Bank Muscat najahi has won the Best SME Product in Oman Award by Banker Middle East in recognition of strengthening the role of micro and small businesses in diversifying the Sultanate’s economy and creating job opportunities for Omani youth.
Facilitating financial inclusion, Bank Muscat najahi products and services have created a benchmark, helping micro and small businesses to overcome hurdles and chart successful ventures with proper planning, financial discipline and prudent management.
Sadiq bin Mohammed Baqer Al Lawati, Head of Retail Enterprises, said: “Bank Muscat najahi is proud to be endorsed as the Best SME Product in Oman. Giving a major thrust for micro and small businesses in Oman, the specially designed najahi products and services are aimed at providing the required support for entrepreneurs, especially youth, who constitute the future of Oman. The bank’s commitment stems from the strong belief that entrepreneurial ventures help boost the local economy, contribute to the GDP and create self-employment opportunities for youth. The bank is committed to extending the helping hand to micro and small businesses to fulfill their financial needs. In step with responsible banking, the focus of Bank Muscat is clear – create a sustainable financial platform for the nation and people and thereby contribute to the country’s progress and development.”
Early on, Bank Muscat identified the opportunities and challenges faced by this vital segment to develop a relevant suite of products and services. Securing credit without collaterals and accessing innovative banking services have been hurdles faced by micro and small businesses. The specially designed najahi products mainly include credit facilities without collaterals to develop and grow micro and small businesses. With najahi, Bank Muscat fulfills the primary need of finance for the micro and small business segment.
The najahi suite of products include the value added najahi Current Account, najahi Flexi Loan to support working capital, business expansion and other business needs; najahi Business Credit Card; najahi Contractors Loan to help complete contracted jobs; najahi Contractors Bill Discounting to get immediate funds after completing contracted jobs and Najahi PoS Receivables financing for customers who use PoS machines for their sales.
The value added najahi Current Account offers differentiated services, including Business Debit Card, branded cheque book, priority queuing at branches, free access to Maktabi Business Centres and online banking services.
The najahi Business Debit Card offers higher withdrawal limit to help customers to meet day-to-day cash requirements. najahi customers can also avail multiple debit cards on the same account allowing authorised persons to make transactions on behalf of the company.
Priority queuing facility is available for najahi customers at branches as also free access to Maktabi Business Centres in Muscat.
Maintaining cash flow is a challenge faced by small businesses. Addressing this critical need, Bank Muscat launched the first-of-its-kind najahi Flexi Loan facility. This facility gives the customer the power to choose when to avail the loan and for what period. Customers pay interest only when they actually avail the loan and not when the facility is granted.
For very short term financing, the bank offers najahi point of sale (PoS) receivables financing. The specially designed short-term finance facilitates the working capital requirements of small businesses and helps maintain the cash flow.
The najahi suite of products and services has become a big hit with micro and small businesses, encouraging Omani business owners to employ the power of financial leverage with entrepreneurial skills to achieve maximum effectiveness, and thereby make vital contributions to the economy. Serving micro and small business customers, the network of najahi centres are located across the Sultanate.