Latest news with #BankMuscat
Times of Oman
15 hours ago
- Business
- Times of Oman
MSX trading value increases to OMR111.6mn in weekly trading
Muscat: Local investment funds and institutions increased their purchases on the Muscat Stock Exchange (MSX) during the week amid increased confidence in the performance of public joint-stock companies that began announcing their preliminary financial results for the first half of this year. Trading value rose during the week to OMR111.6 million, compared to OMR52.6 million in the previous week, marking an increase of more than 100 percent. The number of transactions executed rose from 7,175 to 9,290. Trading data released by the MSX showed a rise in purchases by local investment institutions, which accounted for 76.2 percent of the total trading value, compared to sales of 41.6 percent of the total trading value. Meanwhile, individual investors turned to selling, benefiting from the gains achieved by stocks in recent weeks. The MSX has been witnessing high demand from local investment funds and institutions for shares for several weeks now, boosting growth and increasing investor confidence. Bank Muscat announced that it had appointed Ubar Capital as a liquidity provider for the bank's shares. The agreement, signed by the two parties, is valid for one year, starting from July 6. It is in line with the Muscat Stock Exchange's strategy to promote investment, contribute to revitalising the capital market, and strengthen its position in supporting economic development. The trading value of Bank Muscat shares reached OMR32.4 million, representing 29 percent of the total trading value. The stock saw 422 transactions, closing at its previous level of 275 baisas. Over the past week, the MSX witnessed institutional interest in a number of other stocks, such as OQ Basic Industries, which saw trades worth OMR22.6 million, representing 20.2 percent of the total trading value. Asyad Shipping saw trades worth OMR14.4 million, while OQ Gas Networks saw trades worth OMR6.2 million. Dhofar International Development and Investment Company saw trades worth OMR4.9 million, representing 4.4 percent of the total trading value. During the week, public joint-stock companies began announcing their preliminary financial results for the first half of this year. The results showed that the net profits of Al Batinah Power Company rose to OMR7.35 million in the first half of this year compared to OMR7.30 million in the same period last year. The net profits of Muscat City Desalination Company rose from OMR1.1 million to OMR1.2 million. The net profits of Musandam Power Company also rose to OMR1.13 million in the first half of this year compared to OMR1.57 million in the first half of last year. The net profits of the National Biscuit Manufacturing Company rose from OMR71,000 to approximately OMR99,000. While Dhofar Power Generation Company recorded a slight decline in net profits during the first half of this year, reaching OMR1,594,000, compared to OMR1,715,000 in the same period last year, the Financial Centre Company (Fincorp) recorded losses of OMR928,000, compared to profits of OMR173,000 in the same period last year. It is expected that leading banks and companies will announce their preliminary financial results in the coming few days, which will contribute to determining investor trends during the second half of this year. During the week, the Muscat Stock Exchange witnessed an increase in the prices of 40 securities, compared to a decline in the prices of 33 securities and 26 securities remained unchanged. This performance was reflected in the market value and the Muscat Stock Exchange indices, with the market value recording weekly gains of OMR52.3 million and ending the weekly trading at OMR28.43 billion. The Muscat Stock Exchange's main index rose 52 points last week, closing at 4,602 points. The industrial sector index achieved the highest gains, rising 263 points. The financial sector index rose 128 points, the services sector index rose 90 points, and the Sharia index rose 10 points to close at 449 points. International Financial Investments, Fincorp Financial Centre, and Voltamp Energy were the top gainers, while Oman Chlorine, Dhofar Tourism, and Muscat Desalination City led the losers.
