Muscat, 19 May 2019
Bank Muscat, the flagship financial services provider in the Sultanate, has won Muscat Securities Market’s (MSM) Quality of Disclosure Award for 2019. The Award was presented to the Bank at an event held at the MSM Investors Hall under the auspices of H E Abdullah bin Salim al Salmi, Executive President of the Capital Market Authority. The Award was received by Ahmed Musallam Al Barami, DGM - Relationships & Placements, on behalf of the bank at the event which was attended by senior officials from MSM, Capital Markets Authority (CMA) and CEOs of companies listed on the stock exchange.
The awards initiative is part of the efforts made by CMA to promote disclosures and raise awareness about transparency as well as the importance of disclosing interim and material information. The Bank in step with its vision 'To serve you better, everyday', has always committed to providing accurate and updated information to all its stakeholders in accordance to the relevant rules and regulations.
Ahmed Musallam Al Barami, DGM - Relationships & Placements at Bank Muscat, said: “Timely disclosure and transparency have always been of primary importance for Bank Muscat and the Award recognises the emphasis that the bank places on its disclosures to the market regulator, the stock exchange and the general public. We are very happy to receive this award in appreciation of the best practices that have been put in place with regards to the bank’s disclosure policy.”
Ahmed Al Barami thanked CMA and MSM officials and said that this was a great achievement for the bank. He added that the awards would go a long way in building a stronger corporate governance and investor relationship culture in Oman.
Companies listed in the regular and parallel market were considered for the awards this year and the awardees were chosen based on their disclosures during the last financial year. The criteria for deciding the winners included the timing of disclosures regarding quarterly and annual financial statements, the clarity and accuracy of the disclosures made, the credibility of the information disclosed, and the speed with which the awardees responded to queries for disclosure. All disclosures were benchmarked by a special team that was set up for this purpose.
Going ahead, Bank Muscat is looking at implementing new methods and ways to enhance the existing strong cooperation with MSM in all areas to improve transparency. The Bank regularly issues financial results data and also issues multiple clarifications and disclosures on those issues, which may affect its operations in the future. The Bank has already put in place a clear strategy to disseminate critical information in a consistent and timely manner to all its stakeholders.