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Muscat Securities Market Monthly Report.

Muscat, Oct 5 (ONA) --- Muscat Securities Market (MSM) "30" index closed at the end of September 2012 at (5534.38) points, registering a rise by (0.99%) compared to (5480.02) points in the previous month.

The monthly bulletin issued by MSM pointed out that the value of trading during September 2012 amounted to (RO. 114.2) million, constituting a rise by (58.4%) compared to the previous month, which stood at (RO. 72.1) million.


bank muscat Green Sports initiative makes headway

•    Dignitaries hail CSR project to develop Oman as a sporting nation
•    Funding support for clubs across Oman to green playing fields

MUSCAT, 5 October 2012 – The Green Sports initiative launched by bank muscat, as part of a unique Corporate Social Responsibility (CSR) project aimed at contributing to developing a sporting nation, made headway as the bank signed the first of a series of agreements to support and finance sports clubs across Oman to green their playing fields.

The signing ceremony was held in the bank’s North Sharqiyah regional office in the wilayat of Ibra under the auspices of H.E Shaikh Yahya bin Hamoud al Ma'amari, Governor of North Sharqiyah Governorate. Yousuf al Rawahi, Regional Manager – North and South Sharqiyah Governorates, signed the agreements on behalf of the bank with Humaid bin Said al Hajri, President of A’dhahar Team in Bidiya, and Khalfan bin Ahmed Al Habsi, President of Al Ittihad Team in Ibra.

H.E Shaikh Yahya bin Hamoud al Ma'amari appreciated bank muscat for motivating and supporting the youth in the country to build up a sporting nation. H.E Shaikh Yahya said: “Sports and games are an important area for youth to show their talents and the Green Sports initiative provides the youth a real chance to develop their talents and show their potential in various sports and games. The bank muscat initiative is a fine example for the private sector to be a key partner in supporting the government to strengthen the sports infrastructure. We wish the initiative success.”


BankMuscat gets together with others to curtail financial crimes

Albert Fahil

Earlier this week the USA signed an initial agreement with Gulf Corporation Council (GCC) to enhance the investment in the region. Between the USA and Gulf countries the total worth of trade last year is $100 billion. The USA exports to the GCC countries include vehicles, aircrafts, electrically machineries, medical instruments etc and in 2011, the USA export to the GCC is worth of #38 billion. Meanwhile, OmanAir is to fly to some more destinations in Iran within week’s time. From Muscat to Tehran at 2 a.m. the flights will be operated three days per week to Teheran and four days per week at 9.30 a.m. The return journeys from Teheran to Muscat at 6.10 am for three days per week and four days per week at 12.40 p.m.

India’s External Affairs Minister revised the aircraft fees for the citizens abroad earlier this week. According to the revision, the fee for normal pass port holder abroad from India has been increased from US$40 to US$75. The Indian passport related work in Oman has been controlled by BLS International Services in Oman and it will, according to the new revision, will charge RO30 for a normal passport whereas it is RO16.4 now. Later this week, Nawras has been adjudged as the best ‘Organization with Innovative HR Practices’ at the Asia Pacific HRM Congress Communications Awards 2012 held in Bangalore, India.


bank muscat conference on financial crimes calls for effective fraud policies

MUSCAT, 3 October 2012 - A conference on financial crimes hosted by bank muscat in collaboration with the Royal Oman Police (ROP) concluded on Wednesday (3 October 2012) with a call to exploit intelligence from emerging threats to identify new procedures and counter-measures to reduce risk and protect financial assets. The conference noted that to effectively mitigate financial crimes, companies must establish a code of ethics, develop fraud policies and invest in a communication and training program on fraud and corporate fraud policies for all employees. They also should ensure proper segregation of duties for key activities and functions, besides setting up appropriate recruitment procedures to select the right candidates. Establishments should know key fraud risks and controls and monitor them regularly. They must also set up a whistle blower hotline and pursue sound recruitment policies and psychometric testing as well as develop a fraud risk assessment process.

A large turnout of senior representatives from the ROP, Central Bank of Oman, Capital Market Authority, corporates, banking establishments and media attended the conference which focused on financial crimes such as electronic crimes and money laundering and the widespread usage of forged credit cards globally.

Thomas Totton, General Manager – Internal Audit, said: “bank muscat is proud to host this conference which brought organisations in Oman together to discuss ways to mitigate financial crimes in their business areas. The conference was a tremendous success and we are delighted to present high quality experience and content from which all participants have learnt much. bank muscat looks forward to playing a bigger role as there is significant demand for such events. The bank has developed expertise in tackling financial crimes and is committed to complementing government efforts in ridding the Sultanate of this menace and provide protection and security for financial assets.”


bank muscat conference highlights alarming trends in financial crimes

MUSCAT, 2 October 2012 - A conference on financial crimes hosted by bank muscat in collaboration with the Royal Oman Police (ROP) got off to a fine start on Tuesday (2 October 2012) at the bank’s head office. A large turnout of senior representatives from the ROP, Central Bank of Oman, Capital Market Authority, corporates, banking establishments and media attended the conference which focused on spreading awareness on alarming trends in financial crimes such as electronic crimes and money laundering and the widespread usage of forged credit cards globally.

The initiative comes as part of efforts aimed at complementing efforts by the government and the Central Bank of Oman (CBO) in spreading awareness on financial crimes through proper coordination among different government and private sectors establishments.

