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Qatar Islamic Bank is creating a customer-centric banking experience by digitalising its sharia-compliant banking solutions.

The shift towards digitally transforming a bank’s services and products is no longer a trend but a necessity in today’s industry. As customers demand greater convenience and accessibility, lenders must adapt to remain competitive.

By transitioning traditional banking services and products onto digital platforms, banks can improve customer experience, streamline internal processes, reduce costs and increase efficiency.

Qatar Islamic Bank (QIB) is a prime example of a lender that recognises the importance of transformation to meet the evolving needs of its customers. The bank has embraced digitalisation and offers sharia-compliant banking solutions including private, affluent and corporate/SME banking centres.

Digital onboarding

QIB’s commitment to digitalisation is evident in its launch of a digital onboarding solution on its mobile app – the move was part of its digital transformation programme in 2019.

The app provides customers with a seamless and convenient banking experience, enabling them to initiate a banking relationship with QIB quickly and easily from any location they choose. It offers a complete suite of features including advanced risk-based biometric authentication technology that facilitates the submission of identification documents using OCR technology.

QIB’s digital onboarding solution eliminates the need for customers to input their personal information manually and ensures a smooth and efficient onboarding process. It also offers live chat and video banking features that enable new clients to connect with a bank representative for assistance. These features are available to all accounts and customers, including individuals, corporates and small and medium-sized enterprises (SMEs), and they comply with all customer documentation requirements mandated by regulators.

The onboarding solution also ensures high privacy and data confidentiality, utilising biometric information and cross-verification with the Qatar Central Bank and the Interior Ministry’s databases to prevent fraudulent activities. Since its launch in 2019, the solution has enabled more than 28,000 new customers to open accounts within minutes without visiting a QIB branch. In addition, for key retail products such as personal finance and credit cards, digital sales are contributing almost 60 per cent of the total sales volume.

Committed to digital

QIB is committed to leading the digitalisation of banking products and services in Qatar, and will continue to deliver innovative banking solutions that cater to its customers’ evolving needs.In 2021, the lender launched an updated version of its mobile app, adding a secure and smart biometric login, self-registration, smart shortcuts and a more efficient navigation panel. With these additions, QIB aims to provide its clients with a more immersive experience and better access to digital banking services.

The bank has also introduced new financial solutions and initiatives including merchant acquiring services, mobile point-of-sale (POS) and an online wages protection system. These new offerings are helping QIB provide a comprehensive financial solutions and services package for SME customers.

Qatar Islamic Bank has won awards in three categories at the Mena Banking Excellence Awards 2023: Best Retail Bank – Qatar, Excellence in Customer Centricity and Excellence in Mobile Banking.

Qatar Islamic Bank is enhancing the customer experience and modernising its offerings by delivering innovative features that meet and exceed client needs.

Qatar Development Bank’s innovative approach to finance is upholding long-term environmental, economic and social prosperity.

Banks play an important role in promoting sustainability and reducing the carbon footprint.

For example, certain lenders offer financing schemes for eco-friendly projects that enable the transition towards a greener economy and contribute to the global effort to mitigate climate change.

In this way, banks can support the development of green infrastructure such as renewable energy projects, energy-efficient buildings and sustainable transport systems.

Case in point, Qatar Development Bank (QDB) has implemented proactive measures to mitigate environmental degradation and promote sustainable development. The bank offers its clients competitive financing schemes to either manufacture eco-friendly products or adopt clean and sustainable technologies that reduce energy costs and the carbon footprint.

As a result of these efforts, QDB has been honoured with the prestigious title of Mena Sustainable Bank of the Year at the Mena Banking Excellence Awards 2023.

Since the launch of its Green Financing programme, QDB has enabled companies with sustainable business models to access financing at below-market rates and low monthly payments. In addition, the lender has partnered with the Gulf Organisation for Research & Development (GORD) to establish a comprehensive framework to evaluate the eco-friendliness of projects that seek funding. Meanwhile, the bank’s collaboration with Earthna, a non-profit research centre set up by the Qatar Foundation, aims to influence national and global sustainability policies, demonstrating QDB’s commitment to prioritise sustainable development.

