Bank Muscat wins the award for the best Islamic bank in Oman after the roll out of several initiatives that contributed to growth over the review period.
The lender registered OR1.8 billion ($4.7 billion) in Islamic assets under management, alongside OR598 million and OR1 billion in its Shariah-compliant retail and corporate loan portfolios respectively. Client numbers increased to 150,000, including 30,000 customers who were new to the bank.
This growth can be attributed to new product launches over the year.
Muscat introduced a dedicated campaign to increase sales in its Islamic savings account for children under the theme of social protection.
Prioritising accessibility in financial services, it also extended competitive retail financing products to first-time borrowers and improved internal processes to accelerate turnaround times.
Additionally, the bank successfully migrated its credit card base from Mastercard to Visa, introducing new cash-back and reward campaigns to attract customers.