systems in place to spot any unauthorised activity, ensuring that our customers can carry out all transactions with total peace-of-mind, knowing full well that their information is safe.”

In order to make use of these services, customers will require one of OAB’s newer NFC enabled cards. The Bank was the first in Oman to issue contactless cards and had already begun the roll out of these new cards early last year.

In addition to its NFC solutions, OAB also announced that it has partnered up several merchants and outlets in order to launch its new Instant Rewards Point Redemption feature on OAB Point of Sales machines. OAB Rewards is a comprehensive loyalty program that offers customers the opportunity to receive rewards points for purchases made on their OAB credit cards. The accumulated points can later be redeemed with airlines, hotels, car rental services and more in countries around the world. Alternatively, customers can instead opt to use the points as a cash-back option.

Using this newly introduced Instant Rewards Point Redemption feature, any OAB customer making purchases from Sharaf DG, Kargeen Café, Gloria Jeans and several other participating merchants can choose to pay, completely or partially, using their accumulated OAB Reward Points. The entire process is simple and fast and will be carried out seamlessly at the time of payment.

“We are glad to have partnered with prominent retail brand franchises to launch this innovative new service,” said Rashad Al Shaikh. “Going ahead, we are looking to partner up with several more brands, stores, and service outlets across the country to make this new feature more widely available for our customers.”

Another new soon to launch feature introduced at the event was the automated redemption of OAB Card Promotions. As part of its Card Promotions program, OAB has partnered up with several brands, companies, and service providers across the country to provide OAB cardholders with exclusive discounts and value added deals. With the new automated system in place, OAB customers will automatically receive these discounts directly from the POS machine without having to ask for them receiving immediate saving by using OAB Cards.

“This, alongside all of the other new systems we have launched today, reinforces our position as one of the most innovative, technology savvy, and customer centric banks in the country. However, we have no intention of stopping here. We also continue to explore new opportunities to further leverage these platforms to provide even greater convenience for customers going forward,” concluded Rashad Al- Musafir.

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 152 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.

OAB Announces 85 Winners for Hasaad October Draw

/in /by

Muscat, November 29, 2018: Oman Arab Bank (OAB) recently conducted its Hasaad draw for the month of October, at its Head Office in Ghubra. 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 winner of OMR 20,000 as part of the Regional draw for the Bank’s branches in the Shariqya region.

Commenting on the draw for October, Rashad Al Sheikh, Deputy General Manager of Retail Banking at OAB said, “With the draw for the month of October behind us, we are now in the homestretch of the Hasaad Savings Scheme for the year. There are however 169 prizes yet to be won in the final two months of the draw, which will come to a close with the year-end draw set to take place in the first half of January 2019.”

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 October Hasaad Savings Scheme draw; as well as encourage our other customers to continue saving so as to maximise their chances of winning in the final two months of the Hasaad Savings Scheme for this year,” 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 150 ATMs spread across the Sultanate. OAB also provides a complete range of financial products and services for Retail and corporate banking clients.

OAB Commences Instant Issuance of NFC-Equipped Cards

/in /by

Muscat, November 12, 2018: Oman Arab Bank (OAB), in its constant endeavour to leverage technology to improve customer service, recently launched a new Instant Issuance service for debit cards in ten of its branches across the Sultanate. The new Instant Issuance service is capable of personalising and issuing EMV/NFC chip-equipped cards and is the first of its kind in Oman. OAB will launch the service in the remainder of its branches before the end of the year.

Prior to the launch of this new service, OAB debit Cards were printed and personalised at the Head Office and then mailed to branches; a production cycle that used to take between two to five days. However, with the newly implemented Instant Issuance system, several OAB branches across the country are now fully capable of personalising and issuing debit cards, complete with EMV/NFC chip data preparation. This makes OAB the first bank capable of instant issuance of cards with NFC technology at its branches in the Sultanate of Oman.

Commenting on the new instant issuance service, Rashad Al Shaikh, the Deputy Head of Retail Group said, “Each and every technological advancement we pursue at the Bank is aimed at improving efficiency and providing our customers with the best possible customer service or other value-added benefits. This new service we offer is no different. With it, we are able to provide our customers with completely personalised, fully functional, NFC-equipped debit card at the very moment the new account is opened. Furthermore, with the instant issuance solution, we can ensure our customers absolute security and speed, providing them with a positive customer experience that exceeds their every expectation.”

The service has so far been launched at ten branches across the country. The service will be launched at the remainder of the branches before the end of the year.

