BAI announced the finalists for the 2019 BAI Global Innovation Awards, the industry’s most prestigious awards program that celebrates transformative solutions in the financial services industry worldwide.

Now in its ninth year, the BAI Global Innovation Awards recognizes leading financial services organizations on a global scale. Through hundreds of applications, the Innovation"...

Muscat: Bank Nizwa, represented by two of its Board Members, Sami Al Dhugishi and Ishaq Al Maouli along with Chief Executive Officer, Khalid Al Kayed, participated in the 2nd Islamic Financial Services Board (IFSB) Executive Programme meeting recently held in Kuala Lumpur, Malaysia.

Themed ‘Implementing Effective Stress Testing and Financial Safety Nets for Islamic Banks: Governance and Regulatory Compliance,’ the meeting provided a platform for industry leaders, top management and regulators to engage"...

Muscat: Bank Muscat, the flagship financial services provider in the Sultanate, and Al Omaniya Financial Services have signed an agreement for a new initiative that will allow Al Omaniya Financial Services to be linked to the Remote Deposit Capture (RDC) facility offered by Bank Muscat.

Remote Deposit Capture is an online cheque clearing solution, facilitating faster clearance and efficiencies in account receivables.

Using Bank Muscat’s RDC solution, Al Omaniya Financial Services will be able"...

BENGALURU: The US dollar’s dominance will come to an end if the Federal Reserve gives in to pressure from financial markets and President Donald Trump and chops interest rates another 50 basis points this year, a Reuters poll of market strategists showed.
While a complete U-turn in expectations for Fed policy toward easing compared to tightening at the start of the year has not driven the dollar weaker, the latest poll of 60 analysts still showed a weaker outlook for the greenback.
The US central bank delivered"...

Muscat: Oman Arab Bank (OAB) has become the first bank in Oman to be recognised as an authorised training employer of the Institute of Chartered Accountants in England & Wales (ICAEW), a leading international organisation that develops and supports over 150,000 chartered accountants worldwide.

The partnership, which is aligned with Oman’s Vision 2040 economic strategy, will help the bank attract and retain talented individuals by offering ICAEW’s prestigious CFAB and ACA qualification at OAB’s"...

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Supported by an overwhelming response from shareholders, Sohar International on Tuesday announced the successful closure of its rights issue with an oversubscription, raising its tier-1 capital by RO40mn.

The increased paid-up capital is well in line with the bank’s growth strategy and its vision in becoming a world-leading Omani service company, according"...

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Ahlibank reported a 5.1 per cent growth in its net profit for the first half of 2019 at RO14.92mn compared to RO14.2mn reported in the same period of 2018.

The bank’s total assets rose by 11.8 per cent to reach RO2.38bn as of the end of second quarter this year. Customer deposits increased by 6.9 per cent to RO1.61bn, according to a statement.

Ahlibank’s"...

The Central Bank of Oman (CBO) has made it clear to commercial banks operating in the Sultanate that they have an obligation to extend banking services to unserved and underserved communities and neighbourhoods in line with the government’s drive in support of financial inclusion.
In a circular issued last week, the apex bank sought to remind all banks that their licenses to engage in banking activities require them to, among other things, “cater to the economic needs of the community to be served”....

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Bank Nizwa on Sunday reported that its net profit for the first half of 2019 surged by 64 per cent to RO4.3mn compared to the same period of last year.

During 2019, Bank Nizwa’s financial results have been consistent with its performance with regards to attracting more and more people to use Islamic banking in Oman, the bank said in a press release.

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Total outstanding credit extended by Oman’s banking sector grew 6.7 per cent to RO25.7bn as of the end of May 2019.

Bank credit to the private sector witnessed a growth of 4.8 per cent to RO22.6bn as of May 31, 2019 compared to the same period of last year, according to an Oman News Agency report citing the Central Bank of Oman’s (CBO) monthly report.