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Meethaq successfully concludes a series of seminars and workshops across the Sultanate in Ramadhan

MUSCAT, 19 July 2014 - Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, successfully concluded a series of seminars and workshops across the Sultanate in partnership with "Glory Makers". The seminars were held with the aim of enhancing awareness among the society on a number of humanitarian and cultural aspects, and were conducted by renowned professors and lecturers.


Bank Sohar Hosts Qaranqashow Evening for Staff& Family

Muscat | July 19, 2014: Coinciding with the 14th day of the Holy Month of Ramadhan, Bank Sohar once again organisedits annual Qaranqashow celebration for members of its staff and their families. The fun-filled evening was held at the Bahja Hall of the Jungle Restaurant, located next to Al Qurum Natural Park.



Bank Muscat announces preliminary results for 6 months ended 30th June 2014 YTD Net Profit at RO 86.35 million

MUSCAT, 17 July, 2014: Bank Muscat, the flagship financial institution in the Sultanate, announced its preliminary results for the six months ended 30th June 2014. The Bank posted net profit of RO 86.35 million for the period compared to RO 63.10 million reported during the same period in 2013.


Further to our early disclosures on merger of BMI Bank with Al Salam Bank in Bahrain, we have finalized the accounting treatment for the transaction in the Bank’s book in this quarter. As per the International Financial Reporting Standards, we have accounted the investment in Al Salam as an associate at the adjusted fair value and accordingly recorded an investment gain of RO 9.48 million. This gain is included in the second quarter results as part of non-interest income.


The key highlights of the results for the period are as follows:


Bank Sohar Conduct Credit Card ‘Final Shop & Win Draw’ Announcing 25 Winners

Muscat, July 16, 2014: As part of its recently conducted Qaranqasho event at Muscat Grand Mall and in addition to the Al Mumayaz Savings Scheme Half-Yearly Draws, Bank Sohar conducted its Credit Card Shop & Win Promotion Draw to announce the final group of 25 winners who have won electronic gadgets and devices, based on purchases of RO 50 or more they had made either through Point of Sale (POS) or through the Internet

Present at the significant event representing the Bank were Mr. R. Narasimhan, DGM and Head of Retail Banking, Mr. Salim Khamis Al Maskari, Senior AGM of Branches, Mr. Khamis Masoud Al Rahbi, AGM of Branches and Ms. Suhaila Ismaily, Senior Manager of the Card Division, along with other senior members of the management team and Branch Managers of Muscat region.

On this occasion, Mr. R Narasimhan commented, “Bank Sohar is committed towards customising products to suit client’s requirements as well as provide exceptional convenience, reliability and value. Our credit card campaigns and offers have been designed to help customers to gain more value from their purchases and in turn, improve their overall banking experience.”

As part of the Credit Card usage promotion drive Bank Sohar did two draws earlier; one at Seeb and another at Bahla. On each of those occasions 25 lucky winners were rewarded. The present one at MGM, the third and final draw of the ‘Shop & Win’ scheme, was part of the grand event when the gathering witnessed Bank celebrating Qaranquasho, declaring half year savings prize draw to the valuable clients. The ‘Shop & Win’ promotion, which had been launched in April and came to a close on June 30, offered Bank Sohar Excel Credit Card customers a chance to enter monthly draws on any purchases of RO 50 or more. This promotion saw 75 customers, over a period of three months, win amazing electronic gadgets as prizes.


Bank Muscat Tadhamun initiative reaches out to needy segments

MUSCAT,16 July  2014 – Bank Muscat, the flagship financial services provider in the Sultanate, has extended support to needy homes across the Sultanate as part of its Tadhamun social initiative. The Tadhamun initiative, which over the years has benefitted numerous citizens from social welfare families, is the anchor Ramadhan programme in which the bank will distribute household goods and appliances to low-income beneficiaries across Oman.

The Tadhamun initiative is a fine example of the public-private partnership launched by the bank in association with the Ministry of Social Development to strengthen the hands of the needy. The objective of the Corporate Social Responsibility (CSR) initiative is to address the requirements of beneficiary homes which do not have basic home furniture. Through Tadhamun programme, the bank seeks to contribute to improving the living standards of limited income sections in society.

"The Tadhamun programme is aimed at benefitting social welfare families and promote social responsibility and support for sections of society which require attention and care. We are gratified that the initiative will benefit many needy citizens and ensuring a decent living for them as they reached now more than 120 Omani family across the Sultanate. Through Tadhamun programme, Bank Muscat seeks to contribute to improving the living standards of limited income sections in society and demonstrate its commitment to be the most exemplary corporate citizen in Oman", a bank official said.


Islamic Economies are set to Spiral Over the Next Decade

DUBAI, UAE, July 16, 2014 /PRNewswire/ --

by V Shankar, Group Executive Director and CEO, Europe, Middle East, Africa and Americas at Standard Chartered Bank

Islamic economies are already a significant part of the global economy and are set to become even more important over the next decade. Contrary to popular belief, the Islamic economy is more than just Islamic finance and halal food. Early emphasis on halal finance and food is progressively transforming into broader commercial activities as users seek sharia-compliant alternatives across the full range of goods and services.

