Ministry of Social Development Recognizes and Honours OAB for Social Responsibility

As a testament to its efforts towards supporting local communities, Oman Arab Bank (OAB) was recently honoured by the Ministry of Social Development (MoSD) with an award for its Corporate Social Responsibility.

Held under the patronage of H.H. Sayyid Kamil bin Fahd Al Said and H.E. Laila Ahmed Al Najjar, the Minister of Social Development, the ceremony took place in Avani Muscat Hotel. It was attended by a number of Ministers, Undersecretaries and senior officials from the public and private sectors.

Commenting on the Bank’s achievement, Mr. Rashad bin Muhammad Al Zubair, Chairman of OAB said; “We are delighted to be recognised for our corporate commitment and social involvement to serve Oman and its people. We continue to collaborate with local partners and charities to ensure that as many people as possible in the communities in which we live and work are supported. Our objective is to grow and mature alongside our employees, customers and the community through sustainable practices. Receiving this award is testament to our work to support Oman’s 2040 vision and socioeconomic agenda.”

Last year, the bank supported low-income families whose homes were destroyed by the storm that hit the North Batinah Governorate. This social initiative was carried out in collaboration with the Ministry of Social Development and a number of Small to Medium Enterprises. The initiative provided support to families in the governorate by repairing their homes in partnership with reputed local construction companies.

OAB’s sustainability strategy was designed to strengthen the Bank’s social impact within its three main strategic pillars: Community partnerships, environmental responsibility and financial inclusion.

In line with the Bank’s community partnerships sustainability pillar, the Bank donated OMR 300,000 to support those affected by ‘cyclone Shaheen’ that hit the Sultanate last year. Additionally, several Bank employees volunteered to help in cleaning and re-building the affected homes and neighbourhoods in the Wilayats of Al Khaboura and Al Suwaiq. The Bank also launched an internal initiative to support employees affected by the cyclone. Furthermore, the Bank launched a donation feature through its mobile banking app to create an easy and safe platform for donors to contribute.

Seeking to preserve the environment and promote sustainability, OAB collaborated with 12 talented Omani photographers to produce the Bank’s first eco-friendly desk calendar made entirely of recycled paper and vegetable ink. The bank also sought to reduce its carbon footprint by introducing recycling and eliminating single use plastic bottles. The Bank also led several awareness campaigns on environmental responsibility highlighting a variety of native flora and fauna that are at risk of being endangered and shared tips to encourage a more eco-friendly way of life. For the second time, the bank also sponsored The Environment Society of Oman’s virtual fundraiser.

As part of its financial inclusion efforts, the Bank launched a series of Financial Literacy videos recently. The initiative aims to equip Omani youth with the necessary financial skills and knowledge to empower them to make informed financial decisions. The videos shed light on subjects such as buying a car, a house, getting married, saving, and business management.

OAB Launches Unique Financial Literacy Series To Promote Financial Well-Being

8 May 2022: Muscat, Oman: Oman Arab Bank (“OAB”) recently launched a unique ‘Financial Literacy’ series across all its social media platforms to promote financial well-being among Omani youth.

The series of videos address major financial decisions, such as buying a house, buying a car, getting married, saving, and running a business. This initiative by OAB is aligned with one of the Bank’s sustainability pillars: Financial Inclusion.

Commenting on the series, Leen Al-Atassi, Head of Corporate Communications at OAB said, “Financial inclusion is vital for our economy to flourish and is key to the success of Oman Vision 2040. Through our research, we have found that one of the biggest obstacles to financial inclusion amongst youth is a lack of understanding of the financial sector and the various services they have at their disposal. Through this series, our objective is to offer Oman’s youth guidance and direction on how to manage their finances responsibly.”

She added, “What makes this series unique is that it addresses real challenges that people face in their day-to-day lives, and it is a testament to our commitment to putting customers at the heart of our business.”

The episodes were developed with the youth in mind; the content is simple, fun, easy to understand, and locally relevant.

Al-Atassi added, “At the beginning of their career, people often resort to indulgent spending and borrowing to finance their dream car or house. This often leads to a cycle of debt that the borrower may find challenging to settle. Through this financial literacy series, we aim to help individuals plan and define their short and long-term goals to ensure financial well-being.”

