OAB Extends Support to Families Affected by Floods in Sur

Muscat, August 3, 2021: As part of its commitment to support the community and in line with its sustainability strategy, Oman Arab Bank announced the launch of an initiative to aid families and individuals that were affected by the recent floods in Sur. The OAB initiative will see the provision of a three-month loan deferment for affected Bank customers, as well as financial support for families in need, in collaboration with the Ministry of Social Development.

Highlighting the importance of this initiative, Rashad Al Shaikh, Head of Retail Banking Division at OAB, said, “Our community initiatives are targeted towards those within the community that need it most. With this in mind, we will be deferring loans for our customers who have been affected, for a period of three months to help them overcome this difficult situation.

From his side, Feras Al Farsi, Head of Sustainability and CSR at OAB, said, “A key focus of our sustainability strategy is centred on reinforcing our relationship with our communities. Given the impact of the floods and the effects of the pandemic, we are doing our best to extend support to affected families and individuals that need it most. Together with the Ministry of Social Development, the cases are reviewed and necessary action is taken accordingly. We will also be donating to the Ministry and recommending three SME construction companies, who are our customers, to facilitate the required repairs.”

Emphasising the Bank’s strategy, Feras adds, “We continue to work towards implementing initiatives that fall under our three sustainability pillars, community partnerships, environmental responsibility and financial inclusion. The initiative launched today is just one example of the activities we undertake to support our communities in a time of need.”

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 53 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services through its OAB Online App.

OAB announces Names of Winners of the Hasaad Savings Scheme for June

Muscat, August 1, 2021: Oman Arab Bank (OAB) recently announced the names of the winners of its Hasaad Savings Scheme for June 2021. The draw saw 101 customers winning prizes of OMR 500 each and two winners of OMR 10,000 as part of the Big Prize Draw. As for the Elite account holders, one customer was the winner of the Elite Grand Prize of OMR 25,000 from the Al Khoud branch.

Commenting on the June winners, Rashad Al Shaikh, Head of the Retail Banking Division at OAB, said, “We are proud to see an increase in the number of overall savings, especially since we have reached the first half of the year. OAB continues to promote the culture of saving across all its customer segments while ensuring that they are well rewarded for their efforts. We strive to encourage our customers to save as well as generate awareness regarding sound financial management practices, especially during the current unprecedented situation.”

The Hasaad Savings Scheme 2021 will see 101 lucky winners from 53 branches win OMR 500 each per month, as well as five winners of OMR 1,000 each. This is in addition to a Big Prize draw, which will see two winners of OMR 10,000 each every quarter.

The Elite Draws will see two winners every month of OMR 10,000 each. This is replaced by an Elite grand prize draw conducted every three months with one lucky winner of OMR 25,000.

“I congratulate all the winners of this month’s draw and extend my gratitude for their trust and loyalty to OAB. I encourage all our customers to continue to save so that they can increase their chances of winning for the remainder of the draws of this year,” 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 53 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally open an account and benefit from several other services, directly from the convenience of their mobile phones.

OAB Hosts Virtual Graduation Ceremony of ‘LEAD 3’

Muscat, July 26, 2021: OAB recently celebrated the graduation of the third cohort of the ‘LEAD3’ programme under the patronage of His Excellency Sheikh Nasr Amer Al Hosani, Undersecretary of the Ministry of Labour. The graduation ceremony was held via an online platform, where graduates were presented with their graduation certificates. The ceremony was attended by Rashad Mohammad Al Zubair, Chairman of OAB, Rashad Ali Al Musafir, CEO of the Bank and saw the presence of several executive members and guests.

Commenting on the graduation ceremony, Rashad Al Musafir noted, “Today’s celebration of the ‘LEAD 3’ graduation is a testimony of OAB’s commitment to empowering its employees to become future leaders. The previous LEAD graduates have assumed management and leadership positions across various departments and divisions of the Bank. Today, they are joined by their colleagues and have been prepared to be leaders, within each of their respective fields. This approach affirms our long term vision to localise knowledge resources and provide opportunities for national talent to take charge of the future.”

On behalf of LEAD 3 graduates, Maytham Al Zadjali said, “It was an exceptional opportunity for each of us to develop and enhance our skills and knowledge, as well as to apply it practically. I am confident that all our learnings will contribute towards delivering a positive impact on the overall experience that Oman Arab Bank is keen to extend to all its customers across the Sultanate. I would like to extend my thanks and appreciation to the OAB management for giving us this great opportunity that will reflect positively on every stage of our career.”

