Oman Arab Bank (OAB) has unveiled a pioneering initiative to waive outstanding debts for a number of its financially struggling borrowers, as part of the bank’s commitment to promoting economic development and alleviating financial burdens on individuals facing challenging economic circumstances.
Through this move, OAB seeks to empower financially strained customers to regain financial stability and start anew with better opportunities for economic security. This also highlights the bank’s vision of cultivating a sustainable relationship with its customers, contributing to Oman’s economic and social growth.
Sulaiman Al Harthi CEO – Oman Arab Bank
“At OAB, we believe in standing by our customers during difficult times. This initiative reflects our firm commitment to supporting the community and fostering sustainable development. Through this effort, we aim to ease the financial burdens of those most in need—individuals who have faced unforeseen circumstances that have affected their ability to repay. We emphasize the importance of solidarity and cooperation between financial institutions and society in fostering a more stable and equitable economic environment.”
This initiative falls in line with the bank’s strategy to enhance financial sustainability by providing cutting-edge solutions to support customers. These solutions include loan restructuring, partial debt forgiveness, and installment deferrals during religious occasions, among other measures.
Al Harthi added that, “As a leading institution in Oman’s banking sector, OAB embraces a broad approach to social responsibility, encompassing all aspects of comprehensive and sustainable development. The bank is committed to engaging with the community and its customers through participation in events, forums, and exhibitions, as well as supporting NGOs, charitable organizations, volunteer work, and awareness campaigns.”
In line with Oman Vision 2040, OAB has been actively advancing its transformation into a modern banking institution with a focus on enhancing digital services and enriching the customer experience.
The bank has launched a wide range of innovative initiatives and programs to nurture national talent and leadership, supporting career growth and fostering the success of entrepreneurs in self-employment and business ventures.
OAB has also expanded its pioneering initiatives to contribute to the advancement of healthcare and education services, as well as the overall development of the financial and banking sectors.
Al Harthi expressed delight at the bank’s strong community recognition and the prestigious awards it has received in appreciation of its innovative and advanced services. The CEO also highlighted the bank’s commitment to corporate social responsibility (CSR), emphasizing its role as one of the leading institutions supporting various CSR programs that create a lasting impact on community development.