The Financial Literacy series will be broadcast across the Bank’s social media channels and the OABistidama website.

OAB has been promoting financial literacy through workshops with SMEs and various NGO’s across the Sultanate since 2019. OAB has also developed a sustainability strategy that is aligned with Oman Vision 2040 and the United Nations Sustainable Development Goals (UNSDG).  The strategy consists of three pillars: Environmental Responsibility, Community Partnerships and Financial Inclusion. OAB also issued its first GRI-certified Sustainability Report for 2020.

Capital intelligence revises Oman Arab bank’s outlook to stable from negative

3 April 2022: Muscat, Oman:  Oman Arab Bank (OAB) announced that the international credit rating agency, ‘Capital Intelligence’, has revised the outlook for its Long-Term Foreign Currency Rating (LT FCR) and Bank Standalone Rating (BSR) to Stable from Negative.

The recent revision comes in the wake of the amendment of the Sultanate’s sovereign credit rating to Stable from Negative. The agency also affirmed the bank’s Long-Term (LT FCR) and Short-Term Foreign Currency Ratings (ST FCR) at ‘BB’ and ‘B’ respectively.

The revision of Oman’s LT FCR Outlook by the agency to Stable reflects the ongoing strengthening of the Sultanate’s public finances and external balances, as well as improving government debt metrics due to the recent rise in oil prices.

Commenting on the result of this report, Rashad Al Zubair, Chairman of Oman Arab Bank said, “The improvement of the macroeconomic environment of the Sultanate, and its reflection on the banking sector, which showed high efficiency in managing the last stage, led to the revision of the outlook by the agency. The report emphasised that the the credit rating of Oman Arab Bank is based on its strong deposits, good loans and high capital adequacy ratios after issuing perpetual bonds during the past year.”

He added, “We are confident that this report will reflect positively on the financial position of the bank, and we, in turn, will continue to diversify our activities and strengthen our financial position by following a prudent and focused approach to risk management, as we look forward to further development and growth in all areas.”

AGM Invitation

OAB Announces New Digital Instant Loan Facility

  • To enable an easy and quick borrowing experience for customers via the OAB Online App

Muscat, March 08, 2022: In line with its commitment to delivering a seamless digital banking experience for its customers, Oman Arab Bank announced the introduction of its Digital Instant Loan facility, a first in the banking industry in Oman. With this service, which is available through the OAB Online App, customers can apply for a personal loan for various purposes, in just a few minutes.

Commenting on the introduction of the new digital solution, Rashad Al Shaikh, Head of the Retail Banking Division at OAB said, “OAB has always placed customers at the heart of everything it does. This new service is aligned with our commitment to providing a myriad of advanced digital solutions to our customers, as well as a way for us to transform how customers interact with the bank so that their experience is seamless, easy and efficient. With this feature, our customers can get instant access to additional funds for all their requirements, easily, securely and conveniently.”

The Digital Instant Loan facility has been designed to enable OAB customers to avail personal loans up to OMR 10,000 with a quick automated approval process as well as topping up existing loans. Any Omani national or resident OAB customer with a minimum monthly salary of RO 325 can apply for this service if they have a credit history with the Bank.

For both Digital instant loans and loan top-up facilities, customers can opt for a grace period, which will last for 30 days without any installments. Customers can also opt for loan deferment prior to Eid Al Fitr and Eid Al Adha.

OAB has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the OAB Group operates a nationwide network of 49 conventional branches, 15 Islamic branches, 150 conventional ATMs and 15 Islamic ATMs in high footfall locations across the Sultanate. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally benefit from several other services, directly from the convenience of their mobile phones.

For Website OAB Staff Graduate from the Etimad Programme

Muscat, March 06, 2022: Oman Arab Bank (OAB) proudly announced the graduation of several of its employees from the prestigious Etimad programme. The programme stems from a government initiative with the key objective of preparing qualified Omanis for leadership positions.