Focusing on sustainability

By adopting a triple-bottomline approach, the lender provides support to eco-friendly startups and clean energy projects through incubation programmes, preferential financing solutions and venture capital investments in promising clean technologies.

As of 2022, the lender had disbursed loans amounting to QR813m ($223m) to more than 28 companies with projects focused on waste management, water treatment, recycling, clean technology and energy efficiency.

Moreover, QDB has actively promoted paperless business operations and is committed to achieving 100 per cent paperless operations across various divisions. In 2020, the bank embarked on a highly capitalised digitisation journey to reduce paper use in both internal processes and client-facing transactions.

QDB’s achievements in sustainable banking indicate its dedication to sustainable development, its creative methodology for sustainable finance and its endeavours to promote sustainability both internally and externally. With green financing solutions, paperless operations and cooperation with other organisations for sustainability, the lender is spearheading a transformation in the industry and paving the path towards a more sustainable future.

Green ventures

Qatar Development Bank (QDB) is supporting companies in reducing their carbon footprint through its digitisation programme, which provides financing to small and medium-sized enterprises (SMEs) seeking technological solutions to digitise their operations and upgrade their technology.

The bank has implemented several programmes and initiatives that prioritise environmental, social responsibility and governance (ESG) investments in its business activities. This has resulted in the launch of several environmentally friendly projects and has enabled businesses to transition towards a more sustainable future.

QDB’s assistance for environment-conscious enterprises has transcended traditional financing and support services. The lender is aiming to facilitate connections between clients with a pro-environment outlook and investment opportunities in ecologically responsible ventures.

Qatar Development Bank has been named Mena Sustainable Bank of the Year at the Mena Banking Excellence Awards 2023.

National Bank of Kuwait is committed to ensuring client satisfaction through a digital-first approach, banking career programmes and exclusive offerings.

Digitalisation has become an increasingly important strategy for banks looking to provide a an effortless and streamlined customer experience.

With the rise of mobile and online channels, customers expect to be able to access banking services from anywhere and at any time. In response, lenders are prioritising their digital-first approach and developing new features and services to enhance their online offerings.

The shift towards digital banking has also increased efficiency and cost savings for banks as more transactions are completed through digital channels.

Digital-first strategy

National Bank of Kuwait (NBK) is prioritising its digital-first strategy to enhance the customer experience, expand its range of services and increase client acquisition through online channels. In line with this strategy, the lender has launched Kuwait’s first fully digital bank, Weyay Bank, which targets the youth market.

To better serve its customers digitally, NBK has added new features to its mobile and online platforms. These features include end-to-end digital onboarding, digital loan and card applications, smartwatch payments, and self-service branches.

As a result of this digital push, the adoption of the lender’s products through online channels has increased and transactions have been moved from physical to digital channels. Additionally, NBK has integrated customer journey management platform Qmatic and its mobile app for booking appointments, thus increasing client flexibility and convenience.

Committed to education

In the fast-paced banking industry, continuous training and skills development is crucial to stay ahead of the competition and ensure high-quality customer service. With a focus on training and skills development, lenders can improve employee retention rates, enhance the quality of their products and services, and ultimately achieve long-term success.

Many banks, including NBK, recognise the importance of investing in the professional development of their employees. The lender’s commitment to education is evident from its NBK Academy initiative, which was launched in 2008. The programme trains fresh graduates in essential skills and knowledge about the banking sector, preparing them for a career at NBK. It also offers a holistic development journey through various stages of induction programmes, technical and soft skills courses, rotation, e-learning and on-the-job exposure over the course of six months.

NBK Academy also conducts training with local and international vendors such as the UK’s Euromoney Learning and Zishi Group (formerly known as BG Consulting) as well as the US’ FranklinCovey and Thomson Reuters. Additionally, the programme provides in-house training and business inductions to upskill participants.

