Bank Muscat najahi evokes strong endorsement of micro, small businesses

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

MUSCAT: Bank Muscat, the flagship financial services provider in the Sultanate, in step with its dynamic vision ‘To serve you better, every day’, has evoked strong endorsement from micro and small businesses for the hand of partnership extended by najahi to fulfil their dreams to chart successful business ventures.

Affirming trust, confidence and reliability, leading micro and small businesses commended the najahi products and services.

Faris Al Khatri, promoter of Jebal Shams Resort, said: “I upgraded my business and now I welcome more customers, thanks to najahi products.”

Jacob Titus Paul, promoter of Industrial Supplies Center, said “With najahi financing, I was able to deliver quick go to market solutions. najahi offers convenient incentives, particularly PoS and collateral free loans, to grow business, Jacob pointed out, adding that najahi helped to tackle the biggest challenge of finance in every phase of the growth of the business.”

The innovative najahi products and services available for micro and small businesses come in line with the bank’s commitment to partnership in strengthening the role of micro and small businesses in diversifying the Sultanate’s economy and creating job opportunities for Omani youth. The security free financing and business credit card facilities for micro and small businesses reiterate the bank’s commitment to extending the helping hand to fulfil their financial and advisory needs.

In step with responsible banking, the focus of Bank Muscat is clear – create a sustainable financial platform for the nation and people and thereby contribute to the country’s progress and development. Committed to supporting economic growth and sustainable development, the bank seizes every opportunity to extend partnership in building the nation by creating opportunities for individuals and businesses to grow and prosper.

The bank reaches out to micro and small business customers through exclusive najahi centres across the Sultanate. 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.

Securing credit without collaterals and accessing innovative banking services have been hurdles faced by micro and small businesses. The specially designed najahi products mainly 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.

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; najahi Business Credit Card; najahi Contract finance to help complete contracted jobs; najahi Bill Discounting to get immediate funds after completing contracted jobs and najahi PoS Receivables financing for customers who use PoS machines for sales. All financing options are available to clients ‘collateral free’.

The value-added najahi Current Account offers differentiated services, including Business Debit Card, branded chequebook, and online banking services.

The najahi Business Debit Card offers daily withdrawal limit of OMR1,000. The business debit card helps customers to meet dayto-day cash requirements conveniently without the need to visit the teller counter for small value transactions. najahi customers can also avail multiple debit cards on the same account allowing authorised persons to make transactions on behalf of the company.

Maintaining cash flow is a challenge faced by small businesses. Addressing this critical need, Bank Muscat launched the firstof-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 najahi point of sale (PoS) financing product. The specially designed short-term finance facilitates borrowing forworking capital requirements simply based on the track record of sales that business routes through their Bank Muscat PoS machines. The higher the proportion of non-cash sales the higher the loan eligibility.

The key features of najahiPoS financing include 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 najahiPoS finance help customers to meet their requirement of growth financing. In a quick and hasslefree process, customers with a 1-year PoS track record are eligible to avail the collateral-free finance.

At present, najahi centres serve customers at Bank Muscat head office at Airport Heights and branches in MBD, Al Khuwair Souq, Al Azaiba, Seeb Souq, Mabelah North, Barka Souq, Al Tareef, Buraimi, Ibri (Jubail), Sur Al Afiya, Firq and Salalah (Corporate).

Bank Muscat has launched a series of initiatives covering all segments of 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 MSME sector in Oman.