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BankMuscat launches nation’s first ‘Zero’ %
interest Al A’Awn (support) loans in aid of
cyclone victims.
• BankMuscat customers with salaries of RO 500
or lower are eligible for the loan.
• Loans will be for an amount equal to a maximum
of 3 months salary.
• All loans to be processed within 24-hours. No
bank charges to be levied.
• Loans to be available till 15 August 2007.
• Loans are repayable over one year or then
combined with existing loans
• Bank expects to help over 20,000 customers
nationwide.
Muscat. 18 June 2007: Coming shortly
after the nation’s leading bank announced that
it was giving away RO 3 million toward the
rehabilitation of Cyclone victims and also
deferring all loan repayments of its customers
by two months, BankMuscat has announced the
launch of the nation’s first ‘Zero’ % interest
loans in aid of Cyclone victims.
Named Al A’Awn (support) loans, the new product
will be available with immediate effect to all
existing BankMuscat customers in the Muscat
Governorate and Sharqiya who have their salaries
assigned to the bank (on the date of the launch
of the programme) and who draw a monthly salary
RO 500 or lower. Loans of up to 3 times a
person’s salary will be credited directly to the
loan account of the person in question within 24
hours of receipt of the completed loan
application form.
Speaking at the launch of the product,
AbdulRazak Ali Issa, Chief Executive, BankMuscat
SAOG said:
“This is our third initiative to offer
support to people nationwide. The recent Cyclone
as we all know has wrecked havoc across the
nation. Today there are thousands of people in
dire need of support and assistance. The Zero %
Al A’Awn loans we believe will help over 20,000
of our customers nationwide take a small step
toward rebuilding their lives.”
Customers can avail of the Al A’Awn loans till
15 August starting today, following which the
Bank will evaluate the continued need for such
loans. While the Ministry of National Economy
has yesterday announced that it estimates the
national loss due to Cyclone Gonu to be in the
range of RO 1.5 billion, in a unique show of
solidarity nationals and residents have alike
come forward to help in the reconstruction
process.
Sharing his thoughts on the reconstruction
process currently still underway in full swing,
Mr AbdulRazak added:
“While we are indeed indebted to the tireless
efforts of the national administration to
rebuild our beautiful country under the
visionary leadership of His Majesty Sultan
Qaboos bin Said, each one of us have a
significant role to play in the entire
re-building process. Crucial to this effort at
this point in time is the ability to put aside
the needs of oneself for the benefit of others
who are more in need. We believe that the cost
the Bank to launch and run this initiative a
small price to pay for putting back the smiles
on the faces of our brothers and sisters who are
in need. We are extremely grateful to the
Central Bank for their support in allowing us to
extend this loan to people for the first time in
the history of the banking industry in Oman.”
In addition to all interest charges, the Bank
has decided to waive all bank charges in the
facilitating of the Al A’Awn loans. One month
before the expiry of the loan tenure, all
customers will receive a reminder informing them
that their loans are due for repayment. In the
event of nonpayment of the above loan on the due
date in question, the outstanding loan amount
shall be merged with the existing consumer loan
of the customer, on the same terms and
conditions that are prevailing on his loans at
that point in time, without the necessary
completion of any additional documentation. If
the outstanding loan is not added to customer’s
existing loan account, it shall become payable
immediately and must be debited from the
customer’s savings / current account.
BankMuscat is also currently in the process of
accepting donations from nationals and residents
to His Majesty’s Cyclone Victims Relief Fund in
association with Oman Charitable Organization.
People can walk into any of the Bank’s hundred
branches nationwide and deposit their
contributions to account # 3950150.
The BankMuscat Hearts Team, that works on social
initiatives and supports charitable causes
nationwide has also been very active in the
cyclone victims rehabilitation process over the
past one and half weeks. BankMuscat Hearts has
launched an ongoing collection drive within the
Bank, wherein essential commodities, clothing
and food-stuff are collected from across the
Bank’s branches and head office buildings and
then distributed to cyclone victims. The Hearts
team was also recently involved in a beach
cleaning exercise at Al Ghubra and was also
involved in the efforts to reach water to people
immediately after the cyclone. |
