MUSCAT, 15 December 2019
Bank Muscat, the flagship financial services provider in the Sultanate, in line with its commitment to strengthening support to small and medium enterprises (SMEs) held its fourth Najahi Talks seminar in Buraimi recently. The event was attended by Abdullah Al Jufaili, Head, Retail Enterprises (Najahi).
Launched earlier in September 2019, Najahi Talks is a monthly knowledge-sharing platform that is organised by the Retail Enterprises unit of Bank Muscat for the benefit of Omani entrepreneurs across the country. The events are organised in a casual setting and features sessions by different guest speakers who share their challenges and success stories for the benefit of the entrepreneur community.
It is important to note that Najahi Talks not only facilitates knowledge-sharing as well as networking opportunities that can create long-term business opportunities for young Omani entrepreneurs. Those who are interested in participating in upcoming sessions can get more details from the bank’s social media accounts. The event is normally held during the first week of every month.
The speakers at the Buraimi event shared their experiences in their start-up journey and how they overcame challenges on a regular basis. They also shared their learnings about the importance of time management to maintain a satisfactory work-life balance. The informal discussions were keenly followed by the entrepreneurs present.
Importantly, the knowledge-sharing sessions are a follow-up to the various initiatives undertaken by the bank to promote the growth and development of the SME sector in the country. 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.
Maintaining cash flow is a major 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 the 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 instalment 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.
Bank Muscat various initiatives to promote SMEs assume importance in the backdrop of the priority accorded by the government to develop the MSME sector in Oman. Najahi Talks is an important part of Bank Muscat’s strategy to develop MSMEs to benefit the National Economy.