MUSCAT, 4 June 2016 – Bank Muscat, the flagship financial services provider in the Sultanate, hosted two workshops on 'Basics of finance and cash flow management for SMEs' in Muscat and Salalah, which evoked strong response from existing and aspiring entrepreneurs. The workshops addressed by expert trainers were organised by al Wathbah, Bank Muscat's SME department, as part of activities aimed at expanding and strengthening avenues for SME development in Oman.
Fatma Al Maskiry, AGM – SME Credit and Marketing, said: “Over the years, 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. The bank 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."
Familiarising the participants with the basics of finance and cash flow management, the workshop topics included preparation and analysis of balance sheet, income statement, cash flow statement, sources and use of cash for businesses, main cash financial indicators and ratios. The workshop helped the participants to evaluate whether their business is healthy from a cash perspective and how to take managerial decisions based on the basics of finance and cash flow management.
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 taken the lead to develop the SME sector. Bank Muscat imparts the required skills and guidance for entrepreneurs drawn from diverse fields to embark on successful SME business ventures through workshops, advisory services and training at al Wathbah Academy centres in Muscat, Sohar and Salalah.
The bank offers the full suite of SME products and services and is continuously working to improve its offerings. The launch of al Wathbah SME non-collateral finance by Bank Muscat has opened a new world of opportunity for entrepreneurs. The financing not requiring collaterals is a bold step affirming the bank's commitment to encouraging an entrepreneurial culture in Oman.