Mena Retail Banker of the Year

Mohammed al-Othman serves as the head of National Bank of Kuwait’s (NBK’s) consumer banking group (CBG), where he oversees the development and implementation of strategies across several business areas. These areas include banking products, digital channels, the country’s largest branch network, call centres, business acquisitions and a centre of excellence.

Al-Othman’s leadership involves managing a team of more than 1,500 professionals across various units and spearheading initiatives to enhance the customer experience while also driving NBK’s digital-first strategy. In addition to his role as CBG head, Al-Othman has launched Weyay Bank, the first and only fully digital bank in Kuwait, which aims to address the challenges that the bank’s younger customers face in conventional banking.

National Bank of Kuwait has won multiple accolades at the Mena Banking Excellence Awards 2023, including Best Retail Bank – Kuwait, Best Youth Programme Initiative and Excellence in Service: Priority Banking. In addition, NBK’s head of consumer banking group Mohammed al-Othman has been named Mena Retail Banker of the Year.

National Bank of Kuwait is nurturing female talent and spearheading initiatives towards gender diversity and equal opportunities in the workplace.

In today’s global business environment, it’s essential for banks and financial institutions to achieve diversity and inclusivity in their workplace.

An increasing number of organisations are now recognising the benefits of having a more diverse workforce, such as increased innovation, higher employee satisfaction and better financial performance.

National Bank of Kuwait (NBK) has made conscious efforts to transform traditional mindsets and establish a conducive environment for cultivating female talent and preparing them for leadership roles in the corporate world.

In this context, initiatives like the NBK Rise global women’s leadership programme, which aims to enable women to attain senior leadership positions across various business sectors, are critical to promoting gender equality in the workplace. Such initiatives also help organisations meet their social responsibilities, support sustainability objectives and foster positive change in their communities.

The NBK Rise programme is being led by Shaikha al-Bahar, deputy group CEO of NBK, and was developed by Najla al-Sager, head of talent management, and Alia Abu el-Fath, head of corporate communications at NBK Capital.

NBK Rise aims to foster positive change in Kuwait’s corporate community and support NBK’s sustainability objectives. It includes an exclusive nine-month programme that brings together female leaders from across the globe and enables participants to share their experiences and work with prestigious universities and industry leaders to develop leadership techniques.

Each participant receives mentorship and management support from experienced industry leaders. Graduates mentor future candidates, thereby creating a self-sustainable cycle of empowering female leaders.

Knowledge transfer

In addition, the programme comprises several training modules created by renowned business schools such as Spain’s IE Business School, France’s Insead and US-based FranklinCovey. These modules are designed to develop the leadership, strategic, communication and interpersonal skills of professional women participants, preparing them for higher leadership roles.

NBK’s goal is to transform attitudes and promote women’s leadership in Kuwait, the region and the world.

Universal goals

The lender committed to furthering the UN’s Women’s Empowerment Principles (WEP) in 2017 and supports women’s empowerment through various initiatives such as learning and development, career development, workplace gender diversity, non-discrimination, equal opportunities and providing insights from the private sector’s point of view. NBK has played a pivotal role in organising a pledge among leading regional and global corporations to increase women’s representation in leadership positions.

Additionally, the NBK Group hosted the NBK Rise exhibition at its headquarters to promote women leaders and inspire more women to take up leadership positions.

The exhibition creatively portrayed the different aspects of leadership, using installations and interactive stations to send out inspirational messages on what it takes to be a successful leader.

National Bank of Kuwait has won multiple awards at the Mena Banking Excellence Awards 2023, including Best Implementation of Diversity & Inclusion Initiatives and Best Initiative for Women in Business.

National Bank of Bahrain is setting new standards in online financial services with its tailor-made offerings.

Bahrain’s highly developed financial sector has made it necessary for banks to differentiate themselves and adopt new technologies and initiatives in order to gain a larger market share.

Retail banking is a significant part of this sector and banks need to offer innovative and tailored solutions to attract and retain customers. In addition, the domestic and international competition in Bahrain’s banking industry means that lenders must stay on top of the latest technologies and initiatives to remain competitive.