Highlighting the importance of this achievement, Essam Al Busaidi, Head of the Human Resources Division of OAB, said, “OAB has always strived to ensure that its employees are provided with the opportunity to be a part of programmes that support the enhancement of their leadership skills. Through this endeavour, we can play an integral role and contribute towards building the leaders of tomorrow by equipping them with the required skillsets. Moreover, the programme reinforces the Bank’s commitment towards training and upskilling Omani talent to build a dynamic team and strengthen its position as a leading banking institution in the Sultanate.”

Etimad is a prestigious leadership programme aimed to empower Omanis in middle and senior management positions to assume leadership roles within the private sector. The programme’s goals are aligned in collaboration with representatives from the private sector, as well as public sector policymakers, to prepare national talents for leadership positions in the private sector. Participants attend several classroom and distance learning courses that focus on acquiring leadership skills, over three weeks.

Graduates of the latest Etimad programme include Sumaiya Al Riyami from the Human Resources Division, Khalil Al Balushi from the Internal Audit Division Al Shaima Al Shuaili from the Compliance Division, Saqar Al Harasi from the Banking Operation Group, Hamida Al Balushi from the Credit Administration Department, Mohamed Al Abri from the Retail Banking Division, Khalil Al Balushi from the Internal Audit Division and Ammar Al Zadjal from the Corporate & Institutional Banking Division.

The Etimad programme saw the delivery of high-level training and qualifications to graduates, in collaboration with international and local institutions that specialise in management and leadership skill training.

“On behalf of OAB, I would like to extend my warmest congratulations to the graduates and wish them further growth and success for the future. Together, we can build a better and brighter future for generations to come,” 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 Oman Arab Bank Group operates a nationwide network of 51 conventional branches, 15 Islamic branches, 150 conventional ATMs and 15 Islamic ATMs in high footfall locations across the Sultanate. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally benefit from several other services, directly from the convenience of their mobile phones.

Oman Arab Bank Receives Award for Social Responsibility

Muscat, February 22, 2022: Oman Arab Bank (OAB) was recently presented with the Excellence Award in Social Responsibility in acknowledgment of its contributions towards sustainability and sustainable initiatives in 2021. The award was received by  Feras Al Farsi, Head of Sustainability and CSR  on behalf of Oman Arab Bank.

Social responsibility forms the basis of OAB’s Sustainability strategy and its three main focus areas: community partnerships, environmental responsibility and financial inclusion. The Bank’s sustainability strategy was designed to add value to society and the environment in parallel with the development and growth of the organisation.

OAB recently issued its first GRI-certified sustainability report, which is aligned with the United Nations Sustainable Development Goals and Oman Vision 2040. This report makes OAB the third bank in the Sultanate to achieve this distinction.

Throughout 2021, OAB collaborated with 12 talented Omani photographers to produce the Bank’s first eco-friendly desk calendar made entirely of recycled paper and vegetable ink. The Bank also led several awareness campaigns on environmental responsibility highlighting the different native flora and fauna that are at risk of being endagered and shared tips to encourage a more eco-friendly life. For the second time, the bank also sponsored The Environment Society of Oman’s virtual fundraiser.

 

As part of its financial inclusion efforts, the Bank strives to educate and advise the public regarding financial management to ensure they make optimum use of the available opportunities. The Bank conducted a financial management workshop for members of the Omani Women’s Association and partnered with the Oman Banks Association for a financial inclusion campaign from April to May 2021. The Bank also developed its own social media content to explain the concept of financial inclusion to the uninitiated.

Oman Arab Bank has developed a strong relationship with several non-profit organizations over the years and 2021 was no different. All partners can be found and donated to through the OAB app: Dar Al Atta’a, Al Noor Association For The Blind, Oman Charitable Organization, Takaful, Handicapped Children Association, and Environment Society of Oman. During Ramadan the bank also ran an awareness campaign with the partners and set up festive competitions with all proceeds being donated to the charities. Throughout 2021, OAB collaborated with several other private and public entities on other initiatives such as financially supporting students with their studies and providing medical equipment to those in need.

Due to climate change, Oman saw several natural disasters in 2021 such as the flooding in Sur and then North Batinah, followed by Cyclone Shaheen. For Sur and North Batinah, the Bank donated to the Ministry of Social Development to ensure that the aid reached those who needed it most, in addition to providing a list of SMEs from the affected areas that specialised in construction to facilitate with repairs. For Cyclone Shaheen, OAB and Alizz Islamic Bank allocated OMR 300,000 as relief funds for those in need.

