Bank Muscat extends support to secure release of debtors
In line with its commitment to partnership in sustainable development and Corporate Social Responsibility (CSR), Bank Muscat, the leading financial services provider, has once again extended its support to the Fak Kurba initiative launched by the Oman Lawyers Association for the fourth consecutive year.
This year, the bank’s support will help secure the release of 250 citizens who have been jailed for failing to clear financial obligations. None of these cases relates to payments involving banks or financing firms. It is noteworthy that the announcement of the bank’s participation in this year's Fak Kurba initiative came through a media meeting that was organised last Thursday at Muscat FM Radio.
On this occasion, Dr Muhammad bin Ibrahim al Zadjali, supervisor of Fak Kurba, said that Bank Muscat is continuing to support the initiative to secure the release of insolvent people for the fourth year in a row. He noted that the bank is one of the most important institutions that has been keenly supporting the initiative.
This year the bank’s contribution will help secure the release of 250 debtors, adding to the 576 citizens it helped in the previous three years.
Dr Zadjali thanked Bank Muscat for its generous and continuous support of the Fak Kurba initiative. He stressed that the support provided by institutions like Bank Muscat and other like-minded individuals and entrepreneurs are the main engine on which this noble initiative is based.
Donations from all those who are able, whether small or large, go a long way in taking this initiative forward to remove the distress of some members of our community.
Dr Zadjali called on other institutions to follow Bank Muscat’s example and express their solidarity with the community by joining the initiative, especially given the increased economic distress brought about by the COVID-19 pandemic.
This year’s Fak Kurba initiative will benefit 797 imprisoned debtors, including 84 women, and help them reunite with their families.
A total of more than RO641,000 was raised for the initiative, which has resolved 3,185 cases to date.
Appreciating the opportunity to partner with Oman Lawyers Association again, Sheikha Yousuf al Farsi, chief strategy & corporate services officer, Bank Muscat, said, “It is a great privilege for Bank Muscat to partner the Oman Lawyers Association in this unique humanitarian initiative for the fourth consecutive year. This year, the bank has helped secure the release of 250 citizens so that they can have a joyous Eid reunion with their families.
“We thank the Oman Lawyers Association for initiating such an important programme that strengthens our community.”
She added that the bank would continue to support such important CSR initiatives.
The Fak Kurba initiative was launched in 2012 by the Oman
Lawyers Association in coordination with the Ministry of Social Development and the Council of Administrative Affairs for the Judiciary.
The Oman Lawyers Association has been successfully managing the Fak Kurba programme facilitating the release of hundreds of citizens imprisoned on insolvency charges every year.
Many of these cases have resulted from the death of the breadwinner at home, road accidents or critical illnesses, whereby affected people got into debt obligations which they could not repay.