Major General Salim bin Musallam Qatan, Assistant Inspector General of Police and Customs, who presided at the 2-day conference, said: “Organised criminal networks with expertise, especially in cyber fraud, are behind major financial crimes. Cooperation among institutions is the key to address financial crimes. The conference coincides with an alarming situation in the Sultanate as financial crimes are on the rise. We emphasise the importance of continued cooperation and coordination between the ROP, the CBO and financial institutions to address such issues. We look forward to valuable recommendations from the conference to address issues related to financial crimes in Oman.”


Noor Islamic Bank invites the world to shape the future of banking

Augmented reality ‘Bank in Your Hand’ app to be launched at GITEX alongside futuristic Bank of The Future concept

Dubai, October 2, 2012: Noor Islamic Bank (Noor) today issued an invitation to the world to help shape the future of banking, with the launch of its‘Bank of the Future’ initiative, aimed at creating new innovativeways of banking.

As part of the ‘Bank of The Future’ initiative, Noor has created an online ‘Shape Your Bank’ competition that will solicit people’s expectations of banks in the future, withprize money of US $ 20,000 for the best idea on how the banking experience can be improved. Ideas can be submitted, by logging on to the dedicated ‘Shape Your Bank’ website or via Noor’s Facebook page The closing date for entries is October 31.

To support the initiative, Noor will showcase its own futuristic vision of a ‘Bank of The Future’ at GITEXTechnology Week 2012, which will take place at the Dubai World Trade Centre from October 14th to 18th. The high-tech, interactive, concept bank will provide a unique, immersive, 3D experience of how the future of banking could develop.

Noor will also launch its augmented reality ‘Bank in Your Hand’ app at GITEX. The app, which has been optimised for the new iPhone 5 and the latest version of theiPad, will give customers access to Noor’s complete range of products and services, from opening an account to executing banking transactions.


Standard Chartered appoints Insherah Bawazir as a member of MANCO

Muscat, 01 October, 2012 – Standard Chartered Oman has announced the appointment of Insherah Bawazir as a member of the Management Committee of the bank.

Insherah joined Standard Chartered in 2007 and worked in Consumer Banking. Her previous roles in the bank included, Customer Services Manager, Relationship Manager under Wealth Management, Service Quality Manager and Corporate Affairs Manager, before taking on the role of Head of Corporate Affairs in 2012.

Commenting on the appointment, Lamin Manjang, CEO Standard Chartered Bank Oman said: “Given the importance of strengthening our brand and building strong relationships with key stakeholders in the community, we felt that it was time for the Head of Corporate Affairs to become a member of the Management Committee of the bank. Insherah will become the first female member of the bank’s senior leadership team and her appointment is a demonstration of our strategy to enhance diversity and inclusion in the bank.”

bank muscat to host al Mazyona RO 300,000 prize draw tomorrow

MUSCAT, 1 October 2012 – It’s celebration time again for Oman’s flagship al Mazyona savings account holders as the third quarterly prize draw of RO 300,000 will be held tomorrow (Wednesday, 3 October 2012) at bank muscat headquarters. A high point in the calendar of big prizes from bank muscat, the quarterly prize draw significantly raises the appeal of al Mazyona, particularly for high savers.

al Mazyona marks the hallmark of rewards for prudent savings habit among citizens and residents in Oman. The RO 300,000 prize is given away every three months. For eligibility, customers are required to maintain RO 1,000 minimum balance for three months. For every RO 1000 balance maintained by them, they get 10 chances each to participate in the draws.

Thirty-one-year-old Ahmed bin Salem bin Nasser al Alawi, an employee of the Ministry of Health working at Sur Hospital, from Al Kamil branch won RO 300,000 al Mazyona prize for the first quarter. Amor bin Mohammed Salmin al Harthy from Samad Al Shan branch in Sharqiyah governorate, who retired as a security guard with the Ministry of Education, won the second quarterly prize of RO 300,000. Now the biggest question is “who will be the lucky winner this time?”

al Mazyona reaffirms the bank's vision and constant efforts to fulfill the aspirations and ambitions of the largest banking family in Oman. The popular savings scheme has won the hearts of people and succeeded in linking to issues benefitting society. The bank attaches great importance to inculcating prudent savings and spending habits and has tailored al Mazyona scheme with this objective in mind.


Youth rally behind bank muscat’s ‘borrow wisely’ campaign

MUSCAT, 30 September 2012 – Taking a strong stand against the culture of excessive borrowing, Omani youth have rallied behind the ‘borrow wisely’ social responsibility campaign launched by bank muscat. Alarmed by the negative social and economic impact caused by mounting debts, a group of Omani youth championing social causes has produced a video clip on the ‘borrow wisely’ campaign which is abuzz on social media channels like YouTube, Twitter and Facebook. The video highlights the positive message emanating from the campaign in encouraging people to restrain themselves from excessive borrowing and avoid debt traps in life.      

The nine-member group has adopted a novel communication approach through a popular social media forum known as ‘Klmaten Ras’ (Two words to head). The forum is a friendly platform to engage and communicate social messages to youth.

Azzan bin Ali al Jardani, Supervisor of ‘Klmaten Ras’, said: “We take up campaigns which have social relevance and facilitate healthy discussion and exchange of advice among friends. The campaigns are aimed at raising awareness on responsible behaviour in all realms and thereby contribute to progress and development of society.”

Al Jardani added: “The bank muscat initiative is commendable as it serves the community and promotes awareness on excessive borrowing. The 3-minute video clip on ‘borrow wisely’ has generated widespread appeal among youth on the pitfalls of excessive borrowing. We congratulate bank muscat for launching the campaign, targeted especially at youth who are in need of proper guidance on prudent financial management and savings habits as they are embarking on independent lives.”


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