Category: Banking & Finance

Banking & Finance
Al IZZ
Alizz Islamic Bank to finance expansion of Gutech facility

Alizz Islamic Bank has signed an agreement with Oman Educational Services (OES) to finance the expansion of German University of Technology in Oman (GUtech)’s facilities and student accommodation. OES is the owner company of GUtech. As per the agreement, the financing facilities will be used for the construction of an additional academic building at GUtech […]

Banking & Finance
CBO
Bank credit volume exceeds RO20bn till June 2017

The total bank credit of commercial banks in the Sultanate by the end of June 2017 stood at RO20,108.6mn  compared to RO19,348.1mn during the same period of 2016, comprising an increase of 3.9 per cent. The Statistical Quarterly Bulletin issued by the Research and Statistics Department of the Central Bank of Oman (CBO) said that the personal […]

Banking & Finance
Oman-India Connect Forum Panel Discussion
Oman-India Business Connect Forum highlights investment opportunities

 ‘Oman-India Business Connect Forum’, hosted by Meethaq, the Islamic banking window of Bank Muscat, spotlighted investment opportunities for Indian investors in Oman as well as new possibilities and collaborations in Islamic banking and finance vis-à-vis the investment opportunities in Oman. Organised against the backdrop of Oman’s strategic economic diversification programme and the emergence of Islamic […]

Banking & Finance
Bank Muscat baituna finance for Boulevard Tower
Bank Muscat, Imdad join hands to promote Boulevard Tower project

Bank Muscat and Imdad Real Estate Development Company signed a memorandum of understanding (MoU) to provide attractive baituna home finance for exclusive residential units in the Boulevard Tower project in Muscat Hills. Abdullah Tamman Al Mashani, deputy general manager – institutional sales and products development, and Sheikh Abdullah Al Khalili, Director of Imdad Real Estate […]

Banking & Finance
Omaneconomy
Budget deficit slips to RO2.4bn in the first half

A growth in state revenue coupled with a reduction in expenditure led to a much lower deficit in the first half of 2017 between January and June. The budget deficit declined to OMR2.4 billion in the first half of 2017, from OMR3.5 billion for the same period of last year. Average annual inflation based on […]

Banking & Finance
CBO
Islamic banks constitute 11.6 per cent of Oman’s total bank assets

Islamic banks and window operations have a combined market share of 11.6 per cent in Oman’s total bank assets. According to the latest monthly report released by the Central Bank of Oman (CBO), the combined assets of Islamic banks and window operations had touched OMR3.6 billion by the end of June 2017, constituting 11.6 per […]

Banking & Finance
CBO
CBO raises RO35mn from treasury bills

Oman’s central bank floated a tender for Treasury Bills to raise OMR35 million. The Treasury Bills have a maturity period of 91 days, from August 23 until November 22, 2017. The average accepted price reached 99.705 for every OMR100 while the minimum accepted price arrived at 99.705 per OMR100. The average discount rate and the […]

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 […]