MUSCAT -- Abdul Kader Askalan (pictured), CEO, Oman Arab Bank, said OAB has started installing the new multi function POS (Point of Sale) machines in several governmental and private organisations. These POS machines have some unique features that set them apart from the existing POS machines in the market, said Askalan in comments to the Observer.
First, they accept all credit/debit cards in addition to accepting OAB SmartCard. Secondly, OAB POS machines are fully EMV compliant which permits the machine to accept the new Euro/MasterCard/Visa chip-based cards. These are unique features which give customers simpler operation and great flexibility compared to other available POS machines said Askalan. OAB, he said, launched a number of new innovative products and services in recent times, Askalan. One of these include the Markabati Auto Loan -- a complete car financing solution with added value features -- that should enhance the car purchasing experience of its clients.
The bank also launched the Al Himaya car insurance product again giving its clients total peace of mind when it comes to insuring their cars. On the customer services front, OAB launched the "On Demand Banking" unit catering to all their customer banking needs at a time and place convenient to them. On the e-payment front the bank introduced Kunooz Smart Card, an e-payment card that rewards its users with vouchers and gifts.
The bank's expansion programme continued with the opening of new branches in Sohar, Sumail, Quriyat and the upcoming Al Amerat branch with several new branches on the way across several areas in the Sultanate. Askalan said in spite of global financial crisis, Oman's financial system has faired relatively well mainly due to the Sultanate's overall policy of steady and sustainable development.
There has been a definite correction in real estate prices, some areas more than others; however "we have seen early signs of recovery. Government spending continued throughout 2008 and first half of 2009 with major contracts already awarded which will in turn provide a stimulus to the economy", he said. Askalan said Oman Arab Bank has yet again demonstrated it's virtue of stability in profits. Despite the sharp decline in the overall economy and the Muscat Securities Market, the bank achieved a figure of RO 24.56 million for the period ended December 2008, which is 26 per cent higher than 2007 and 62.5 per cent than 2006.
On the question of third party electronic fund transfer in Oman, he said introduction of payment system at CBO and creation of Banknet have removed many challenges in this regard with just a few to be resolved sooner or later such as public awareness and new rules and regulation to be formulated and to enhance already existing rules to protect financial institutions and these are in the pipe line.
About the sophistication CBO's Real Time Gross Settlement (RTGS), Automated Clearing House (ACH) and Cheque Imaging System (CIS) have had in the banking system, he said these initiatives have revolutionised the funds transfer between financial institutions in real time management of funds and mitigated the risk involved particularly at current volatile in economic situation. It has streamlined the operations, reduced the risk and handling cost of physical cheques and enhanced the speed of funds settlement.
By Hasan Kamoonpuri
© Oman Daily Observer 2009
