Muscat: As part of its commitment to support the community and in line with its sustainability strategy, Oman Arab Bank announced the launch of an initiative to aid families and individuals that were affected by the recent floods in Sur. The OAB initiative will see the provision of a three-month loan deferment for affected Bank customers, as well as financial support for families in need, in collaboration with the Ministry of Social Development.
Highlighting the importance of this initiative, Rashad Al Shaikh, Head of Retail Banking Division at OAB, said, “Our community initiatives are targeted towards those within the community that need it most. With this in mind, we will be deferring loans for our customers who have been affected, for a period of three months to help them overcome this difficult situation.
From his side, Feras Al Farsi, Head of Sustainability and CSR at OAB, said, “A key focus of our sustainability strategy is centred on reinforcing our relationship with our communities. Given the impact of the floods and the effects of the pandemic, we are doing our best to extend support to affected families and individuals that need it most. Together with the Ministry of Social Development, the cases are reviewed and necessary action is taken accordingly. We will also be donating to the Ministry and recommending three SME construction companies, who are our customers, to facilitate the required repairs.”
Emphasising the Bank’s strategy, Feras adds, “We continue to work towards implementing initiatives that fall under our three sustainability pillars, community partnerships, environmental responsibility and financial inclusion. The initiative launched today is just one example of the activities we undertake to support our communities in a time of need.”
Oman Arab Bank has a rich and proud history as one of the first financial institutions to be established in the Sultanate. Today, the Bank operates a nationwide network of 53 branches and representative offices with 160 ATMs spread across Oman. OAB provides a complete range of financial products and services through its OAB Online App.