Ayman Al Shehi, representative of the HRD, the supervisor of the programme said, “On behalf of the Board of Directors and the Executive Management of Oman Arab Bank, I would like to congratulate each of the 20 graduates of LEAD 3 programme Together with the graduates of previous cohorts, they form an integral and efficient part of human resources division that is core within the banking sector. On behalf of the Human Resources Division, I wish them all the best and look forward to seeing them assume new responsibilities in their new roles.”

The LEAD Programme provides a great opportunity for the Bank’s employees to demonstrate their leadership capabilities and their willingness to take on greater positions and responsibilities within the executive management hierarchy. Each candidate is selected based on the employee ratings within the Bank, through which the most talented Bank employees are identified. They are then accepted into the programme after undergoing a comprehensive 360-degree programme in addition to a special questionnaire on strengths and how to enhance them. In the first module, participants join a workshop on socialization, which qualifies them to work with some of the best motivational experts in Oman who specialize in leadership development. This will ultimately improve their leadership skills and behaviours that will ensure the development of leadership qualities in the years to come.

The ‘LEAD’ programme has been designed in cooperation with Inspirational Development Group (IDG) and is facilitated by a team from IDG, a globally renowned leadership and management performance consultancy. The company has channelled its long history of experience delivering high-quality and intensive work programmes to some of the most prestigious organisations in the world. Closely affiliated with the Royal Military Academy Sandhurst, IDG has worked with some of the most important public and private sector companies in the region from its Middle East office based in Muscat.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate, especially with regard to Omanisation. The Bank has recorded a leading Omanisation rate within the sector level, valued at 96% of the total employees. Today, the bank operates a nationwide network of 53 branches and representative offices and 160 ATMs spread across Oman. OAB provides a complete range of financial products and services to individuals, companies and investors. As one of the most advanced banks, it provides comprehensive digital solutions through its OAB Online App, through which customers can open new accounts and benefit from other services, directly from their mobile phones.

OAB Announces Winners of its Hasaad Savings Scheme for May

Muscat, July 6, 2021: Oman Arab Bank recently announced the names of the winners of its Hasaad Savings Scheme for May. The draw saw 101 customers winning prizes of OMR 500 each. As for Elite account holders, two customers won OMR 10,000 each from the Bowsher and Corporate branches.

Commenting on the results of the draw, Rashad Al Shaikh, Head of the Retail Banking Division at OAB, said, “The Hasaad Savings Scheme not only enables our customers to be financially secure but also encourages prudent saving habits and rewards them for the efforts. We look forward to seeing a growth in the number of customers who continue to save and have several exciting prizes in store for them until the end of the year.”

The Hasaad Savings Scheme 2021 will see 101 lucky winners each month from the 53 branches winning OMR 500 each. This is in addition to a Big Prize draw which will see two winners of OMR 10,000 each, every quarter.

The Elite Draws will see two winners every month of OMR 10,000 each. This is replaced by an Elite grand prize draw conducted every three months with one lucky winner of OMR 25,000.

“On behalf of Oman Arab Bank, I extend my warmest congratulations to all the May winners. I wish everyone the best of luck and to continue saving for the upcoming draws,” 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 53 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally open an account and benefit from several other services, directly from the convenience of their mobile phones.

OAB Announces Initiative for Second Dose of COVID-19 Vaccination

OAB Announces Initiative for Second Dose of COVID-19 Vaccination

  • Includes employees and their families

Muscat, July 05, 2021: Oman Arab Bank (OAB) announced a COVID-19 vaccination drive for the administration of the second dose of the Pfizer vaccine for its employees and their families. This is in line with the national vaccination drive, spearheaded by the Ministry of Health. The initiative includes children over the age of 12, following the Ministry of Health’s directives to include individuals from this age group.

This step is also aligned with the Wiqaya programme, launched by the Bank’s Human Resources Division, ever since the onset of the pandemic. The initiative will run in coordination with multiple hospitals across various Wilayats, providing ease and accessibility to staff, without the need for them to travel to Muscat.

Commenting on the success of the initiative, Rashad Al Musafir, CEO of the Bank said, “We are proud of the level of awareness shown by the employees from all Wilayats and their willingness to participate in the vaccination campaign. Upon completion of the second stage of vaccination, we will surely be in a better position to reduce the spread of infection. Furthermore, instructions have been issued to relevant divisions to maintain all precautionary measures and educate employees of the need to adhere to them, even after receiving the vaccination, as per the Ministry of Health directives.”

The vaccination campaign began on Sunday, July 4, 2021 and included the employees of the head office and the Bank’s branches in the capital who have completed 3 weeks at least from getting their first dose. It will later include the employees from the 53 branches spread across the Sultanate in the upcoming weeks, with a coverage rate of 100%. The cost of the second dose for employees and their families will be covered by the Bank.

