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BankMuscat SME workshop for women in Salalah evokes good response

MUSCAT – 25 October 2011 – BankMuscat, the leading financial services provider in the Sultanate, organised a workshop on ‘Financing SMEs: Challenges & Solutions’ in Salalah, attended by 80 women entrepreneurs. Coinciding with the Omani Women’s Day and aimed at reaching women entrepreneurs in Dhofar region, the interactive workshop was conducted by Amideast trainers focusing on strategies for securing business success through implementing operational and managerial best practices and overcoming challenges often encountered in managing business finance. A number of Omani businesswomen also attended the workshop. 

Ilham Al Hamaid, Head - SME Credit and Marketing, BankMuscat, said: “The workshop evoked good response as it was aimed at encouraging creativity and innovation among people, thereby contributing to national initiatives and economic development by facilitating an entrepreneurial environment in Oman. BankMuscat is a strong supporter of the government policy to encourage individual initiatives aimed at self-employment.”

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BankMuscat Shopping Festival to cheer 1.4 million cardholders

MUSCAT, 24 October 2011 – BankMuscat, the leading financial services provider in the Sultanate, on Monday (24 October 2011) announced the 2nd BankMuscat Shopping Festival coinciding with the 41st National Day celebrations of Oman. The festival, which was a runaway success in 2010, has been conceived on a grand scale as a national event from 1 November to 10 December. The 40-day BankMuscat Shopping Festival 2011 is supported by Visa, Omantel, Oman Air and Travel Point, bringing together prominent hyper markets, shopping malls, retail outlets, travel and tours agencies, hotels, restaurants and much more.

Targeted at over 1.4 million cardholders of BankMuscat, the festival is unprecedented in its scope with attractive weekly prizes, special offers and discounts at all participating outlets. More than 400 brand partners and 2000 outlets are participating in the festival, spread out in all parts of Oman, including Sohar, Salalah, Nizwa and Sur. Customers shopping with BankMuscat cards can benefit from up to 85 per cent discount offered by these outlets.

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BankMuscat posts RO 87.1 million net profit, board approves Q3 results

MUSCAT, 24 October 2011 - BankMuscat, the leading financial services provider in the Sultanate, on Sunday (24 October 2011) announced the financial results approved by the board of directors for Q3 ’11.

Sheikh Khalid bin Mustahail Al Mashani, Chairman, said: “The key business lines of the Bank recorded impressive performance during the period in question in spite of challenging situations faced by banks and financial institutions around the world. Going forward, the Bank is confident that such challenges will not deter it from identifying growth opportunities at home and abroad. The Bank remains focused on its prudent policies, aligning growth according to market conditions with a cautious approach.”

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ahlibank supports Oman Investment Forum 2011

As part of their Responsible Banking initiatives, ahlibank has sponsored the MEED Oman Investment Forum 2011.  It was held at Al Bustan Palace Hotel between 10th and 12th October. The Forum attracted huge participation from within and outside Oman.  It was a perfect opportunity for interaction between public and private sectors and between policy makers and the corporate world of the sultanate.

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Momentum builds up for year-end RO 400,000 grand prize BankMuscat fetes al Mazyona RO 200,000 prize winner

MUSCAT, 22 October 2011 – BankMuscat, the leading financial services provider in the Sultanate, marked a moment of big celebration for Abdulrahman Hilal Nasser al Rasbi from Al Kamil branch who won the RO 200,000 al Mazyona prize for the quarter ending September.

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Oman banking report by ONA.

Muscat, Oct 21 (ONA) --- Broad money (M2) increased by 9.7 percent to RO 9,020.4 million in August 2011 compared to RO 8,222.6 million in August 2010. Narrow money (M1), comprising currency held by the public and local currency demand deposits, expanded by 15.1 percent to RO 3,073.6 million by August 2011 on a year-on-year basis. Quasi money (comprising RO savings and time deposits, certificates of deposit issued by commercial banks, margin deposits and foreign currency denominated deposits) increased by 7.1 percent to RO 5,946.8 million by August 2011 compared to RO 5,551.1 million a year ago.

As regards the sources of broad money supply (M2), net foreign assets of the banking system (including CBO) increased by 5.5 percent to RO 5,089.2 million in August 2011 from RO 4,825.4 million in August 2010, while domestic assets increased by 15.7 percent to RO 3,931.2 million at the end of August 2011 from RO 3,397.2 million a year ago.

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Oman Islamic Economic Forum.

Muscat, Oct 21 (ONA) --- The 2-day Oman Islamic Economic Forum will be held on December 17th in Al-Bustan Palace Hotel. The forum is organized by Amjad Group of Companies.

The forum aims at defining the steps needed by the Sultanate to develop its capabilities in the Islamic finance, Takaful finance and the factors in relation to the social responsibility in the Islamic finance sector. The forum will take part in presenting proposals for forming an organizational frame for the Islamic finance sector that would consequently help in promoting and consolidating the Sultanate's economic power.

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ME Weekly Report – Long-lasting neigbour India to boost Oman export

Albert Fahil

The Muscat Securities Market drooped slightly by 2.89 (0.05%) to the day high value of 5,531.79 points on October 20, 2011 and while the Dubai Dubai Financial Market increased a little by 0.37 (0.03%) to the day high value of 1,365.29 points. The Bahrain Stocks Exchange reversed the trend with an increase of 2.69 (0.23%) to the day high value of 1,147.10 points and the Kuwait Securities Exchange increased by 5.20 (0.09%) to the day high value of 5,892.40 points. The Qatar Securities Exchange, meanwhile, slumped by 27.69 (0.33) to the day high value of 8,377.66 points while the Saudi Securities Exchange drooped drastically by 49.30 (0.71%) to the day high value of 6,150.00 points indicating the volatility of economies of the West and the Europe which influence on regional share markets plus the regional unrest.

To curtail fraudsters’ attempts to drag a large sum of money from ATMs, many prestigious banks in Oman have taken cautionary ways by limiting the amount of money that can be taken at a time from ATM machines earlier this week. In addition, the limit of the purchases from debit cards has also been limited.  The bank sources say, the limit is for the protection of customers from credit card fraudsters. Meanwhile, the BankMuscat stated its net profit increase as 21% for the past nine months of the year 2011. The increase is mostly due to the high total earned from the interest rates, the Bank revealed.

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Capital Trust Group Opens New Office in Dubai, UAE

Dubai - Oct. 18, 2011 – Building on its international success and renowned name in the investment and financial market, Capital Trust Group (CTG) has expanded its presence in the region by opening a representative office in Dubai, UAE. The office will focus on strengthening relationships with its clients in the GCC including the UAE, Bahrain, Saudi Arabia, Kuwait, Qatar and Oman.

”CTG is pleased to provide investment and financial services by extending and utilizing the Group's reach, track record, performance and varied resources to our new office headed by Mr. Emad Odeh", said Bassam Aburdene, Chairman of the Capital Trust Group. "We are excited to be opening a new office in Dubai which brings us closer to our clients and will allow us to build on our long-standing relationships with our investors and we look forward to working with new partners” he added.

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