MUSCAT, 09 March 2014 – Bank Muscat, the flagship financial services provider in the Sultanate, has organised a 2-day workshop on Global Trade Finance targeted at the small and medium enterprise (SME) sector in Batinah region. The workshop begins today (Monday 10 March 2014) at Crowne Plaza Hotel, Sohar for women entrepreneurs, followed by another session for male counterparts, tomorrow (11 March 2014), as part of initiatives by al Wathbah, Bank Muscat's SME department, aimed at expanding and strengthening avenues for SME development in Oman.
Expert trainers will lead the workshop familiarising participants with the scope of widening their SME ventures beyond the national boundaries. Topics to be covered include introduction to various methods of trade finance, including import letter of credit, letter of guarantee loans against trust receipts, and other advances against local bills discounts, government supply bill discounting, export credit etc.
Bank Muscat regularly organises workshops and seminars to facilitate unique learning opportunities to address the challenges faced by entrepreneurs and thereby create an environment favourable for SME success.
In step with the directives of His Majesty Sultan Qaboos bin Said to support the SME sector and strengthen its role in the economic development of Oman, Bank Muscat has launched several initiatives as part of its commitment to SME development 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 SME sector in Oman. Aimed at strengthening the SME sector and creating a successful generation of entrepreneurs, al Wathbah offers a comprehensive suite of tailor-made finance solutions..
The first-of-its-kind initiatives recently launched by al Wathbah include a unique SME financing programme which helps entrepreneurs overcome challenges arising from the requirement of collateral guarantee for SME finance. al Wathbah SME Non-Collateral Programme, which does not require collateral guarantee, is a bold step affirming the bank's commitment to encouraging an entrepreneurial culture in Oman.
A unique mentoring programme for young entrepreneurs (SMEs) held under the direct supervision of AbdulRazak Ali Issa, Chief Executive of Bank Muscat, also concluded recently with the beneficiaries drawn from diverse fields gaining valuable guidance and skills to promote and establish their business ventures. Aimed at creating a successful generation of entrepreneurs, the CE mentoring programme was an initiative developed by the Ministry of Commerce and Industry.