OAB has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the OAB Group operates a nationwide network of 51 conventional branches, 15 Islamic branches, 150 conventional ATMs and 15 Islamic ATMs in high footfall locations across the Sultanate. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally benefit from several other services, directly from the convenience of their mobile phones.

OAB Signs Agreement with Visa for the Launch of Visa Platinum card for ‘Advantage’ Customers

  • For the first time in Oman, guaranteed limited time 1% cashback on all digital and POS transactions with the ‘Advantage’ Visa debit card
  • Attractive rates of up to 3% p.a with Growth Plus account
  • Loans starting from 4.7% p.a
  • Exclusive travel benefits and more

Muscat, January 31, 2022: In line with its continuous endeavours to provide high-quality services to all its customers across various segments, Oman Arab Bank (OAB) recently signed up with the world’s leader in digital payments, Visa, to collaborate for its new ‘Advantage’ segment. This is aimed at offering Visa Platinum debit and credit cards to the upper mass segment, which are customers with salaries ranging from OMR 1,000 – OMR 3,499 or deposit OMR 10,000 -34,999. Setting itself apart from competitors, the debit card offers a limited time 1% cashback on all digital and POS transactions for the first time in the Sultanate, alongside hosting attractive rates, exclusive travel benefits and more.

Commenting on the signing and the launch of ‘Advantage’, Rashad Al Shaikh, Head of the Retail Banking Division at OAB, said, “At OAB, we believe that all the facilities we offer must be inclusive and customised to best meet the needs of our large customer base, especially with regard to their respective earning tiers.  Targeted towards customers within the mid-salary range (from OMR 1,000 – OMR 3,499 or deposit OMR 10,000 -34,999), ‘Advantage’ seeks to provide them with a myriad of opportunities and enrich their overall banking experience with OAB. A unique aspect of the new facility that places it ahead of its competitors is that it is the first debit card in Oman to provide a 1% cashback on all digital and POS transactions, while also opening the door for our customers to step into a world of incredible advantages.”

Customers that meet the requirements of the ‘Advantage’ segment can, benefit from competitive rates for new and buyout loans and receive exclusive returns on savings up to 3% p.a. with Growth Plus account. In addition, they will be eligible for monthly draws on salary transfer, enjoy complimentary airport pick and drop-off services from and to Muscat International Airport, have lounge access to over 35 airports and a dedicated customer service number through OAB’s “Fil Khidma” call center. Customers can easily sign-up by visiting any of the Bank’s branches and filling in the requisite details. Existing customers can also upgrade digitally via the OAB online app.

“At OAB, we are always keen on ensuring that we introduce new and innovative means to enhance our customer’s banking experience, which is aligned with one of the key pillars of our transformational strategy. Through the launch of ‘Advantage’, which is specially crafted to suit our mid-range customer’s diverse lifestyles, we can support them by providing them with the best possible services, so that they can focus on the things that matter in life. We are thankful to VISA for their collaboration and look forward to seeing the positive impact the new facility will bring in the long run. This, in turn, will reinforce OAB’s position as a customer-centric institution, placing it at the forefront of the banking sector,” Rashad added.

From her side, Dr. Saeeda Jaffar, Visa’s Group Country Manager for GCC, said, “Visa is delighted to partner with OAB to launch their new Visa Platinum card with a unique proposition tailored for their ‘Advantage’ segment customers. Our cardholders in Oman enjoy the security, convenience and reliability of their Visa cards – and now, with this new Visa Platinum card from OAB, they will also be rewarded every time they pay. This product is a great way to expose more consumers to the benefits of digital commerce and encourage business at our merchant partners in Oman. We look forward to growing our partnership with Oman Arab Bank by developing more innovative digital payment products and enabling the bank to deliver the secure, frictionless and rewarding payment experiences our Visa cardholders in Oman increasingly expect and deserve.”

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the Oman Arab Bank Group operates a nationwide network of 51 conventional branches, 15 Islamic branches, 150 conventional ATMs and 15 Islamic ATMs in high footfall locations across the Sultanate. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally benefit from several other services, directly from the convenience of their mobile phones.

