MUSCAT, 18 August 2015 – Bank Muscat, the flagship financial services provider in the Sultanate, as part of its commitment to encourage entrepreneurial initiatives, has widened the najahi suite of products and services for micro and small businesses.
The bank has launched a value added najahi current account offering differentiated services for customers. The najahi current account provides access to business debit card, branded cheque book, priority queuing at branches, free access to Maktabi Business Centres and online banking services.
The najahi business debit card offers a daily withdrawal limit of RO 1000. It provides 24x7 access to ATM and cash deposit machines, reducing the need to visit branches for routine transactions. 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 company.
Specially branded cheque books are provided for najahi current account holders as also priority queuing facility at branches for both teller and non-teller transactions. They also have free access once a month to Maktabi Business Centres in Muscat. najahi customers are required to maintain a minimum balance of RO 500 in their accounts to avail the current account facility.
Sadiq Mohammed Baqer Al Lawatiya, Head of Retail Enterprises, said: “The new value-added najahi services are aimed at offering a major boost for start-up and small businesses in Oman. Bank Muscat has taken major initiatives to provide the required support for entrepreneurs, especially youth, who constitute the future of Oman. The bank's commitment stems from the strong belief that entrepreneurial ventures help boost the local economy, contribute to the GDP and create self-employment opportunities for youth."
The specially designed najahi products include credit facilities without collaterals for the small business segment to establish and develop their business. With najahi, Bank Muscat fulfills the primary need of finance for the micro and small business segment.
The najahi suite of products comprise flexi loan to support working capital, business expansion and other business needs; contractors loan to help complete contracted jobs; contractors bill discounting against bills submitted for completed contracted jobs; and the newly launched specially designed value added current account
Bank Muscat has launched a series of initiatives to strengthen 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 SME sector in Oman