Tech integration

Given the rapidly changing technological landscape and evolving customer needs, the need for digital transformation in the financial services industry is critical. As the sector continues to evolve, digital technologies are playing an important role in transforming the industry.

Banks in Bahrain have been embracing digital transformation to enhance their services and stay competitive. Several lenders have launched digital-only subsidiaries, and many others are introducing innovative solutions such as mobile banking apps, contactless payment systems and loyalty-based rewards programmes.

One of the lenders at the forefront of this digital transformation is National Bank of Bahrain (NBB). To meet the demands of a new era of customers, NBB has developed tailor-made banking products and services. The lender is setting new benchmarks in digital banking services and introducing creative solutions that deliver instant customer benefits.

Protecting customers

Biometrics technology is increasingly being used in digital banking to enhance security and provide a frictionless user experience. With features such as fingerprint and facial recognition, customers can quickly and securely log in to their accounts, complete transactions and access other banking services with ease, eliminating the need for traditional passwords or PINs.

To ensure customer data and privacy are protected, NBB has integrated advanced biometric authentication features such as fingerprint and facial recognition for a fast and secure login process. These features provide an added layer of security for customers’ accounts and make digital banking more convenient and seamless for NBB’s clients.

NBB has won accolades in two categories at the Mena Banking Excellence Awards 2023: Best Retail Bank – Bahrain and Best App for Customer Experience.

NBB has also revamped its digital mobile application and about 70 per cent of new digitally opened accounts have been secured so far this year, with more than 47 per cent of customers registering digitally, representing a 32 per cent increase compared with 2022.

Rewarding loyalty

In today’s fiercely competitive retail banking industry, acquiring new customers and retaining existing ones is a top priority. One effective way that banks accomplish this is through loyalty programmes. Such initiatives offer rewards and incentives to customers for their continued patronage, encouraging them to remain committed to the bank over the long term.

NBB’s Points loyalty programme enhances customer loyalty by providing a customised automated rewards system that aligns with the bank’s digital strategy. With a focus on enhancing customer experience, NBB has made it convenient for customers to sign up for the Points programme by using their NBB Digital Banking app login credentials.

Customers can download NBB’s Points loyalty programme via iOS and Android mobile applications. The programme offers a wide range of benefits, from donating to charities to redeeming points for air miles, receiving instant cashback on their cards, and earning rewards on transactions. It also supports Bahrain’s SME segment with a portal that enables businesses to launch their own offers, adjust their duration and reflect these changes instantly to the customer’s Points app.

In collaboration with the Ministry of Housing & Urban Planning (MOHUP), state-owned Eskan Bank is developing sustainable financial solutions to meet Bahrain’s housing challenges and boost economic activity.

The demand for social housing units recorded by the ministry has risen considerably, leading to pent-up demand waiting to be served. This situation has created pressure on the government to build more housing units and provide a growing rental budget to citizens who have been waiting for more than five years.

Bahrain’s housing challenges also include limited resources and lengthy construction periods. To address these issues, Eskan Bank and MOHUP have devised sustainable solutions aiming to serve the maximum number of citizens in the shortest time frame. This move would benefit all stakeholders including the government, applicants and the private sector.

Sustainable approach

Eskan Bank’s sustainable solutions have expanded the social housing finance solutions available in Bahrain and increased the amount of subsidised mortgage transactions recorded by the lender as well as private sector banks. Eskan Bank now offers several solutions, an increase from the previous four, with the mortgage floor raised from $50,531 to $106,382, and the ceiling raised from $159,574 to $186,170.

These new subsidised mortgage programmes have allowed private sector banks to enjoy wider participation in the country’s social housing portfolio, creating increased demand for real estate and driving economic activity.

Eskan Bank’s solution aims to attract private sector developers and financiers, and enable them to enhance their role in social housing, leverage public funds allocated to social housing, and empower beneficiaries by introducing immediate mortgage solutions that cater to all segments with utmost flexibility.

