Bank Muscat Najahi launches awareness drive for MSMEs

MUSCAT: Bank Muscat, the flagship financial services provider in the Sultanate, in line with its vision ‘To serve you better, everyday’ and commitment to diversifying the Sultanate’s economy, has launched a two-month special awareness campaign for micro, small and medium-sized enterprises (MSMEs). The special promotion is part of the bank’s strategy of covering all segments of the MSME sector in the Sultanate and helping Omani youth become entrepreneurs and providers of jobs thereby providing a critical boost to the growth of the National Economy.

Customers interested in applying for a facility during this period can get further details through the Bank Muscat call centre (24795555) or through Bank Muscat branches. Micro and small businesses are eligible for Bank Muscat’s special najahi products, which are aimed at facilitating financial inclusion and helping develop Omani youth to their full potential.

Abdullah al Jufaili, Head of Retail Enterprises, Bank Muscat, said: Najahi’s specialised facilities and customised financing solutions provide MSMEs the essential support that they need to grow their businesses. We have launched this special awareness campaign as part of Bank Muscat’s commitment to develop the MSME sector in Oman and provide crucial support to the Government’s economic diversification strategy so as to further strengthen the National Economy.

Securing credit without collateral and accessing innovative banking services have been hurdles faced by micro and small businesses in the past. The specially designed najahi products mainly include credit facilities without the need for collateral to develop and grow micro and small businesses. Bank Muscat’s najahi is the only financial product from any bank in the Sultanate to offer loans without any collateral.

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; the najahi Business Credit Card; and najahi PoS Receivables financing for customers who use PoS machines for sales. All financing options are available to the bank’s customers ‘collateral free’.

The value added najahi Current Account offers differentiated services, including Business Debit Card, branded cheque book, and online banking services. The najahi Business Debit Card offers daily withdrawal limit of RO 1,000. The business debit card helps customers to meet day-to-day cash requirements conveniently without the need to visit the teller counter for small value transactions.

Source: Oman Observer