Oman Arab Bank Launches Debt Exemption Initiative for Defaulting Borrowers
Muscat, November 18, 2020:
On the occasion of the 50th National Day, Oman Arab Bank (OAB) has written off over 150 defaulting loans. This initiative is part of the bank’s social responsibility towards society and was prompted by the special circumstances of the account holders which include the elderly, widows and people with disabilities.
Rashad Al Musafir, CEO of the Bank said, “Since our establishment, Oman Arab Bank has been, and continues to be, a financial institution that takes care of its customers and strives to build closer relations with the community. Since the passing of 50 years marks a significant milestone for the country and all its people, we decided to share in the joy and celebration of our customers. For this reason we are launching this debt exemption initiative to help people in need, especially those who are facing difficult circumstances brought about by the current challenges. This way, we can enable them to move forward with their lives without having to worry about their existing loans with the Bank. This initiative stems from our commitment to social responsibility and is our way of giving back to the Omani society.”
Commenting on the criteria to select the beneficiaries for this initiative, Asma Al Zadjali, Head of Banking Operations Group at OAB, said, “The debt exemption initiative includes a wide range of stringent criteria to ensure that it benefits and supports those most in need. Accordingly, more than 150 customers have been provided exemptions, including elderly customers who do not have sufficient pensions to pay off debts, widows, people with disabilities or chronic diseases, and several others. Additionally, debts of deceased customers that were not covered by insurance companies were also given exemptions, in order to prevent creating a financial burden on their families.”
Hilal Al Siyabi, Head of Corporate Communication at OAB, stated, “With the completion of our strategic vision for sustainability earlier this year, we are working towards a number of primary pillars: the environment, community partnerships and financial inclusion. This vision allows us to place Oman Arab Bank on the right path to maximise social impact, alongside our commercial activities. This overall goal is to position OAB as more than a banking partner for all its customers.”
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 55 branches and representative offices with over 160 ATMs spread across Oman. OAB provides a complete range of financial products and services for personal banking and corporate banking.