To implement the scheme, the lender now allows social housing service beneficiaries to obtain subsidised mortgages from partner banks, whereas previously, they were offered solely by Eskan Bank. There are also schemes where the lenders provide the mortgage to the citizens while the government subsidises their instalment payments.

Legal framework

Eskan Bank has worked diligently to develop the legal framework for the subsidy programme and has collaborated with MOHUP and the relevant ministries to obtain the cabinet’s approval.

Together, they have ensured compliance with all regulatory bodies and have budgeted the subsidy requirements with the government for such housing programmes.

Eskan Bank has won the Best Innovation Programme trophy at the Mena Banking Excellence Awards 2023.

The Qatari lender is leveraging advancements in artificial intelligence to enhance sharia-compliant banking services.

In recent years, technology has played a significant role in developing Islamic banking services, enabling lenders to offer creative and personalised solutions to their customers.

As innovation and technology drive financial services to new heights, Qatar-based Dukhan Bank is leading the charge by offering comprehensive sharia-compliant banking services, including wholesale, retail and private banking, and wealth and asset management.

Underpinned by Qatar’s National Vision 2030, Dukhan Bank utilises its strong balance sheet and a customer base of more than 150,000 to deliver financial solutions that cater to the evolving needs of customers and shareholders alike.

Powered by AI

Artificial intelligence (AI) and chatbots have revolutionised customer service in the banking sector, providing customers with efficient and hassle-free access to banking services and helping banks improve customer engagement and enhance their services.

By leveraging AI technology, chatbots can deliver prompt and personalised solutions to customers while eliminating errors in text and voice messages. The benefits of this technology are evident in the success of Dukhan Bank’s multi-channel virtual assistant, Rashid, which has been honoured with the Best Multi-Channel Offering award at the Mena Banking Excellence Awards 2023.

The chatbot platform that powers Rashid deploys the most advanced AI technologies, including natural language understanding (NLU) to eliminate errors in text and voice messages.

Rashid leverages natural language processing and machine learning to provide customers with prompt, personalised and efficient solutions to their banking queries. The platform offers an enterprise software solution and this enables conversations that simulate a real-life interaction between two individuals. Additionally, customers can access the platform’s features through any channel including intranet, WhatsApp, the corporate website, internet banking and mobile banking.

Rashid can converse with customers in Arabic and English while simultaneously managing multiple tasks and intricate queries, including questions on account balances, mini statements, card balances, card instalment details, spending analytics and merchant offers.

In 2023, Dukhan Bank intends to expand the virtual assistant’s repertoire by introducing several additional services including fund transfers, activation and blocking of cards, credit card and utility bill payments, and customised client recommendations.

Through Rashid, Dukhan Bank has exemplified how investing in the right technology can transform the way businesses engage with their customers. Rashid aims to eliminate the barriers between complicated application interfaces and customers looking for secure services.

Dukhan Bank has secured multiple accolades at the Mena Banking Excellence Awards 2023, including Best Private Bank – Qatar, Best Multi-Channel Offering and Excellence in Omni-Channel Integration. Additionally, Chaouki Daher, general manager and head of private banking, has been named Mena Private Banker of the Year.

Commercial International Bank is streamlining financial services by delivering structured solutions for trade transactions.

Egypt’s Commercial International Bank (CIB) offers trade finance services to clients through its extensive domestic branch network and correspondent banking relationships.

The lender’s trade finance division has witnessed considerable expansion in recent years and, as of November 2022, had initiated a total of 44,661 transactions valued at £E188bn ($6.1bn). Despite challenging global circumstances, trade finance revenue reached £E1.1bn year-to-date (YTD) in November 2022, representing an impressive 48 per cent increase from £E717m YTD in November 2021.

Capitalising on its domestic branch network of more than 200 branches and sales offices across Egypt, CIB can provide global coverage when required. The lender’s trade sales activities are conducted through three main client relationship groups, namely Global Customer Relations (GCR) or Corporate Banking, Enterprise and Governmental Relations (EGR) and the Consumer Banking or Business Banking Group (BB).

