MUSCAT: Bank Muscat, the flagship financial services provider in the Sultanate, in line with its commitment to sustainable development, actively participated in the “Start Your Business” forum organised by Riyada (Public Authority for Small and Medium Enterprises Development) at the Oman Convention and Exhibition Centre recently. The three-day SME forum, which was aimed at highlighting local talent and projects, was organised by Riyada under the auspices of H.E. Dr Abdulmunim bin Mansour al Hasani, Minister of Information.

It is expected that this initiative will create 3,000 additional jobs in the SME sector. Reiterating the commitment to sustainable development and complementing government efforts in strengthening the role of micro, small and medium enterprises in the economic development of Oman, Bank Muscat participated through its 3 SME arms – Al Wathbah, Meethaq SME and Najahi – wherein each division showcased their products and financial solutions.

Access to financing is one of the key challenges facing SMEs in Oman. Bank Muscat’s Al Wathbah SME department offers a comprehensive suite of tailor-made finance solutions and non-financial services targeted at small and medium enterprises. Credit facilities, both short-term and long-term in nature, are available to all sectors. Further support is extended through non-financial services in areas of education, coaching, networking, marketing opportunities and workshops.

Aimed at helping SMEs succeed in the marketplace, the exclusive range of Meethaq SME offerings include working capital finance, term and project finance, trade services and contract finance. Ijarah is a product that allows customers to enjoy the utility and benefits of assets, while Meethaq bears the ownership risks associated with the assets till the end of contract. Ijarah can be availed for the financing of plant machinery, equipment and vehicles.

Diminishing Musharaka is a product that allows customers to be partners with Meethaq as joint owners of assets based on the concept of ‘Shirkat Al-Milk’. Assets are purchased under joint ownership by customers and Meethaq and are then placed in the possession of customers for their use under a lease agreement with Meethaq. Meethaq also provides bank assurance in the form of guarantee to third parties on the basis of the “Kafalah” contract.

Meanwhile, Bank Muscat’s specially-designed suite of Najahi products mainly include collateral-free credit facilities to develop and grow micro and small businesses. Najahi is the only financial product from any bank in the Sultanate to offer such loans without any collateral.

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; the Najahi Business Credit Card; and Najahi PoS Receivables financing for customers who use PoS machines for sales. All financing options are available to the Bank’s customers ‘collateral free’.

As the largest financial services provider in Oman, Bank Muscat’s unique initiatives serving as building blocks for existing and prospective entrepreneurs. They are particularly important in the backdrop of the government’s top priority to develop the SME sector in Oman.