Tuesday 03, January 2017 by Jessica Combes

Bank Muscat committed to najahi as trusted partner for micro and small businesses

Bank Muscat, the flagship financial services provider in the Sultanate of Oman, has reiterated its focus to enhance the role of najahi as the trusted partner of micro and small businesses across the Sultanate, in line with its ‘Let’s Do More’ vision and commitment to partnership in supporting Omani youth to embark on entrepreneurial ventures. 

najahi centres are available at Bank Muscat head office at Airport Heights and branches in Ruwi Rex Road, Al Khuwair Souq, Seeb Souq, Barka Souq, Sohar Main, Buraimi, Ibri (Jubail), Sur Al Afiya, Nizwa Firq and Salalah Corporate, with a view to extending a helping hand to micro and small businesses across Oman.  

najahi extends both financial and advisory support to micro and small businesses to take wings and achieve their business dreams, by creating a sustainable financial platform for the nation and people and contribute to the country’s progress and development.

Facilitating financial inclusion, Bank Muscat najahi products and services have created a benchmark, helping micro and small businesses to overcome hurdles and chart successful ventures with proper planning, financial discipline and prudent management.

Challenges faced by micro and small businesses include securing credit without collaterals and accessing innovative banking services. najahi products include credit facilities without collaterals to develop and grow micro and small businesses. With najahi, Bank Muscat fulfils the primary need of finance for the micro and small business segment.  

Addressing the critical need for small businesses to manage cash flow, Bank Muscat launched the first-of-its-kind najahi Flexi Loan facility. This facility gives customers the freedom to choose when to avail the loan and for what period. Customers pay interest only when they avail the loan and not when the facility is granted.  

For very short term financing, the bank has launched najahi point of sale (PoS) receivables financing. The specially designed short-term finance facilitates the working capital requirements of small businesses and helps maintain the cash flow.  Key features include short tenor (ranging from one to six months) with daily installment repayments. A small amount is automatically deducted daily from customers’ bank account to repay the loan. The evergreen facility allows najahi customers to keep repaying and replenishing the loan, thereby ensuring assured cash flow 

As with other najahi credit facilities, customers are not required to provide any collateral guarantee for PoS receivables financing. The convenience and speed of najahi PoS receivables finance help customers to meet their urgent requirement of funds. In a quick and hassle free process, najahi customers with one-year PoS track record are eligible to avail the collateral-free finance.

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.


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