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Bank Muscat is a financial services provider in theSultanate of Oman providingcorporate banking,retail banking,investment banking,treasury,private banking andasset management. The bank, with assets worthUS$ 31.9 billion in 2018, has the largest network in Oman exceeding 150 branches.[4] As of 2022, the bank has more than 2 million customers, 174 branches, and more than 800 points of interaction,[5]includingautomated teller machines (ATM), deposit machines (CDM), and full-function machines (FFM).[6]
 | |
| Company type | Public |
|---|---|
| Industry | Finance and Insurance |
| Founded | 1974; 51 years ago (1974)[1] |
| Headquarters | , |
Key people | Sheikh Waleed Khamis Al Hashar,CEO[2] |
| Products | Financial services |
| Revenue |  US$ 2.2 billion (2024)[3] |
| US$ 499.5 million (2024)[3] | |
| Total assets | US$ 36.4billion (2024)[3] |
Number of employees | 3,779[3] |
| Website | www |
Operations
editThe international operations consist of a branch each inRiyadh,Saudi Arabia andKuwait and representative offices inDubai,UAE andSingapore.[7] The Bank has whole ownership of Muscat Capital, a brokerage and investment banking entity in Saudi Arabia,[8] and a 11.8% stake in Silkbank inPakistan.[9]
Recognition
editBank Muscat was voted the ‘Best Bank in Oman’ for seven years byThe Banker,[10]FT London[11][12][13] nine years in a row byGlobal Finance andEuromoney.[14][15] Bank Muscat is the recipient of the Hewitt recognition as theMiddle East’s Best Employer 2009.[16] The Bank was declared anInvestor in People (IiP) organisation in January 2007, becoming the first banking organisation in theMENA region to be awarded the global recognition.[16] In 2004, Bank Muscat became the first bank in the Middle East to be completelyISO 9000:2000 certified.[17] In 2022, the bank was ranked among the top 30 banks in the region by Forbes Middle East.[18]
International issues
editIn 2013, the bank was hit by a $39 million fraud scheme using prepaid travel cards accessed from outside of Oman.[19] This led to an impairment charge impacting 10.5% of Bank Muscat's earnings for the period.[20]
In 2016, theUnited States Department of the Treasury secretly issued a license to Bank Muscat to convert $5.7 billion in Iranian overseas reserves fromOmani rials intoeuros viaUnited States dollars, something not normally permitted due toUnited States sanctions against Iran.[21]
References
edit- ^"BankMuscat - About Us".BankMuscat. Archived fromthe original on 2002-08-02. Retrieved2002-08-02.
- ^"Company Overview of bank muscat". Retrieved29 June 2019.
- ^abcd"Bank Muscat on the Forbes Global 2000 List".forbes.com.
- ^"Global Finance Magazine - Best Banks In The Middle East 2019: Sunny Outlook".Global Finance Magazine. Retrieved29 June 2019.
- ^"It's a whole new ballgame: Financial institutions and their customers have changed the way we do banking".pennlive. 2022-06-23. Retrieved2025-03-26.
- ^"Bank Muscat wins Best Retail Bank in Oman Award at MENA Banking Excellence Awards 2022".Times Of Oman. Archived fromthe original on 2022-11-20. Retrieved2024-03-31.
- ^"International Operations Group". Bank Muscat. Retrieved29 June 2019.
- ^"Muscat Capital launches real estate fund".Times of Oman. 25 December 2017. Retrieved29 June 2019.
- ^"Arif Habib Corp acquires 28% stake in Silkbank".The Express Tribune. 9 December 2015. Retrieved29 June 2019.
- ^"Bank of the Year Awards - Oman".www.thebanker.com. Retrieved2025-03-26.
- ^"Bank Muskat wins global benchmark Bank of the Year award by Banker".Oman Observer. Archived fromthe original on 2024-03-31. Retrieved2024-03-31.
- ^"Bank Muscat honored with an award for exellence in service delivery".Albayan Magazine (in Arabic). Archived fromthe original on 2024-03-31. Retrieved2024-03-31.
- ^"Bank Muscat wins global banking benchmark award".Times of Oman. Retrieved2025-03-26.
- ^"Bank Muscat wins Best Bank in Oman Award from Euromoney".Oman Observer. 2022-08-15. Retrieved2025-03-26.
- ^Posts, Muscat Daily (2021-02-27)."Bank Muscat wins top award from Global Finance".Muscat Daily. Retrieved2025-03-26.
- ^ab"BankMuscat One of the Region's Best Employers".Khaleej Times. Retrieved2025-03-26.
- ^"BankMuscat to Open Branch in Riyadh".Arab News. 2005-11-21. Retrieved2025-03-26.
- ^"Bank Muscat wins Best Retail Bank in Oman Award at MENA Banking Excellence Awards 2022".Times of Oman. Archived fromthe original on 2022-11-20. Retrieved2024-03-31.
- ^"Bank Muscat hit by $39m ATM cash-out heist".www.theregister.co.uk. Retrieved29 June 2019.
- ^"Oman's Bank Muscat Hit By $39m Prepaid Card Fraud".Gulf Business. 26 February 2013. Retrieved29 June 2019.
- ^Lederman, Josh; Lee, Matthew (June 6, 2018)."Secret Obama-era permit let Iran convert funds to dollars".The Associated Press.
The Treasury Department license, issued in February 2016 and never disclosed, would have allowed Iran to convert $5.7 billion it held at Oman's Bank of Muscat from Omani rials into euros by exchanging them first into dollars.
