Bank Muscat: four decades of banking services

by | Feb 10, 2022 | 0 comments

MUSCAT – Over the past four decades, Bank Muscat has firmly established itself as one of the leading financial institutions in the Sultanate. It has been contributing to enhancing the services provided in the banking sector and has become the customers’ first choice as a banking partner. Moreover, the bank has played a pioneering role in planning and implementing CSR programmes and initiatives as well as developing Omani human resources. Its long-standing experience since the 80s has culminated in the broad success of its outstanding suite of services and products, which were developed in alignment with the technological transformation of the modern age. This success would not have been possible without the strong support of its valued customers who have been partners in the bank’s journey since the beginning and its constant development over the past 40 years.

Bank Muscat is delighted to dedicate this success to its loyal customers and assures them that it is working to continuing this inspiring journey with them and play a part in making their dreams come true. Today, Bank Muscat leads the financial services sector in the Sultanate with over RO 12 billion in assets, 174 branches and more than 800 ATMs and CDMs spread across the country making it the preferred choice for customers.

Speaking on the occasion, Ahmed Faqir Al Bulushi, Chief Banking Officer, Bank Muscat, said: “We are delighted with the bank’s outstanding achievements over the past four decades and are proud of the prominent role it plays in the Sultanate. As one of the great success stories of the Blessed Renaissance, Bank Muscat has become a trusted partner to one and all, whether to the government, corporates or individuals. The bank has strengthened the Sultanate’s banking sector as an Omani institution that provides a full suite of banking products, services and solutions. It is also notable that the bank is contributing greatly to helping our valued customers achieve their dreams and aspirations.”

Ahmed Faqir Al Bulushi explained that Bank Muscat would continue to harness all its capabilities and expertise to provide the best possible services across the Sultanate. He added, “Digital transformation has elevated the services and facilities offered to our large family of customers. The bank’s efforts have been instrumental in achieving greater financial inclusion in the Sultanate and today, customers can obtain banking services quickly and promptly whether they are at their homes, offices or even on the move. We would like to assure our customers that Bank Muscat will continue its journey of inspiring innovation powered by new global banking trends, valued feedback from our customers and the Government’s efforts to take the fruits of growth and development to all parts of the country as part of the ambitious and forward-looking Oman Vision 2040.”

Experienced and qualified human resources
Bank Muscat has been greatly encouraged by the results of its continuous investments in human resources. It has been closely supporting efforts for further development of youth through specialised programmes and courses to realise national development goals. The bank recognises that employees are its core strength and the primary reason for its success and accomplishments. Hence, it constantly invests resources and time to further develop their skills and help them reach their peak potential. From the moment of joining the bank, suitable training and development opportunities are provided to make employees skilled with work-related processes and procedures such that they can deliver to the best of their abilities. The bank is responsive to employee feedback and strives to ensure a professional work environment that is based on fair and equal opportunities to all employees, cutting-edge technology and global financial best practices. The bank has over 3800 employees and boasts of an excellent Omanisation ratio of over 95%. With its positive work culture, common values, fostering of innovation, employee engagement activities, and sound HSE (Health, Safety and Environment) practices, Bank Muscat is a dream employer for many job seekers in the Sultanate, particularly those who are interested in the banking and financial services sector.

Developed banking network
In line with its commitment to enhancing financial inclusion and ensuring wider availability of its services and products, Bank Muscat has the largest network in Oman with 174 branches and over 800 ATMs, CDMs and other electronic devices. Customers can enjoy a large number of services through this network starting from opening accounts to helping them get finances that meet their various needs such as Sayyarati, Baituna or personal finances and many more. The shift from traditional to digital banking remains an ongoing process with new features and services being continuously added for the benefit of customers. The biggest advantage of digital banking is that it gives people more ways than ever to access the services they need for their daily banking needs. Today, digital banking provides many tools and features that were not available in the traditional banking space. The development in digital services in the Sultanate has gone through different stages and has witnessed a quantum leap thanks to technological advancements in the recent past.

Exclusive banking services
In line with its vision ‘To serve you better, everyday’ and commitment to customer service excellence, Bank Muscat is keen to further develop its services and products to meet customer aspirations and needs and in line with global financial trends. Its Retail Banking unit offers a full suite of products and services designed specifically to the needs of individual customers of all ages. In particular, Bank Muscat Premier Banking has been setting benchmarks through the banking facilities offered by Asalah Priority Banking and Al Jawhar Privilege Banking. These innovative services are aimed at offering suitable customer-centric financial solutions.

The dynamic nature of the payments landscape is constantly opening up new opportunities for innovation and growth. Today, customers can enjoy a fast and secure banking experience 24/7 from the comfort of their homes and offices. Already a large number of customers are using the various features available such as bill payments, mobile top ups, payments within Bank Muscat and Oman and international payments and transfers, enabling/disabling Debit Cards for international usage, opening new accounts through the website, opening new savings account for existing customers through Mobile banking, booking of fixed deposits, QR-code-based PoS payments etc. They can make Speed Transfers to Bangladesh, India, Pakistan, Sri Lanka, Philippines and Egypt with instant credit to the beneficiary account in many cases, in addition to remittances across the globe through the SWIFT network. The bank’s customers find digital banking channels a convenient option to pay school fees, mobile top ups, transfer of funds within the bank and within Oman, change of PIN, loading funds on mobile wallet, prepaid card and cheque book requests among others.

The development of electronic services in the Sultanate has gone through different stages, each of which witnessed a qualitative leap thanks to the development of technology and information technology. These services saw their beginning in the field of retail banking to give customers more options and greater ease of access to various services thanks to the multiple tools and features available around the clock.

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