“Through this campaign, we aim to support the government’s vaccine provision efforts to everyone in the Sultanate, stemming from our role in this field. We wish safe health and well-being to all citizens and residents alike, as we look forward to starting the recovery phase soon, together with everyone’s efforts,” Al Musafir 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 53 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally open an account and benefit from several other services, directly from the convenience of their mobile phones.

Mahfoudh Al Rawahi – A Successful Career Story at OAB

Mahfoudh Al Rawahi – A Successful Career Story at OAB

  • From Teller to the Head of Central Operation Division.

Muscat, June 27 2021: Mahfoudh Al Rawahi spent over three decades at Oman Arab Bank, moving from one position to another until he reached his current position as Head of Central Operation at the Bank’s headquarters. Mahfoudh began his career with OAB in 1988 as a Teller, following his graduation from the Institute of Vocational Training, Accounting Division. Over the course of the following years, he proved himself as one of the most prominent national competencies, showcasing sincerity and determination to achieve success. He maintained this position while completing his academic career, graduating from Waljat College with Bachelor’s degree in Business, while still working as a Teller. This drew the attention of the Bank’s management, who paved the way for his career advancement.

With regard to his experience at OAB, Mahfoudh Al Rawahi said, “Ever since my first days at the Bank, I have found support from the management, who were keen on enabling the young national workforce to enhance in the banking sector. Work was challenging and we, as Omanis, had to prove our ability to perform well in a sector that was the backbone of the economic development in that particular period. Thankfully, I was able to demonstrate my capabilities and within only two years I moved up to manage Customer Service and Remittances, for two years. After which, I was positioned at the Accounting Department and worked there for 3 years.”

Following this, the Bank’s management decided to send him to Jordan to study for a specialised banking diploma at the Arab Academy for Banking and Financial Sciences (AABFS).

“Upon completion of seven years at the Bank, the management decided that I was qualified to take on a higher position and greater responsibilities. This led to the decision of my appointment as an Assistant Branch Manager at one of the Bank’s branches. I worked in that position for 4 years, during which I moved to two different branches to gain more experience. Following this, I was promoted to Branch Manager and performed my duties for 11 consecutive years, shifting between four major OAB branches. With the establishment of the new branch structure, I was then appointed as the Deputy Regional Manager for OAB branches in the Governorate of Muscat. I held this position for three years before moving into the Department of Retail Banking to be responsible for the Branch Operations Section for a period of two years. And this is where it has led me, to my current position as Head of Central Operations” he continued.

Commenting on empowering the national workforce as part of the Bank’s vision, Rashad Al Musafir, CEO of OAB, said “Since its establishment nearly four decades ago, the management has been determined to enhance the Bank’s workforce. This is possible with the introduction of qualified national competencies who are capable of enhancing their performance by complementing the human resources growth and development strategy set by the OAB management. It includes the implementation of programmes and plans that utilise scientific techniques and various learning methods that focus on practical implementation, selecting suitable people, as well as investing in modern technologies to establish a culture of learning and performance development. The leadership development programme “LEAD”, which was implemented in 2017, is an integral part of this strategy, focused on honing the talents and skills of nationals and preparing them to take on greater responsibilities within the Bank’s executive management. Three editions of ‘LEAD’ have already been successfully launched, which witnessed 60 leaders who underwent intensive training courses for six months, in cooperation with an institute specialised in management sciences. The Bank’s management has continued to pave the path for them by enabling their participation in work teams that implement various projects around the concept of a non-routine ‘flexible’ institution. This is in addition to encouraging their participation in the Bank’s initiatives, with some of them having assumed leadership positions after graduating from the ‘LEAD’ programme. Therefore, today we stand here proudly, reinforcing that the role of our national competencies is prominent in various disciplines and work sites. We consider them our most important assets at Oman Arab Bank, and a source of our confidence and pride.”

“The experience of our colleague Mahfoudh Al Rawahi is a testament that competency and determination is the path to professional development and building a promising career. I am confident that Mahfoudh’s success story will inspire many of his colleagues who have just begun their careers and looking to hold higher positions, not only at OAB but wherever they may be. For us at OAB, we are proud to have Mahfoudh and his colleagues be a part of our team. The team strives to provide only the best services, aligned with the Bank’s strategy aimed at positioning OAB at the forefront of the local banking sector,” he added.

