It provides Current Accounts, collateral-free loans, digital solutions and dedicated support for small business owners
The Small and Medium Enterprises (SME) segment has witnessed increasing attention worldwide due to the essential role they play in supporting economies. Being an integral part in sustainable development plans, Micro, Small and Medium enterprises contribute directly in growing Oman’s GDP, creating job opportunities for the youth and empowering them. The development of this sector is part of the objectives of Oman Vision 2040. Further, the National Programme for Fiscal Sustainability and Financial Sector Development (Estidamah) includes, as part of its key pillars, the importance of developing financing products that suit the needs of this sector.
Bank Muscat, the leading financial services provider in the Sultanate, realises this importance and works to enhance its role in supporting the sector. One step taken in this regard is the inauguration of Najahi Business Banking in 2014 to support SMEs by providing a suite of financing options. The products and services provided are designed to help these enterprises grow and thrive in their business, thus creating a positive impact on the community.
About the services offered by Najahi Business Banking, Abdulnasir Al Raisi, General Manager – Personal Banking, Bank Muscat, said: “Bank Muscat realizes the vital role SMEs perform and we work relentlessly to develop financial services to support their growth and development. Najahi Business Banking is an excellent example of the Bank’s role as a partner in sustainable growth and development. Since its inception, Najahi contributed in supporting more than 2500 businesses operating in retail trading, services, manufacturing and processing, construction, hospitality, travel and tourism, mining and agriculture sectors. These positive results have been made possible because of the continuous trust our valued customers put in the financing facilities and services offered.”
The Najahi products suite includes three financing products, namely Najahi Flexi Loan, Najahi PoS Receivables Financing and Contract Finance. All financing options are available to the bank’s customers’ collateral-free’.
Entrepreneurs can make use of the Najahi Flexi Loan to take a loan that can be repaid in monthly instalments for up to a maximum tenure of 36 months. Customers will benefit from the flexibility to avail multiple disbursements as per their business cash flow demands and the interest is calculated only on the disbursed amount.
Customers with short-term financing needs will find the Najahi point of sale (PoS) financing product particularly useful. The specially-designed short-term finance facilitates borrowing for working capital requirements based on the track record of sales that a business routes through their Bank Muscat PoS machines. A key feature of this financing option is the daily instalment repayments option, whereby a small amount is automatically deducted daily from the customers’ bank account to repay the loan. Customers are not required to submit audited financial reports and detailed business plan documents for availing of the Bank’s PoS financing.
Additionally, the value-added Najahi Current Account offers differentiated services, including a Business Debit Card. Relationship Managers are available at all times to guide entrepreneurs in availing the different facilities.
Bank Muscat’s Internet Banking services provide a fast, convenient and secure banking experience for SMEs to manage their finances 24×7. The Online Banking platform can be used by Najahi customers for fund transfers to local or foreign accounts, bill payments and bulk payments to vendors. It also facilitates salary payments for employees under the Wages Protection System (WPS). Najahi Current Account holders can also open FD accounts and request for cheque books. They can block their Najahi Card in case it is lost or stolen. Security is ensured by a physical token and a secure mailbox. It must be noted that the bank’s online banking platform features the latest technologies and world-class security features.
By providing tailor-made financial and non-financial solutions as well as handholding small businesses in their entrepreneurial journey, Bank Muscat’s Najahi Business Banking is helping many Omani nationals, especially the youth, to establish themselves as a strong economic force that contributes substantially to the economy. Entrepreneurs can visit their nearest Bank Muscat branch, call 24790000 or visit https://www.bankmuscat.com/en/Business/Business_segements/Pages/Najahi-Home-Page.aspx for more information regarding Najahi products and services.
