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Bank Muscat najahi a big hit with small businesses

MUSCAT, 11 January 2015 – The first-of-its-kind najahi suite of products and services launched by Bank Muscat as part of its commitment to encourage entrepreneurial initiatives has become a big hit with micro and small businesses. Within a span of three months from its launch, najahi has extended a helping hand to 260 micro and small business customers with more than RO 6 million non-collateral finance facilities.

The new initiative from the flagship financial services provider in the Sultanate offering a major boost for start-up and small businesses in Oman is aimed at complementing the government efforts in encouraging Omani youth to embark on entrepreneurial pursuits and thereby make vital contributions to the economy.

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 not requiring collaterals or guarantees for the small business segment to establish and develop their business. With najahi, Bank Muscat fulfills the primary need of finance for the small business segment to embark on entrepreneurial ventures.  In the market, there are small business customers who do not have access to formal credit facility. najahi offers the required facilities and support for micro and small businesses to take their first step confidently in the journey of success as well as encourages youth to join the world of entrepreneurship.

The najahi suite of products comprise flexi loan to support working capital, business expansion and other business needs; contractors loan to complete contracted jobs; contractors bill of discounting against bills submitted for completed contracted jobs; specially designed current account facility with dedicated relationship managers and insurance cover for business premises.

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.