As part of Oman Arab Bank’s commitment to the National Omanisation Programme, the Bank was able to maintain one of the highest Omanisation rates in the banking sector, exceeding 96.3%. This is in addition to achieving 86.4% of Omanisation in senior management positions. All of which are considered to be among one of the highest Omanisation rates within the local banking sector.

“The advancement in one’s career is not solely dependent on the number of years as some may expect. Instead, it takes will and determination to achieve success and constantly acquiring more knowledge and experience, to be able to perform better every year. This is further enhanced by a supportive work environment, similar to the one OAB provides its employees. I wish all the youth in the banking sector the best of luck and that the future is in their hands,” Al Rawahi concludes.

OAB Supports Families Affected by Storm in North Al Batinah

Muscat, June 8, 2021: Oman Arab Bank has launched an initiative to help low-income families that have sustained damage to their homes by the recent storm in North Al Batinah Governorate. This initiative is conducted in coordination with the Ministry of Social Development.

Commenting on this initiative, Feras Al Farsi, Sustainability and CSR Specialist at OAB said, “We continuously strive to strengthen our relationship with the community because that is one of the main pillars of our sustainability strategy. We encourage our employees from branches across the Sultanate to follow up with any families in need within the areas they serve and to inform us of any critical cases that require immediate support. We then review these cases and based on the analysis, take necessary action to support those that are affected. In this particular instance, The regional management of the Bank’s branches in the governorate has presented a report to the executive management, which includes suggestions as to how OAB can provide support to families in need. This has been approved and we are coordinating with concerned personnel from the Ministry of Social Development for its implementation, alongside local SMEs, enabling them to benefit from this initiative as well.”

The OAB initiative will be providing support to low-income Omani families in the governorate by taking care of house repairs via reputable local construction companies. The Ministry of Social Development will identify cases that require immediate support. The initiative will also support affected OAB employees residing within the North Al Batinah Governorate, under the direct supervision of the Bank’s regional management.

“We always aim to organize our community initiatives in a way that will enhance sustainability and ensure our support reaches those who need it most, in the most effective way possible. OAB has created an integrated framework under which all the Bank’s sustainability initiatives fall. These initiatives aim to highlight our three sustainability pillars, namely community partnerships, environmental responsibility and financial inclusion. This particular initiative is in line with the Bank’s sustainability objective of enhancing community partnerships and providing support where needed – reinforcing its responsibility as one of the oldest financial institutions in the Sultanate,” he 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 53 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services through its OAB Online App.

OAB Announces Winners of its May Hasaad Savings Draw

OAB Announces Winners of its Hasaad Savings Scheme for April

Muscat, June 7, 2021: Oman Arab Bank recently announced the names of the winners of its Hasaad Savings Scheme for April. The draw saw 101 customers winning prizes of OMR 500 each. As for Elite account holders, two customers won OMR 10,000 each from the Al Batinah and Muscat branches.

Commenting on the results of the April draw, Rashad Al Shaikh, Head of the Retail Banking Division at OAB, said, “The current conditions have encouraged our customers to increase their savings in order to ensure that they have finances to rely on. This, in turn, enables them to improve their chases of winning several exciting prizes that can be availed as part of the Hasaad Savings scheme. We are proud that through the implementation of Hasaad, we have enabled our customers to embrace the need to save for unprecedented situations, which has proved beneficial, especially during these difficult times. To showcase our appreciation, we continue to offer them incredible rewards until the end of the year.”

The Hasaad Savings Scheme 2021 will see 101 lucky winners each month from the 54 branches winning OMR 500 each. This is in addition to a Big Prize draw which will see two winners of OMR 10,000 each, every quarter.

The Elite Draws will see two winners every month of OMR 10,000 each. This is replaced by an Elite grand prize draw conducted every three months with one lucky winner of OMR 25,000.

“On behalf of everyone at OAB, I extend a warm congratulations to all the winners of the April Hasaad Savings Draw. For those of you that did not win, I encourage you all to continue saving so that you can increase your chances of winning for the remainder of the upcoming draws in 2021. Wishing everyone the best of luck,” 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 54 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally open an account and benefit from several other services, directly from the convenience of their mobile phones.

OAB Completes First Issuance of International Perpetual Bond of USD 250 Million on the London Stock Exchange

  • Making OAB the first local bank this year

Muscat, May 30, 2021: Oman Arab Bank SAOG (OAB) has successfully issued USD 250 million Additional Tier-1 Perpetual Bonds, listed in the International Securities Market (ISM) of the London Stock Exchange. This makes OAB the first local bank this year to do so, ensuring a positive impact on its shareholders and the national economy at large.