OAB Announces Redemption of Perpetual Subordinated Bonds

Muscat, January 25, 2022: Oman Arab Bank (OAB) announced the redemption of the Perpetual Subordinated Bonds (OAB PERPET. SUB OAB1) on 27 December 2021 in MSX (Muscat Stock Exchange). The bonds for OMR 30 Million were issued by the Bank on 29 December 2016, at an interest rate of 7.75% p.a. and listed on the MSX Bonds market.

Commenting on the notice, Sulaiman Ali Al Hinai, General Manager – Treasury, Investment and Government/FI Banking Group, said, “in order to attract foregin direct investment in country as well as diversify funding sources the Bank had successfully completed first international  issuance of AT1 Perpetual bonds of USD 250 Million in June 2021, which are listed in the International Securities Market of London Stock Exchange. Upon the completion of this issuance, the capital position of the Bank has strengthened significantly. We are also happy to redeem the bonds issued in 2016, at the first call option, which will enhance the investor confidence and prove the bank’s permanent abilty to service its obligations.”

As per the terms and conditions of the OAB PERPET. SUB OAB1 bonds, the Bank has issued an irrevocable notice to the holders of these bonds on 27 December 2021 that it will fully redeem all the bonds on the redemption date, 29 January 2022 by paying the  principal amount together with the interest accured for the period.

The Muscat Clearing and Depository Company (MCDC) will carry out the process of transferring the amounts to bondholders , based on their investor records. The bonds will be delisted from the MSX Bonds Market post redemption.

OAB has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the OAB Group operates a nationwide network of 51 conventional branches, 15 Islamic branches, 150 conventional ATMs and 15 Islamic ATMs in high footfall locations across the Sultanate. OAB provides a complete range of financial products and services through its OAB Online App. Customers can now digitally benefit from several other services, directly from the convenience of their mobile phones.

OAB Participates in National Initiative to Plant 10 Million Trees In collaboration with Environment Authority

Muscat, 30 November 2021: Oman Arab Bank (OAB) recently announced its contribution to the Environmental Authority’s national initiative to plant 10 million trees. This initiative is in line with the Bank’s sustainability strategy and its focus on Environmental Responsibility.

The objectives of this project are aligned with Oman Vision 2040, specifically its goal to develop sustainable governorates and cities that balance environmental, economic and social factors. The focus is on the optimal use and investment of natural resources to ensure high returns for both society and the environment. Since the start of the initiative the Environment Authority along with several other private and government institutions, planted over 190 thousand trees. The Bank will aim to plant an additional 2,800 trees throughout 2022.

Moreover, the initiative aims to sustainably increase vegetation coverage and restore biodiversity across The Sultanate. It will also contribute towards the rehabilitation of degraded sites and reduce desertification, while simultaneously raising the level of awareness around the importance of increasing green spaces and its benefits to the environment and the community.

Since 2020, OAB has made a concerted effort to ensure sustainable practices throughout its network of stakeholders. This initiative by the Environment Authority aligns with this goal and raises awareness about environmental responsibility to society at large. The Bank’s contribution to this initiative is an ideal opportunity to implement its strategy on the ground and encourage its employees to follow a similar approach in their daily lives. This, in turn, will lead to an increase in the overall green spaces and reduce carbon emissions across the Sultanate, reinforcing the Bank’s ultimate goal of working together with the community to provide a sustainable future.

Oman Arab Bank’s sustainability strategy includes three main pillars: Community Partnerships, Environmental Responsibility and Financial Inclusion. Taking part in the 10 Million Tree initative is an example of its activities aimed at supporting the environment.

The initiative includes planting different types of native flora such as Tapiscia, Acacia and Ziziphus Spina-Christi (Sider) trees, known for their role in producing Omani honey, in addition to Moringa Peregrina, Pteropyrum, Frankincense and many others. The campaign will target a group of vital sites such as parks, educational institutions, parking lots, streets, government institutions, valleys and environmentally degraded areas.

Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the Oman Arab Bank Group operates a nationwide network of 51 conventional branches, 15 Islamic branches, 150 conventional ATMs and 15 Islamic ATMs in high footfall locations across the Sultanate. 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.