Meanwhile, CIB’s financial institutions products team specialises in delivering structured solutions to exporters, importers and banks engaged in trade transactions with CIB, including forfeiting, letter of credit (LC) refinancing and risk participation.

Technology revamp

CIB has undertaken a revamp of its online corporate portals, culminating in the launch of the CIB Business Online platform, which is a corporate portal that provides customers with a unified interface to manage their cash management, supply chain finance (SCF) and trade service requirements.

This platform has successfully provided its corporate clientele with a comprehensive suite of cash management products and services customised to meet their unique requirements, leading to a marked improvement in payment management, enhanced working capital efficiency and streamlined information management.

Noteworthy achievements

Additionally, the registration of 9,067 customers on the trade portal, with a migration rate of 42 per cent, has resulted in a considerable cost synergy reduction of £E19.7m for trade transactions. The online origination of newly issued transactions amounting to £E42.7bn for trade transactions is a significant achievement for CIB’s online trade finance platform.

The lender has developed a trade transformation programme to achieve near straight-through-processing (STP) for all trade transactions and processes. This strategic initiative is designed to significantly reduce the processing time for trade finance products and enhance customer experience, positioning CIB as Egypt’s preferred trade service bank. The trade transformation programme leverages automation and new technologies to streamline transaction processing turnaround time (TAT), reduce manual intervention, increase cost synergy, and standardise trade services by automating tracers and service level agreements (SLAs).

Furthermore, CIB’s trade transformation initiative incorporates automated client engagement through SMS/email notifications, commission and charge collection automation, and accelerating transaction processing and screening against international negative lists.

Timely delivery

It is worth noting that the lender has prioritised the prompt and efficient delivery and servicing of its diverse range of products to clients. To this end, CIB’s global transaction banking (GTB) group works closely with customers to provide a seamless transition to the CIB Business Online platform, encompassing the bank’s trade finance, cash management and supply chain finance activities.

In addition, the lender’s sales and product activities are benefiting from the support of dedicated trade operations and IT groups committed to ensuring superior processing quality, operational efficiency and minimising the TAT for each trade transaction.

Commercial International Bank has been named the Mena Trade Finance Bank of the Year at the Mena Banking Excellence Awards 2023.

BNP Paribas Wealth Management has gained a competitive edge with its unique footprint and investment expertise.

Wealth management has become an increasingly important part of the banking industry as lenders seek to expand their offerings and meet the evolving needs of their clients.

It involves providing tailored financial advice and investment solutions to high-net-worth individuals and families, and often consists of a range of services including asset management, financial and estate planning.

For banks, wealth management can be profitable, with high fees and commissions, and can also help diversify revenue streams. In addition, strategic geographical expansion can play a crucial role in wealth management as lenders seek to tap into growing markets and reach new clients.

BNP Paribas Wealth Management has differentiated itself from its competitors by implementing an integrated model that leverages the extensive global capabilities of the BNP Paribas Group. This model comprises a well-conceived footprint, exceptional investment expertise, advanced credit capabilities and proficiency in socially responsible investment (SRI).

The bank boasts an extensive presence across the Gulf, and offers industry-leading investment expertise in advisory and discretionary portfolio management, alternative and responsible investments, wealth planning, and investment solutions.

Significant credit

BNP Paribas’ credit capabilities are noteworthy, as demonstrated by its significant credit envelopes that enable the lender to cater to the credit requirements of its clients. Furthermore, the bank’s experience in SRI enables it to support clients in their efforts to make a positive impact.

BNP Paribas aims to become the reference bank for entrepreneurs and families, and has made several efforts to meet this ambition.

In 2017, the bank revamped its strategy to accelerate the development of the Middle East and Africa (MEA) region. As a consequence, its assets under management (AUM) have doubled since 2018.

Furthermore, BNP Paribas has defined its key strategic priorities in the 2022-25 plan by specifically focusing on the wealthiest clients in the UAE and Saudi Arabia.

