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Bank Muscat najahi supports micro and small businesses

MUSCAT, 11 March 2019 

Bank Muscat, the flagship financial services provider in the Sultanate, in line with its vision ‘To serve you better, everyday’ and commitment to partnership in strengthening the role of micro and small businesses in diversifying the Sultanate’s economy and creating job opportunities for Omani youth, participated in the official launch of the first phase of Sandan, the first integrated city for light industry in Oman. The bank evoked strong response to its najahi stall catering to micro and small businesses, set up as part of the 3-day event, which was attended by key officials representing the SME ecosystem in Oman.

The bank personnel led by Abdullah Al Jufaili, Head of Retail Enterprises, showcased products and services for Sandan tenants and highlighted the collateral free financing and business credit facilities available for micro and small businesses. Innovative products and services available for micro and small businesses reiterated the bank’s commitment to extending the helping hand to fulfill their financial and advisory needs. 

The bank’s ATM mobile truck provided banking convenience to visitors at Sandan. The bank officials were also part of a judging panel for a competition held for students and SMEs.

Bank Muscat reaches out to micro and small business customers through exclusive najahi centres across the Sultanate. 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.

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; and najahi PoS Receivables financing for customers who use PoS machines for sales. All financing options are available to clients ‘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 1000. 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.

Maintaining cash flow is a challenge faced by small businesses. Addressing this critical need, Bank Muscat launched the first-of-its-kind collateral free najahi Flexi Loan facility. This facility allows customers to choose when to avail a loan and for what period. Customers pay interest only when they avail the loan and not when the facility is granted.

For short-term financing, the bank has launched najahi point of sale (PoS) financing product. The specially designed short-term finance facilitates borrowing for working capital requirements simply based on the track record of sales that a business routes through their Bank Muscat PoS machines. The higher the proportion of non-cash sales the higher the loan eligibility.

The key features of najahi PoS financing includes daily installment repayments. A small amount is automatically deducted daily from customers’ bank account to repay the loan. The evergreen facility allows najahi customers to keep repaying and replenishing the loan, thereby ensuring assured cash flow.

As with other najahi credit facilities, customers are not required to provide any collateral guarantee for PoS financing. The convenience and speed of najahi PoS finance help customers to meet their requirement of growth financing. In a quick and hassle free process, customers with 1-year PoS track record are eligible to avail the collateral-free finance.

Presently, najahi centres serve customers at Bank Muscat head office at Airport Heights and branches in MBD, Al Khuwair Souq, Al Azaiba, Seeb Souq, Maabela North, Barka Souq,  Al Tareef, Buraimi, Ibri (Jubail), Sur Al Afiya,  Firq and Salalah (main).

Bank Muscat has launched a series of initiatives covering all segments of the SME sector in Oman. Serving as building blocks for entrepreneurs, these initiatives assume importance in the backdrop of the priority accorded by the government to develop the MSME sector in Oman. 

For any queries related to najahi products and services, customers can contact the bank’s Call Centre on 24795555 or visit the website www.bankmuscat.com