Top List of Banks in Oman
The banking industry in Oman has developed significantly since the late 1980s. The sector is dominated by several large local and regional banks, which offer a variety of wholesale and retail banking services, including branches across the country. There are also a number of foreign banks and some smaller local banks that focus on corporate lending and investment banking activities. As a plan to diversify the economy away from oil, the government is implementing policies to support the development of Oman's financial services sector, including Islamic banking and new products such as credit cards and financial instruments. Here are some banks that are making moves in Oman.
Bank Muscat
Bank Muscat is the flagship financial services provider in the Sultanate of Oman with a significant market share of assets, deposits, loans, and investments. With its large and ever-expanding branch network spread across the length and breadth of Oman, Bank Muscat offers a comprehensive range of banking solutions and services with convenience-driven innovations and world-class products to meet diverse customer needs. As of 2018, the company recorded total assets of OMR 12.29 billion (USD 31.9 billion)
Bank Dhofar
A wholly-owned subsidiary of BankMuscat, the flagship financial services provider in the Sultanate of Oman, BankDhofar was established in 1991 and started operations in 1993. The bank serves as a full-service commercial bank offering retail and wholesale products such as Loans, Deposits, Trade Finance, and other Treasury Products.
Bank Dhofar boasts assets worth OMR 4.26 billion (USD 10.93 billion).
National Bank of Oman
National Bank of Omanis a commercial bank in the Sultanate of Oman with a growing retail banking base and an expanding international presence. With its investment banking arm, Global Banking & Finance Awards named the National Bank of Oman as "Best Investment Bank in Oman" for 2013. The total assets of the National Bank of Oman values at OMR 3.77 billion (USD 9.79 billion).
Alizz Islamic Bank
Alizz Islamic Bank offers Shari'a compliant products and services to individuals and corporations. Established as a fully-fledged Islamic bank, Alizz Islamic Bank provides a wide range of retail, private, and corporate banking solutions across Oman. Since 2008, Alizz Islamic Bank has helped Oman's entrepreneurs, SMEs, institutions, and corporations embark on a journey of success by providing competitive financing through its Shari'a-compliant products and services. It manages 10 branches with a major focus on Corporate Banking, Corporate Banking, and Retail Banking. Alizz Islami c Bank possesses a total asset of OMR 673.66 billion (USD 7.749 trillion ).
Oman Arab Bank
Oman Arab Bank is one of the oldest banks established in Oman, with a rich and proud history. Today, OAB provides a full range of banking services to retail, corporate and institutional clients across its strong network of 33 branches and 72 ATMs spread across the length and breadth of Oman. OAB enjoys well-entrenched core values of prudence, ethics, and integrity, coupled with professionalism and efficiency, firmly driven by the vision to be Best Value Bank. OAB provides personalized services to its customers, whether retail banking, corporate banking, or private banking. OAB boasts of OMR 3.30 billion total assets equivalent to USD 8.57 billion.
Bank Nizwa
Bank Nizwa is Oman's leading Islamic bank, whose award-winning products and services consistently meet the highest standards of Shari'a. Established in November 2012, Bank Nizwa's vision is to become the preferred provider of pioneering Islamic financial solutions for individuals, institutions, and corporations. The Bank offers a wide product range from retail services such as current accounts, savings accounts, home finance, and car finance to SME and corporate banking. Bank Nizwa has an asset of OMR 1.25 billion (USD 3.25 billion).
Ahli Bank
One of Oman's leading financial institutions, Ahli Bank, provides its customers with a wide range of banking and investment products and services. By offering Retail & Wholesale Banking, Investment Banking, Treasury Services, and Islamic Banking, Ahli Bank truly is a one-stop financial supermarket. The bank has a total asset of OMR 2.28 billion, equivalent to USD 5.93 billion.
Bank Sohar
The Bank delivers a full range of innovative products and services to its customers through its network of 16 branches located strategically throughout Oman. Bank Sohar offers a complete range of products and services for the retail segment and individuals, corporations, SMEs, and major institutions, including Central Government Ministries, Shari'a compliant investment funds, private equity funds, and large corporations. With over 650 employees and directors from 9 countries/nationalities coming together to offer you the best banking services across all their branches around Oman, Bank Sohar is dedicated to providing the quality banking experience that customers deserve. It has an asset of OMR 3.7 billion (USD 9.75 billion).
Beirut Oman Bank
Beirut Oman Bank is a subsidiary of Bank Audi. The bank provides financial solutions and services to its customers with the aim of meeting their lifestyles and needs. The bank was established in 2001 and operated through 16 branches in the Sultanate of Oman. Beirut Muscat Bank SAOG offers a wide range of banking products and services comprising personal banking, corporate banking, investment banking, brokerage, private banking, and treasury services. As of 2020, Beirut Oman Bank reported an asset of OMR 14.14 billion (USD 36.71 billion).
HSBC Bank
HSBC Oman provides comprehensive financial services to its individual, commercial, corporate and institutional customers. HSBC Oman has a vast network of branches in Oman with 10 branches and 22 ATMs across Muscat and Salalah. As of 2021, it recorded total assets of OMR 2.48 billion (USD 6.44 billion).
FAQs
How many Islamic banks are there in Oman?
There are two full-service Islamic banks in Oman: Bank Nizwa and Alizz Islamic Bank. In addition, six Islamic windows are owned by conventional banks. However, with the upcoming merger of Alizz Islamic Bank and Oman Arab Bank, this structure is expected to change in the coming years.
The vast majority of windows are run as separate businesses with their own balance sheets. Nonetheless, they can take advantage of a traditional bank's existing infrastructure, such as established systems and administrative support. Islamic windows are subject to some of the same regulatory constraints as their conventional counterparts.
