MUSCAT, 24 September 2017 - 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.
The innovative najahi products and services are in line with the
bank’s ‘Let’s Do More’ vision 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. Serving micro and small business
customers, exclusive najahi centres are available across the Sultanate.
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
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; najahi
Contractors Loan to help complete contracted jobs; najahi Contractors Bill
Discounting to get immediate funds after completing contracted jobs and Najahi
PoS Receivables financing for customers who use PoS machines for their sales.
The value added najahi Current Account offers differentiated
services, including Business Debit Card, branded cheque book, priority queuing
at branches, and online banking services.
The najahi Business Debit Card offers a daily withdrawal limit of
RO 1000. The higher withdrawal limit helps customers to meet day-to-day cash
requirements. najahi customers can also avail multiple debit cards on the same
account allowing authorised persons to make transactions on behalf of the
Maintaining cash flow is a challenge faced by small businesses.
Addressing this critical need, najahi Flexi Loan facility gives customers the
power to choose when to avail a loan and for what period. Customers pay interest
only when they actually avail the loan and not when the facility is granted.
For short-term financing, the bank has launched najahi point of
sale (PoS) receivables financing. The specially designed short-term finance
facilitates working capital requirements of small businesses and helps maintain
The key features of najahi PoS receivables financing includes
daily installment repayments. A small amount is automatically deducted daily
from customers’ bank account to repay loan. The evergreen facility allows najahi
customers to keep repaying and replenishing loan, thereby ensuring assured cash
As with other najahi credit facilities, customers are not required
to provide any collateral guarantee for PoS receivables financing. The
convenience and speed of najahi PoS receivables finance help customers to meet
their urgent requirement of funds. In a quick and hassle free process, customers
with 1-year PoS track record are eligible to avail the collateral-free
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 South, Barka Souq, Sohar Main, Buraimi, Ibri (Jubail), Sur Al
Afiya, Nizwa Firq and Salalah Corporate.
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.
In step with responsible banking, the focus of Bank Muscat is
clear – create a sustainable financial platform for the nation and people and
thereby contribute to the country’s progress and development.