Bank Muscat hosts Na­jahi ses­sion for en­trepreneur­s in Bu­raimi

Muscat Daily - - NATION -

Bank Muscat, the flag­ship fi­nan­cial ser­vices provider in the sul­tanate, in line with its com­mit­ment to strength­en­ing sup­port to small and medium en­ter­prises (SMEs) held its fourth Na­jahi Talks sem­i­nar in Bu­raimi re­cently. The event was at­tended by Ab­dul­lah Al Ju­faili, Head, Re­tail En­ter­prises (Na­jahi).

Launched ear­lier in Septem­ber 2019, Na­jahi Talks is a monthly knowl­edge-shar­ing plat­form that is or­gan­ised by the Re­tail En­ter­prises unit of Bank Muscat for the ben­e­fit of Omani en­trepreneur­s across the coun­try. The events are or­gan­ised in a ca­sual set­ting and fea­tures ses­sions by dif­fer­ent guest speak­ers who share their chal­lenges and suc­cess sto­ries for the ben­e­fit of the en­tre­pre­neur com­mu­nity.

The speak­ers at the Bu­raimi event shared their ex­pe­ri­ences in their start-up jour­ney and how they over­came chal­lenges on a reg­u­lar ba­sis. They also shared their learn­ings about the im­por­tance of time man­age­ment to main­tain a sat­is­fac­tory work-life bal­ance. The in­for­mal dis­cus­sions were keenly fol­lowed by the en­trepreneur­s pre­sent.

Im­por­tantly, the knowl­edge­shar­ing ses­sions are a fol­low-up to the var­i­ous ini­tia­tives un­der­taken by the bank to pro­mote the growth and de­vel­op­ment of the SME sec­tor in the coun­try. The spe­cially-de­signed Na­jahi prod­ucts mainly in­clude credit fa­cil­i­ties with­out the need for col­lat­eral to de­velop and grow mi­cro and small busi­nesses. Bank Muscat’s Na­jahi is the only fi­nan­cial prod­uct from any bank in the sul­tanate to of­fer loans with­out any col­lat­eral.

The Na­jahi suite of prod­ucts in­clude the value-added Na­jahi Cur­rent Ac­count, Na­jahi Flexi Loan to sup­port work­ing capital, busi­ness ex­pan­sion and other busi­ness needs; the Na­jahi Busi­ness Credit Card; and Na­jahi PoS Re­ceiv­ables fi­nanc­ing for cus­tomers who use PoS ma­chines for sales. All fi­nanc­ing op­tions are avail­able to the Bank’s cus­tomers ‘col­lat­eral free’.

The value added Na­jahi Cur­rent Ac­count of­fers dif­fer­en­ti­ated ser­vices, in­clud­ing Busi­ness Debit Card, branded cheque book, and online bank­ing ser­vices. The Na­jahi Busi­ness Debit Card of­fers daily with­drawal limit of RO1,000. The busi­ness debit card helps cus­tomers to meet day-to-day cash re­quire­ments con­ve­niently with­out the need to visit the teller counter for small value trans­ac­tions.

Main­tain­ing cash flow is a ma­jor chal­lenge faced by small busi­nesses. Ad­dress­ing this crit­i­cal need, Bank Muscat launched the first-of-its-kind col­lat­eral free Na­jahi Flexi Loan fa­cil­ity. This fa­cil­ity al­lows cus­tomers to choose when to avail a loan and for what pe­riod. Cus­tomers pay in­ter­est only when they avail the loan and not when the fa­cil­ity is granted.

For short-term fi­nanc­ing, the bank has launched the Na­jahi point of sale (PoS) fi­nanc­ing prod­uct. The spe­cially-de­signed short-term fi­nance fa­cil­i­tates bor­row­ing for work­ing capital re­quire­ments sim­ply based on the track record of sales that a busi­ness routes through their Bank Muscat PoS ma­chines. The higher the pro­por­tion of non­cash sales, the higher the loan el­i­gi­bil­ity. The key fea­tures of Na­jahi PoS fi­nanc­ing in­cludes daily in­stal­ment 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 fi­nanc­ing. The con­ve­nience and speed of Na­jahi PoS fi­nance help cus­tomers to meet their re­quire­ment of growth fi­nanc­ing. In a quick and has­sle free process, cus­tomers with 1-year PoS track record are el­i­gi­ble to avail the col­lat­eral-free fi­nance.

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