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 Successfully Closes AT1 Perpetual Subordinated Bond Valued at Over OMR 42 million

/in /by

Muscat, 08 November 2018: Oman Arab Bank announced that it has successfully closed unsecured perpetual subordinated bonds value of OMR 42,553,000 as Additional Tier 1 Capital with an issue price of RO 1.000 per bond, comprising the nominal value, and an interest rate of 7.5% per annum.

The Bank issued the bonds at a value of OMR 35 million with a green shoe option of OMR 15 million and was managed by Ubhar Capital (U-Capital), who acted as the financial advisor, issue manager, and lead arranger. These bonds attracted a significant number of investors, which in turn prompted the bank to increase the placement size by about 22% from its initial size; a clear reflection of the level of trust and confidence investors placed in the Bank.

Commenting on the success of the issue, Rashad al Musafir, the CEO of the Bank said, “The outcome of the bonds issue was as expected. The positive financial results, asset quality, and risk profile have contributed to the Bank’s strength. In addition, the close relationship of the Bank with a wide range of investors has also had a positive impact. On behalf of the Bank, I would like to extend my sincere thanks and appreciation to all the investors who have placed their trust in us. They are the cornerstone of our journey towards greater success.”

The interest payment for the Bonds will be payable semi-annual in arrears to the holders of these bonds at the date of interest payment. The issue was approved by the Central Bank of Oman (CBO) and Capital Market Authority (CMA). It is listed in the bonds segment of Muscat Securities Market (MSM).

Total Assets of Oman Arab Bank as of 30 September 2018 was OMR 2.28 billion and the total equity was OMR 307 million before the bond issuance. The bond issuance has resulted in an increase in equity to OMR 349.6 million and the total Capital Adequacy Ratio (CAR) improved from 14.09% to 16.03%.

Oman Arab Bank is proud to have achieved the highest Omanisation percentage within the banking sector, nearing 96%. It is also 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 150 ATMs spread across the Sultanate. OAB also provides a complete range of financial products and services for Retail and corporate banking clients.

OAB Launches First Innovation Lab in the Financial Services Industry

/in /by

Muscat, November 05, 2018: Oman Arab Bank (OAB), in a bid to accelerate its innovation journey and drive innovative thinking within the community, has announced the launch of the first ‘Innovation Lab’ in the Sultanate’s financial services industry. The Lab, which will occupy one floor at the OAB headquarters, will drive the development and implementation of innovative solutions that would shape the financial services industry. The ideas will be short-listed at ‘The Innovation Hub’ event, a 24-hour innovation platform that will enable participants to develop proof of concepts and act as an accelerator of winning innovations into the lab. The OAB Innovation Lab, together with The Innovation Hub, was launched at a Press Conference held at the Bank’s Headquarters in Al Ghubrah on the 5th of November 2018, in the presence of the Bank’s CEO, Rashad Al Musafir, together with other members of the Banks Executive Management and Staff.

Aimed at students, professionals and employees, this initiative has been developed to empower local talent and entrepreneurs to become viable contributors to the evolution of our economy through the power of innovation and the spirit of competition.

Commenting on the launch of the new Innovation Lab, Rashad Al Musafir said, “We created this platform to support the development of a knowledge-based economy, by empowering professionals, students, and our employees, to become viable contributors in its evolution. At OAB, we recognize the important role that innovation plays in enriching human experiences, and we have set a strong internal and external innovation agenda to deliver value across our customers’ ecosystems.”

The themes of the Innovation Hub are: Youth banking, superior customer experience, digital economy and payments, and an open category for other innovation ideas. The innovation hub is scheduled for January 25, 2019.

Anyone interested in participating will be required to register their team for The Innovation Hub on www.oman-arabbank.com/theinnovationhub with their proposed idea and team members’ names. The cut-off date for registrations will be December 15, 2018.

The initiative will also encompass several activities prior to the competition date including roadshows for students later this month followed by training workshops in December for participating student and staff teams by the Bank’s partners at the Head Office. These workshops will cover a brief introduction to the bank’s products and services, ideation, and developing proof of concepts.

Commenting on the competition, Leen Al Atassi, the Head of Innovation at OAB said, “This initiative has been established as a long-term investment for the Bank and reinforces our commitment to nurturing local talent and positioning OAB as a forward thinker and innovator that is connected with the community. The Innovation Hub would act as an accelerator, with winning innovations being incorporated into the Innovation Lab. Furthermore, this competition is only the beginning and we have several plans in place for this initiative going forward.”

