Bank Muscat SAOG Profile
Bank muscat SAOG engages in the commercial and investment banking activities.
The company operates through a network of branches in the Sultanate of Oman, as well as in Riyadh, Kingdom of Saudi Arabia, and Kuwait. The company has representative offices in Dubai, the United Arab Emirates, Singapore, and Iran. The company has a subsidiary in Riyadh, Kingdom of Saudi Arabia.
The company operates in Oman under a banking license issued by the Central Bank of Oman (CBO) and is covered by its deposit insurance scheme. The company and its subsidiary operated in six countries as of 31 December 2017.
During 2013, the company inaugurated ‘Meethaq Islamic banking window’ (Meethaq) in the Sultanate of Oman to carry out banking and other financial activities in accordance with Islamic Shari'a rules and regulations. Meethaq operates under an Islamic banking license granted by the CBO in 2013. Meethaq's Shari'a Supervisory Board is entrusted to ensure Meethaq's adherence to Shari'a rules and principles in its transactions and activities.
The principal activities of Meethaq include accepting customer deposits; providing Shari'a compliant financing based on various Shari'a compliant modes; undertaking Shari'a compliant investment activities permitted under the CBO's Regulated Islamic Banking Services as defined in the licensing framework. Meethaq operates through branches in the Sultanate of Oman.
The company operates through Corporate, Consumer, Wholesale, International, and Islamic Banking segments. The company’s investment securities include equity and debt securities.
The company diversifies its funding base to include deposits raised from interGroup, issue of certificate of deposits, retail customer deposits, bonds and medium term funds raised through Euro medium term notes and subordinated liabilities.
The company offers loans and advances to customers by various sectors, such as corporate and other loans, including services, mining and quarrying, manufacture, real estate, wholesale and retail trade, import trade, financial institutions, utilities, transport, construction, government, agriculture and allied activities, export trade, and others; and personal and housing loans.