Times of Oman
19 hours ago
- Business
- Times of Oman
Meethaq Islamic Banking awarded the Pioneer in Digital Islamic Banking title
Muscat: Reaffirming its leadership in delivering Sharia-compliant banking and financial solutions, Meethaq Islamic Banking from Bank Muscat has been awarded the Pioneer in Digital Islamic Banking for 2025 title at the OER DX Live Conference and Awards event, organised by Oman Economic Review (OER). The event was held under the patronage of H.E. Suba' Hamdan Al Saadi, with the attendance of H.E Sheikh Salim Mustahail Al Mashani. Ali Ahmed Al Lawati, Assistant General Manager, Meethaq Corporate Banking, received the award on behalf of Meethaq Islamic Banking, alongside officials from various institutions and practitioners from the digital banking industry. On this occasion, Ali Ahmed Al Lawati expressed his pride in the recognition Meethaq has gained with this prestigious award. He stated: 'This accolade reaffirms Meethaq's pioneering role in the country's Islamic banking sector by offering comprehensive solutions that meet the varied requirements of customers. Meethaq has significantly contributed to reshaping the Islamic banking landscape in the Sultanate, evident in the trust and strong uptake from customers for Meethaq's Sharia-compliant financial solutions. Meethaq continues to uphold its excellence and innovation by delivering distinguished and forward-thinking Islamic banking solutions aligned with aspirations and financial goals of Meethaq's institutional and individual customers.' Meethaq provides a full suite of Sharia-compliant banking products and financing solutions designed to serve the needs of individuals, SMEs, and corporate entities. All offerings are subject to the regulatory framework of the Central Bank of Oman and undergo thorough Sharia audit and supervision by Meethaq's Sharia Supervisory Board to ensure full compliance with Islamic jurisprudence. The Sharia-compliant offerings for retail customers include deposit products such as savings accounts, current accounts, children's savings accounts, fixed deposits and Meethaq's structured savings plans. On the financing front, Meethaq offers a range of Islamic finance facilities, including personal finance, auto finance, home finance, and funding for travel, education, marriage, and personal purchases. For its SME and corporate customers, Meethaq offers a variety of commercial banking solutions, including current accounts, project finance, short-term and long-term financing facilities, trade finance based on 'Ijarah', and large-scale project financing. All these offerings are structured in accordance with Islamic financial principles. In addition, Meethaq has upgraded its digital platforms thereby individual and corporate customers may avail a suite of Sharia-compliant solutions and services, aiming to offer them an exceptional banking experience. Meethaq operates the largest branch network in the Islamic banking sector in Oman, with 32 dedicated branches across the Sultanate. It also maintains over 50 self-service machines for cash deposit and withdrawal. In addition, Meethaq's customers benefit from access to over 900 ATMs and CDMs across Bank Muscat's network, offering seamless access to its banking services. Meethaq's commitment to excellence in Islamic finance has been recognised over the years through numerous regional and global accolades. These include the Best Islamic Investment Bank Award from Islamic Finance News, Best Digital Islamic Bank and the Market Leadership Awards from Global Finance, and Best Islamic Banking Window Award at the Thimar Excellence Awards by The Arabian Stories. These honours underscore Meethaq's position as a leading Islamic financial institution, firmly dedicated to offering Sharia-compliant banking and investment solutions that align with the evolving needs of both individual and institutional customers.
Times of Oman
3 days ago
- Business
- Times of Oman
Bank Muscat receives global certification for Payment Card Industry Data Security Standard
Muscat: In a move that underscores its commitment to adopting the latest cybersecurity standards and investing in advanced protection technologies, Bank Muscat, the leading financial services provider in the Sultanate of Oman, announced it has obtained the Payment Card Industry Data Security Standard (PCI DSS) Version 4.0 certification, the latest and most robust global standard for protecting payment card data. This certification was awarded following a rigorous and comprehensive assessment conducted by Panacea InfoSec, the authorized entity for assessing compliance with the PCI DSS. The assessment covered the Bank's infrastructure, systems, and information security policies. Ajay Kaushik, CEO of Panacea InfoSec, handed over the certification to Ahmed Faqir Al Bulushi, Deputy CEO of Banking at Bank Muscat, during a ceremony held recently at Bank Muscat's Head Office, in the presence of several officials and members of the bank's executive management. On this occasion, Ahmed Faqir Al Bulushi, Deputy CEO of Banking at Bank Muscat, said: 'We take pride in being granted the PCI DSS certification, a milestone that reaffirms our steadfast commitment to the highest global standards of data security and customer trust. This recognition reinforces our vision to lead with integrity, innovate responsibly, and safeguard every transaction with excellence. The Bank always strives to be a leader by implementing the latest innovations to ensure speed and security when customers conduct their various banking transactions. Bank Muscat's systems also rely on data analysis to detect suspicious activities in a timely manner, supported by the efforts of the information security and information technology teams who continue to work to protect customer data, manage risks, and respond to various potential events. This contributes to strengthening a strong security environment. The Bank will continue its commitment to adopting the latest technologies and advanced systems to contribute to the development of the banking sector.' From his part, Ajay Kaushik, CEO of Panacea Infosec, said: 'We are pleased that Bank Muscat has obtained the PCI DSS certification. The Bank, as the leading financial services provider in the Sultanate, is continuously committed to its plan to enhance information security. This recognition is an important step in an ongoing process to raise protection levels and continuously update security systems to address emerging threats.' Bank Muscat places great importance on information technology due to its pivotal role in enhancing the banking services provided by Bank Muscat. It contributes to improving operational efficiency by automating banking processes, reducing transaction processing time and increasing operational efficiency. Modern technologies ensure the protection of data and financial transactions from cyber threats, enhancing customer confidence. The Bank has established robust policies and procedures, supported by regular security audits and proactive risk assessments, to identify and address security vulnerabilities within its systems and infrastructure. By adopting the latest security technologies and applying advanced encryption techniques, customer data is secured during transmission and storage. The Bank also strives to raise employee awareness through ongoing training programmes, ensuring the adoption of best security practices across all levels of the business. It also has clear incident response plans aimed at quickly and effectively addressing any potential threats. Through these integrated initiatives, Bank Muscat continues to lead the way in adhering to the highest standards of data protection and privacy.