The Innovation Hub by OAB will begin on January 25, 2019 and will take place over a 24-hour period with the winners being announced on the evening of the following day.

The winning teams from each category will be presented with the opportunity to join the Bank’s ‘Innovation Lab’ within the Bank, to develop their ideas further so that they may be implemented. The winning student team will receive a cash prize and also be presented with an opportunity to work on other innovations as part of a paid internship, together with the potential opportunities for recruitment.

The winning professional team, on the other hand, will be entered into a signed partnership agreement with OAB to develop and implement their idea within the Bank. While members of the winning OAB staff team will also be presented with special incentives and opportunities for career advancement within the Bank.

A Mentoring Panel has also been established, comprising senior members of the Bank’s staff and management, in order to help and support the teams on the day of the contest and later in the Lab.

“We encourage any student or professional interested in the contest to put a team together and challenge yourselves to think up innovative solutions; ones that could enhance customer experiences, shape our digital economy and payments solutions and maybe even revolutionise a key aspect of banking in Oman,” Al Atassi concluded.

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 a complete range of financial products and services for personal banking, corporate and investment clients.

OAB Awards Third Batch of Employees for Completion of ‘Ta’heal’ Training Programme

/in /by

Muscat, October 30, 2018: As part of its ongoing support and development of human resources, Oman Arab Bank (OAB) has announced the successful completion of the third batch of its ‘Ta’heal’ staff training programme. The programme was designed specifically for the Bank’s service employees. The third edition of this program was launched during the period from September 9 to 13, 2018 and was aimed at qualifying and developing the employee’s skills and capabilities; in turn, helping offer them better opportunities at the Bank in the future.

Commenting on the ‘Ta’heal’ programme, Adil said, “Providing our staff with every possible opportunity for career growth has always been a key point of focus for the Bank. ‘Ta’heal’ is just such a programme that, right from its very inception in August last year, was designed to target service employees, as part of the Bank’s approach in providing career growth opportunities to employees at all levels. It was aimed at providing our employees with the necessary skill sets and knowledge to take their performance to the next level, and ensure that they are keeping pace with all updates in the banking field.”

The programme was focused on several topics such as CASA, problem-solving, and visa cards. It also offers employees a better understanding of their individual role in achieving the goals of the institution, the role of the institution itself in assisting with their development in their areas of work, as well as introducing the principles of internal communication, teamwork, and institutional loyalty.

Oman Arab Bank is proud to have achieved the highest Omanisation percentage within the banking sector, nearing 96%. It is also 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 150 ATMs spread across the Sultanate. OAB also provides a complete range of financial products and services for personal banking, corporate, and investment clients.

OAB Celebrates Omani Women’s Day with Staff

/in /by

Muscat, October 18, 2018: Oman Arab Bank (OAB), in commemoration of the Omani Women’s Day, held a special gathering for its female staff members at its Head Office in Ghubra. As part of the celebrations, the Bank also hosted a detailed talk on breast cancer awareness by a renowned doctor, who also provided the attending female staff members with a free health check-up.

The event, which was held on October 17, saw the attendance of over 250 female staff from the Bank’s Head Office and from branches around the capital. It was inaugurated with a speech by Asma Al Zadjali, the DGM of Credit Administration, followed by a detailed cancer awareness talk by Dr Reem Al Hashar, the Founder and a Board Member of Oman Breast Cancer Society.

Commenting on the important role women play at OAB, Asma Al Zadjali said, “We, at OAB, are fully committed to the important role female employees play in every aspect of banking, right from the most junior members of our staff to our senior-most management; of which women make up a considerable percentage. If anything, this reaffirms the important role women play in building the future of our bank as a leading financial institution within the local banking sector.”

The event concluded with a commemorative cake cutting ceremony in honour of all women working at the Bank. Additionally, all attendees were encouraged to undergo a free check-up, conducted by Dr Reem, who had a corner dedicated for this purpose at the event.

“On behalf of Oman Arab Bank, I would like to congratulate and thank each and every member of our staff, as well as all women in Oman, for their contribution towards the prosperity of our beloved country,” added Asma.

Empowering women and promoting gender diversity has always been one of the core values of the Bank. The Management strongly believes that everyone at the Bank, regardless of gender, deserve an equal opportunity at professional growth by virtue of their professional performance and talent. As a result, several women have made impressive strides in all aspects of their jobs, with many already holding positions of authority within their respective departments.

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.