Prioritising the customer

BNP Paribas Wealth Management prioritises its clients and community by bolstering its digital capabilities, facilitating intimate client relationships, and enabling access to a global array of products and expert advisers. Despite the challenges presented by the Covid-19 pandemic and prevailing market conditions, BNP Paribas Wealth Management has seen robust financial and commercial success in the past three years, with increasing client trust and satisfaction.
As a result, the bank’s balance sheet is robust, with EUR461bn ($509bn) in liquidity reserves and a common equity tier 1 (CET1) ratio of 12.2 per cent as of December 2022. In the future, it aims to build closer relationships with clients in priority markets by providing global access to the best products and engaging with the community.

Innovative services

BNP Paribas’ diverse range of services, including private and alternative investments, discretionary portfolio management and strategic asset allocation, have garnered market recognition. In addition, its digital transformation efforts have resulted in the development of creative solutions such as digital platform myWealth, powerful decision-making tool Strategic-A and discretionary management service myMandate.

The bank’s continued success can be attributed to the robustness and pertinence of BNP Paribas Wealth Management’s value proposition, as evidenced by the bank’s strong financial and commercial performance, market recognition and high levels of client support and satisfaction.

BNP Paribas has been recognised as the winner of the Mena Private Bank of the Year category at the Mena Banking Excellence Awards 2023.

The Omani lender is using innovative technology and robust initiatives to promote social development in the sultanate.

The role of corporate social responsibility (CSR) initiatives and sustainability has become increasingly significant for banks as they aim to align their business operations with the broader goals of society.

Lenders such as Bank Muscat have been actively involved in CSR programmes that contribute to the social, economic and environmental development of their communities.

Moreover, banks are leveraging digital solutions to enhance the customer experience and provide convenient and accessible services. This is evident from the surge in registered mobile and internet banking users at Bank Muscat, reflecting the lender’s commitment to leveraging advanced technology to meet evolving customer needs.

Key growth factors

Bank Muscat’s success can be attributed to several key factors significantly contributing to its growth and development. Notably, net interest income from conventional banking and net income from Islamic financing totalled RO344.86m in 2022, registering a 2.8 per cent uptick from the previous year. Additionally, non-interest revenue grew by 12.9 per cent, primarily due to higher investment income.

One of the factors has been the bank’s focus on strengthening its customer service offerings by leveraging advanced technology and digital banking solutions to meet the evolving needs of its clients. As a result, registered mobile and internet banking users have surged to 1.4 million, reflecting the lender’s commitment to providing convenient and accessible banking services.

Ensuring CSR goals

In addition, Bank Muscat has continued its essential role in supporting small and medium enterprises (SMEs) in Oman by providing a free, advanced entrepreneurial programme to 30 top performers from the lenders’s Al-Wathbah SME Academy.

Bank Muscat’s dedication to CSR and sustainability remained unwavering throughout 2022 through several programmes and one-off activities, supporting various social investment pillars. The lender’s CSR initiatives have been centred around the pillars of youth and sports, economy, education, environment and social welfare.

Bank Muscat has also completed its Tadhamun programme for the 10th consecutive year in partnership with the Ministry of Social Development. This initiative has provided household appliances to more than 200 families on social welfare across different governorates in Oman. In addition, the lender participated in the annual ‘Fak Kurba’ initiative organised by the Oman Lawyers Association for the fifth consecutive year, and contributed to securing the release of individuals convicted of financial default in 260 humanitarian cases.

Furthermore, Bank Muscat has extended its support to 20 additional sports teams from different governorates during the year through the Green Sports programme. This brings the lender’s total number the total number of beneficiaries to 163 teams comprising more than 50,000 members across the sultanate.

Bank Muscat’s success in its various business verticals and its commitment to CSR and digital banking initiatives make it a benchmark for financial institutions seeking to build a better future.

Bank Muscat has been named the Best Retail Bank – Oman at the Mena Banking Excellence Awards 2023.