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Islamic finance sector assets are estimated to be around US$1.4tn and are expected to grow at 15 to 20 per cent a year. Islamic finance is becoming an important part of emerging economies in the Middle East and Asia as well as in the OECD countries. Expenditure in the halal food and lifestyle sector was estimated to be US$1.6tn in 2012 and is expected to grow by 50 per cent by 2018.


Meethaq Islamic Banking supports the National Campaign for "Zakate"

Muscat 15 July 2014

Muscat- Meethaq Islamic Banking, from bank Muscat, supports the national campaign for Zakate organized by the Ministry of Awqaf and religious affairs during the holy month of Ramadhan. The aim is to collect the Zakate from society members and distribute it to all beneficiaries.

Throughout the campaign, TV and radio programs will be broadcast, and advertorials will be published in local news papers and on social media. In addition, lectures will be held across the Sultanate to encourage people to pay Zakate.

Sulaiman Al Harthy, Group General Manager – Meethaq Islamic Banking said: "the Meethaq partnership with the Ministry of Awqaf and religious affairs reflects Meethaq’s goal to support different institutions to achieve their development goals in society".


Bank Sohar Celebrates Qaranqasho & Conducts Half Yearly Draw


•    Rewards customers for saving with more than a quarter of a million Rials in prizes
•    Customers from Suwaiq and Jalan Bani Bu Ali branch win OM 100,000 each
•    Bank customer from the Bank’s Al Amerat Branch won the OMR 50,000 Exclusive Draw
•    Bank customer, holding a minor account at the Bank’s Nizwa branch won OMR 5,000

Muscat, July 15, 2014: In keeping with the spirit of the holy month of Ramadan, Bank Sohar recently organized a Qaranqasho event at Muscat Grand Mall during which it conducted its Al Mumayaz Savings Scheme Half-Yearly Draws worth more than a quarter of a million Rials, making for a spectacular show for all the attendees.

Present at the significant event representing the Bank were Mr. R. Narasimhan, DGM & Head of Retail Banking, Mr. Salim Khamis Al Maskari, Senior AGM – Branches, Mr. Khamis Masoud Al Rahbi, AGM-Branches and Mr. Redha Al Lawatia, Head of Retail Liabilities, along with other senior members of the management team and Branch Managers.

Commenting on this event and the Al Mumayaz Savings Scheme Half-Yearly Draws, Mr. R Narasimhan said, “The 2014 Al Mumayaz Savings Scheme has proved to be our most popular yet, with the number of winners running well into the hundreds so far this year whom have already realized their dreams. With the half-yearly draw being such a significant event for the Bank, we wanted everyone to share in the joyous celebrations, and our annual Qaranqasho event proved to be the perfect venue to do so.”



Muscat, July 14th 2014 – In another bold move supporting the nationalisation agenda, HSBC Bank Oman S.A.O.G. announced the appointment of Abdul Qader bin Ahmed Al Sumali as the Bank’s new General Manager and Head of Retail Banking and Wealth Management (RBWM).

A seasoned Omani banker, Al Sumali has over 20 years of experience in Retail Banking and been involved in numerous public and private sector projects.  He joined HSBC Bank Oman in 2013 as Deputy General Manager, Retail Banking and Wealth Management, and in his new role will be responsible for driving and expanding the Bank’s retail banking and wealth management presence in Oman.

Andrew Long, Chief Executive Officer, HSBC Bank Oman, said, “I am delighted that we have been able to appoint Abdul Qader into this strategically important role. We continue to actively support the national agenda by developing local talent throughout the Bank to identify our senior leaders of the future. In his short time with us, Abdul Qader has consistently demonstrated the qualities we expect of our senior executives. I have every confidence that under his leadership, our RBWM business will continue to grow from strength to strength and I very much look forward to working closely with him, as we continue on our journey to becoming the leading bank in Oman.”

Commenting on his appointment, Al Sumali added, “I joined HSBC Bank Oman last year attracted by the opportunity of working for a local bank in Oman, and also one with such strong global capabilities. I am incredibly excited about my new role. Our RBWM business has a huge amount of potential and I am looking forward to building on the work of my predecessor to put in place the very best retail banking and wealth management operation in Oman, focused on delivering the highest levels of customer service, through all of our channels.”

RBWM offers a comprehensive suite of personal banking products and services including current and savings accounts, mortgages and personal loans, credit and debit cards, and local and international payment services. In addition, RBWM offers dedicated wealth management services such as financial planning, insurance and investment products.

HSBC Bank Oman is the second largest bank in the Sultanate, operating an extensive network of more than 80 branches and over 120 ATMs across the country. Through state-of-the-art delivery channels, the Bank offers products and services designed to serve the needs of retail, corporate and institutional customers. Today, HSBC Bank Oman is part of a global network of 6,300 offices in over 70 countries and territories in Europe, the Asia-Pacific region, North and Latin America, the Middle East and Africa.

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