Category: Banking & Finance

Insurance companies achieve RO135mn premium income in Q1

Oman’s insurance companies have achieved a 3 per cent growth in gross direct premium at OMR134.7 million in the first quarter of 2017, against OMR131 million for the same period of last year. The Omani insurance market continued recording reasonable growth rates compared to the economic situation despite the financial measures undertaken to mitigate the […]

Bank Sohar shareholders approve floating of OMR100m bonds

Bank Sohar held an Extraordinary General Meeting (EGM) on August 13, with an attendance rate of 88.7 per cent from the bank’s total shareholders. The EGM was headed by Abdullah Humaid Al Mamary, chairman of the Board of Directors of Bank Sohar, along with shareholders, members of the Board and the executive management of Bank […]

Banking & Finance
CMA
CBO approves merger between National Finance and Oman Orix

National Finance Company and Oman Orix Leasing Company have received in-principle approvals from the Central Bank of Oman for their proposed merger. However, it is subject to approvals from shareholders of both firms and final approval from regulatory authorities, according to disclosure statements posted by both companies on the Muscat Securities Market (MSM) website. National […]

Banking & Finance
OAB
OAB launches unified digital banking platform

Oman Arab Bank (OAB) on Monday launched its new unified digital banking platform with an all-new simplified interface used across all digital channels including Internet, ATM, and the new mobile banking application. The bank also announced the launch of its new mobile banking application, which uses the same innovative icon-based design, offering the OAB customers […]

Banking & Finance
CBO
Interest rates increase amid tight liquidity situation

Bank interest rates in Oman have increased in view of the tight liquidity situation and increased competition among banks for deposit mobilisation. The weighted average interest rate on total deposits—both rial Omani and foreign currency deposits—rose to 1.423 per cent by the end of 2016, from 0.931 per cent in the same period of the […]

Banking & Finance
MpClear
Oman launches MpClear system

Mobile payment clearing and switching (MpClear), a unique system aimed at enhancing the payment infrastructure of the country, was launched recently, according to a statement by Central Bank of Oman (CBO). With the launch of this system, Oman is the first country within the GCC countries to implement such system under the Central Bank leadership. It will also […]

Banking & Finance
CBO-1
Economy expected to continue slowdown in 2017: CBO

The annual report of the Central Bank of Oman (CB), released today, says Oman’s economy is expected to witness a slowdown in 2017, but the country is well placed to deal with the challenges in the short term. The government has been proactive in undertaking various measures to address the macroeconomic challenges over the medium-term. […]

Banking & Finance
bankmuscat
Bank Muscat posts RO84mn net profit for the first half

    Bank Muscat reported net profit of RO84.31mn for the first half of 2017, down from RO90.47mn for the same period in 2016. The bank’s net interest income from conventional banking stood at RO125.63 million for the first six months of 2017, compared with RO124.42mn for the same period of 2016, reflecting an increase […]

Banking & Finance
MSM
CMA reviews approval norms of insurance products

Oman’s Capital Market Authority (CMA) has organised a workshop to review the directives for insurance products and an approval mechanism. The event was attended by representatives of national and foreign insurance firms operating in the Sultanate as a prelude for the implementation of updated directives. The workshop highlighted the key legal requirements from insurers on […]