Times of Oman
6 days ago
- Business
- Times of Oman
Bank Muscat triumphs with the Excellence in Digital Banking Award
Muscat: Bank Muscat, the leading financial services provider in the Sultanate of Oman, has been honored with the Excellence in Digital Banking Award at the annual Digital Transformation Conference "OER Live DX Oman 2025," organized by Oman Economic Review magazine (OER). The event was held under the patronage of His Excellency Sheikh Saba bin Hamdan Al Saadi, Secretary General of National Celebrations, and attended by numerous officials, entrepreneurs, and experts in the fields of finance and digital technology. Abdullah Hamood Al Jufaili, Assistant General Manager of Digital Banking at Bank Muscat, received the award on behalf of the Bank. The event served as a platform for experts and specialists in technology to discuss current and future trends in digital transformation, while also recognising distinguished individuals and companies in this arena. This recognition underscores Bank Muscat's pivotal role in advancing digital transformation within the banking and financial services sector in the Sultanate of Oman. The Bank has embraced the latest digital technologies, aiming to deliver a seamless and exceptional experience for customers through a diverse range of innovative services tailored to meet their varied needs. On this occasion, Abdullah Hamood Al Jufaili expressed his gratitude for the award, which highlights Bank Muscat's significant contribution to shaping the modern financial and banking landscape in the Sultanate. He emphasized the Bank's commitment to applying the principles of digital transformation and investing in cutting-edge technologies as essential steps towards achieving strategic objectives aligned with Oman Vision 2040. Al Jufaili also acknowledged the OER magazine for the award and thanked customers for their continued trust in Bank Muscat. Considering the high demand and interest witnessed by internet and mobile banking services by customers, the Bank has enhanced the quality of services provided through these channels by renewing the characteristics of more than 200 digital banking services and features to enable customers to benefit from them, taking into account the adoption of the latest technological solutions and applications in providing the best digital services with high quality and strengthening protection systems, thus ensuring the confidentiality of information and data and protecting them from potential threats. As part of its commitment to keeping pace with the advancements of the digital transformation era, Bank Muscat provides an extensive array of innovative services and facilities tailored specifically for both individual and corporate customers. These offerings facilitate quicker, more efficient, and cost-effective transactions to meet diverse customer needs. Additionally, customers have access to over 800 ATMs and CDMs located across all states and governorates of the Sultanate. In recognition of its pioneering role in spearheading digital transformation within the banking sector, Bank Muscat has been awarded the title of Best Bank for Digital Solutions at the Euromoney Private Banking Awards 2025, the Best Digital Bank in Oman at the Euromoney Excellence Awards 2025, the Best Bank for Communications and Digital Marketing by The Banker, and awarded the Gold Award for Innovation in Digital Channels at the Infosys Innovation Awards 2025.
Zawya
6 days ago
- Business
- Zawya
Oman: Ubhar Capital joins MSX as liquidity provider for Bank Muscat
Muscat: Muscat Stock Exchange (MSX) has officially announced the start of Ubhar Capital's role as liquidity provider for Bank Muscat shares, following regulatory approvals. The move aims to boost trading volumes, narrow the bid-ask spread, and stabilise prices — key to increasing investor confidence. Ubhar Capital, a licensed market maker, brings deep regional expertise and global reach. The firm is the first to offer this service on MSX, leveraging advanced infrastructure and strong operational capacity. CEO Sheikh Abdulaziz Al Saadi said, 'We're proud to support Bank Muscat in enhancing market activity and investor trust.' MSX reaffirmed its commitment to advancing market efficiency in line with Oman Vision 2040, calling on other listed firms to consider similar liquidity initiatives. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
