Bank Muscat is a financial services provider in the
Sultanate of Oman
Oman, officially the Sultanate of Oman, is a country located on the southeastern coast of the Arabian Peninsula in West Asia and the Middle East. It shares land borders with Saudi Arabia, the United Arab Emirates, and Yemen. Oman’s coastline ...
providing
corporate banking
Wholesale banking is the provision of services by banks to larger customers or organizations such as mortgage brokers, large corporate clients, mid-sized companies, real estate developers and investors, international trade finance businesses, i ...
,
retail banking
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking (corporate ...
,
investment banking
Investment banking is an advisory-based financial service for institutional investors, corporations, governments, and similar clients. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by und ...
,
treasury
A treasury is either
*A government department related to finance and taxation, a finance ministry; in a business context, corporate treasury.
*A place or location where treasure, such as currency or precious items are kept. These can be ...
,
private banking
Private banking is a general description for banking, investment and other financial services provided by banks and financial institutions primarily serving high-net-worth individuals (HNWIs) – those with very high income or substantial asset ...
and
asset management
Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastr ...
. The bank, with assets worth
US$
The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...
31.9 billion in 2018, has the largest network in Oman exceeding 150 branches. As of 2022, the bank has more than 2 million customers, 174 branches, and more than 800 points of interaction, including
automated teller machines (ATM), deposit machines (CDM), and full-function machines (FFM).
Operations
The international operations consist of a branch each in
Riyadh
Riyadh is the capital and largest city of Saudi Arabia. It is also the capital of the Riyadh Province and the centre of the Riyadh Governorate. Located on the eastern bank of Wadi Hanifa, the current form of the metropolis largely emerged in th ...
,
Saudi Arabia
Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about , making it the List of Asian countries ...
and
Kuwait
Kuwait, officially the State of Kuwait, is a country in West Asia and the geopolitical region known as the Middle East. It is situated in the northern edge of the Arabian Peninsula at the head of the Persian Gulf, bordering Iraq to Iraq–Kuwait ...
and representative offices in
Dubai
Dubai (Help:IPA/English, /duːˈbaɪ/ Help:Pronunciation respelling key, ''doo-BYE''; Modern Standard Arabic, Modern Standard Arabic: ; Emirati Arabic, Emirati Arabic: , Romanization of Arabic, romanized: Help:IPA/English, /diˈbej/) is the Lis ...
,
UAE
The United Arab Emirates (UAE), or simply the Emirates, is a country in West Asia, in the Middle East, at the eastern end of the Arabian Peninsula. It is a federal elective monarchy made up of seven emirates, with Abu Dhabi serving as i ...
and
Singapore
Singapore, officially the Republic of Singapore, is an island country and city-state in Southeast Asia. The country's territory comprises one main island, 63 satellite islands and islets, and one outlying islet. It is about one degree ...
. The Bank has whole ownership of Muscat Capital, a brokerage and investment banking entity in Saudi Arabia, and a 11.8% stake in Silkbank in
Pakistan
Pakistan, officially the Islamic Republic of Pakistan, is a country in South Asia. It is the List of countries and dependencies by population, fifth-most populous country, with a population of over 241.5 million, having the Islam by country# ...
.
Recognition
Bank Muscat was voted the ‘Best Bank in Oman’ for seven years by
The Banker
''The Banker'' is an English-language monthly international financial affairs publication owned by '' The Financial Times'' and edited in London, United Kingdom. The magazine was first published in January 1926 through founding editor Brendan ...
,
FT London nine years in a row by
Global Finance and
Euromoney
''Euromoney'' is an English-language monthly magazine focused on business and finance. First published in 1969, it is the flagship production of Euromoney Institutional Investor plc.
History and profile
''Euromoney'' was first published in 19 ...
. Bank Muscat is the recipient of the Hewitt recognition as the
Middle East
The Middle East (term originally coined in English language) is a geopolitical region encompassing the Arabian Peninsula, the Levant, Turkey, Egypt, Iran, and Iraq.
The term came into widespread usage by the United Kingdom and western Eur ...
’s Best Employer 2009.
The Bank was declared an
Investor in People
An investor is a person who allocates financial capital with the expectation of a future Return on capital, return (profit) or to gain an advantage (interest). Through this allocated capital the investor usually purchases some species of pr ...
(IiP) organisation in January 2007, becoming the first banking organisation in the
MENA region
The Middle East and North Africa (MENA), also referred to as West Asia and North Africa (WANA) or South West Asia and North Africa (SWANA), is a geographic region which comprises the Middle East (also called West Asia) and North Africa together ...
to be awarded the global recognition.
In 2004, Bank Muscat became the first bank in the Middle East to be completely
ISO 9000:2000 certified. In 2022, the bank was ranked among the top 30 banks in the region by Forbes Middle East.
International issues
In 2013, the bank was hit by a $39 million fraud scheme using prepaid travel cards accessed from outside of Oman. This led to an impairment charge impacting 10.5% of Bank Muscat's earnings for the period.
In 2016, the
United States Department of the Treasury
The Department of the Treasury (USDT) is the Treasury, national treasury and finance department of the federal government of the United States. It is one of 15 current United States federal executive departments, U.S. government departments.
...
secretly issued a license to Bank Muscat to convert $5.7 billion in Iranian overseas reserves from
Omani rial
The Omani rial (, ISO 4217 code OMR) is the currency of Oman. It is divided into 1000 ''paisa, baisa'' (also written ''baiza'', ).
Fixed exchange rate
From 1973 to 1986, the rial was pegged to the United States dollar, U.S. dollar at 1 Omani rial ...
s into
euros
The euro (currency symbol, symbol: euro sign, €; ISO 4217, currency code: EUR) is the official currency of 20 of the Member state of the European Union, member states of the European Union. This group of states is officially known as the ...
via
United States dollars
The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...
, something not normally permitted due to
United States sanctions against Iran
Following the Iranian Revolution, the United States has since 1979 applied various economic, trade, scientific and military sanctions against Iran. United States economic sanctions are administered by the Office of Foreign Assets Control (OFAC), ...
.
References
External links
*
{{Authority control
1982 establishments in Oman
Banks established in 1982
Banks of Oman
Companies based in Muscat, Oman
Companies in the MSM 30