Mr Rashad Al Zubair, Chairman of OAB commented, “This recent issuance marks another successful milestone in the history of OAB and our journey of growth. Furthermore, it is in line with the vision of the Central Bank of Oman, focusing on the need for local banks to expand and enhance their position and capabilities to finance developmental projects for the Sultanate, under the overarching strategy of Oman Vision 2040. I would like to extend, on behalf of OAB Board, a warm welcome to the diversified set of international investors who have placed their trust on the growth story of Oman’s economy in general and OAB in particular.”

Highlighting the importance of this milestone, Rashad Al Musafir, CEO of OAB, said, “This is a huge step for us, especially following the successful acquisition of 100% of shares of Alizz Islamic Bank (AIB) and merging our Islamic banking window with AIB. As of mid-2020, Oman Arab Bank was transformed into a public joint-stock company, with its shares listed on the Muscat Securities Market, marking a fundamental achievement in our history that spans across nearly four decades. Today, we are proud to announce another success in the history of OAB’s expansion with the issuance of an International Perpetual Bond of USD 250 Million on the London Stock Exchange, one of the largest securities markets in the world. This will contribute towards our efforts in attracting foreign investments to the local banking sector to meet the Bank’s growth and development plans.”

“We are proud of the positive reaction of OAB’s first international offering that has generated widespread interest from international investors that included several top-notch funds from the London market. The final order book was valued over USD 1.1 billion, which is a testimony to the high level of confidence placed by international investors on Omani economy and local banking sector, as well as the financial performance of OAB,” he added.

This step is considered the first issue of its kind for OAB in foreign currency and is also the first international issuance of public AT1 (Additional tier-1 bonds) in the last 3 years from Oman. Therefore, making it significant in enhancing domestic liquidity with a continuous flow of foreign investments, especially during the current market conditions. The issuance was jointly managed by Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, Kamco Investment Company K.S.C.P., Standard Chartered Bank and Ubhar Capital SAOC.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. In June 2020, OAB completed its acquisition of Alizz Islamic Bank and merging it with its Islamic banking window. OAB was transformed into a public joint-stock company, with its shares listed on the Muscat Securities Market for the first time. Today, the bank operates a nationwide network of 53 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services to individuals, companies and investors. As one of the most advanced banks, it provides comprehensive digital solutions through its OAB Online App, through which customers can open new accounts and benefit from other services, directly from their mobile phones.

Rashad Al Shaikh Appointed as Head of Retail Banking Division at OAB

  • Spearheading the Bank’s strategy on digitalising retail banking services

Muscat, May 23, 2021: Oman Arab Bank announced the appointment of Rashad Al Shaikh as Head of Retail Banking Division at OAB, after being the Acting Head of the Division, as of last year. The management’s decision stems from the various successes achieved by Rashad in the last period, especially concerning the acceleration of the digital retail banking strategy.

Commenting on the appointment decision, Rashad Al Musafir, CEO of OAB said, “Rashad Al Shaikh has extensive experience in retail banking. He also has a future vision for the mechanism of developing these services in line with the Bank’s strategy to enhance innovation in new solutions that we offer to the market. During the last few months, Rashad led the Division’s efforts, while he was Acting Head, and proved his presence in the development of digital solutions, which were launched by OAB for the first time in the local market. He played a significant role in the steady increase of the number of digital banking users and ensuring their level of satisfaction, which is a key objective for the Bank. I am confident that the Retail Banking Division will achieve remarkable performance under the leadership of Rashad Al Shaikh during the coming period.”

“The decision of Rashad’s appointment in his new role is in line with the Bank’s strategy aimed at enhancing the presence of national competencies in the executive management. This is part of the Bank’s career succession and talent management plan. On behalf of the management, I would like to wish Rashad Al Shaikh immense success in his new position as the Head of the Retail Banking Division,” he added.

Commenting on his appointment, Rashad Al Shaikh said, “Iam grateful for the trust placed in me by the Bank’s management, especially Rashad Al Musafir, to lead the Retail Banking Division to further success. I expect that there will be fundamental changes in the ways our banking services and products are offered to individuals, in light of the rapid changes brought on by the current circumstances. On behalf of the Retail Banking team at OAB, I assure our valued customers that they will have a transformed and comprehensive banking experience, aligned with international standards and will not only live up to their aspirations but also exceed expectations.”

Rashad Al Shaikh has a vast banking experience of over 21 years in various fields including corporate banking, project financing, investment banking services and retail banking services. Rashad holds a Bachelor of Arts in Business Administration from the University of Central Florida in Orlando, United States of America. `

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 54 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally open an account and benefit from several other services, directly from the convenience of their mobile phones.