Banking In Oman: Bank Muskat

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College of Banking and Financial Studies
ESP Project
(October 2012)
Banking in Oman
Bank Muscat

Level -5A
Group members:
1- Amani Mohamad ALAbri

Supervised by: Ms.Sunita Vyasan
Contents
S.No.| Topics| P.No.|
1. | Introduction| 3|
2. | Bank Muscat| 4|
3. | Board of Directors| 5|
4. | Consumer Banking, Accounts and Deposit| 7|
5. | Loans and mortgages, insurance| 8|
6. | Card services| 9|
7. | Banking Channels| 10|
8. | Examples of cards in Bank Muscat| 11|
9. | Expat services, Payment Facilities| 12|
10. | Financial Review 2011| 13|
11. | Quality Policy| 19|
12. | Balance sheet| 20|
13. | Interview| 22|
14. | Conclusion| 24|
15. | Reference List| 25|
16. | Forms| 26|

INTRODUCTION
The Omani banking sector mainly the product of a November 1974 banking rule set by the Central Bank of Oman (CBO) enforced by April 1974 .The law also helped the entry of foreign – owned banks and to allow growth in the number of local banks in the Sultanate . As of September 1992 there were twenty – one commercial banks in comparison with three registered banks in 1972. In addition there were three expert development banks: the Oman Development Bank (1977) the Oman Housing Bank (1977) and the Oman Bank for Agriculture and Fisheries (1981). However the Omani ba-nk market is the smallest in the GCC .Of the twenty –one commercial banks eleven are foreign owned and dealing mainly on financing trade. Ten are local banks working a very active market. Because of competition the government suggested to merges to strengthen them. The presumption is that five or six local banks will appear as the core with those facing financial problem controlling transaction or merging with more profitable institution. A similar method may apply to foreign banks of which only five or six would continue to perform important business.

The CBO took over the Oman Currency Board which was establish in 1972 to issue currency control government accounts and fulfill banking transaction with commercial banks and international organization . The board’s job includes taking care of the government s odd assets. The CBO is authorized to give loans to the government to cover short term shortages in currency incomes to buy government treasury notes and guarantees with long term maturities ten years to give loans to commercial banks and to buy sell discount and rediscount commercial paper. In 1991 the banking order was changed to help allow the CBO to cancel the license or arrest the movement of banks under its control allowing the CBO to close review control a bank directly.

BANK MUSCAT
Bank Muscat is the leading financial services provider in Oman with assets worth over USD 18 billion, having strong presence in Corporate Banking, Retail Banking, Investment Banking, Treasury, Private Banking and Asset Management. The Bank has the largest network of 126 branches and 362 Automated Teller Machines (ATM), 112 Cash Dispensing Machines (CDM) and 4500 Point of Sale (POS) terminals. Bank Muscat’s international operations consist of a branch each in Riyadh (KSA) and Kuwait, a Representative Office in Dubai (UAE) and strategic stakes of 49% in BMI Bank in Bahrain and 43% in Mangal Kershav Holdings in India, besides Silk bank Limited in Pakistan.

Bank Muscat holds the rare distinction of being voted the (Best Bank in Oman) by The Banker, Global Finance and Euromoney. Bank Muscat is also the winner of the prestigious Hewitt recognition as the Middle East’s Best Employer, and was awarded ( The Strongest Bank in Oman) at the Asian Banker Leadership Achievement Awards 2010. BankMuscat holds the rare distinction of being voted the ‘Best Bank in Oman’ for seven years by The Banker, FT London; nine years in a row by Global Finance and Euromoney. BankMuscat is the recipient of the prestigious Hewitt...
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