ODB to finance women’s projects with zero interest

This is as part of the banks efforts to motivate Omani women to opt for self-employment and to support the skills of Omani women


The Oman Development Bank (ODB) organised an introductory seminar on its product Anamil meant for financing of homemaker womens projects at the headquarters of the Omani Womens Association in Qurum. This is as part of the banks efforts to motivate Omani women to opt for self-employment and to support the skills of Omani women in many productive and services sectors which can absorb national cadres and help in achieving self-sufficiency.

Mona bint Mohsin bin Baqir Abdul Latif, Director of Womens Projects at the ODB, presented a paper on the facilities provided by the bank for Omani women.
In her paper, she discussed the value of the loan granted to Omani women which ranges between RO 500 to RO 3,000 including life insurance of the beneficiary.

She said that under namil product, the interest is zero per cent, the grace period extends to a maximum of 3 months, and the repayment period is monthly. Among its requirements are a personal guarantor with financial solvency, and the period of the use of the loan is three months.

She said that the conditions for obtaining the loan is that the applicant has to be practicing the activity or has an experience enabling her to manage the project. She is also required to be at least 18 years old. The project has to be productive and economically feasible. The applicant has to provide the required supporting documents.

There are several documents required to get the loan, including a license to engage in individual business and commercial productivity at home, the personal card of the applicant and the guarantor, as well as proof of housing, address, proof of being free full-time or being a job seeker and proof of income of the sponsor, and other documents which may also be required by the bank, Mona bint Mohsin.

The ODB wants to finance womens projects to provide employment opportunities for them, to improve their living standard and that of their families. Through this project, the bank encourages women to set up their own projects, increase their loan portfolio by 10 per cent annually, and pays attention to meet their needs and aspirations as they represent half of the society. The bank is committed to the development and growth of the national economy, encourage local manufacturing and relying on local industries. The bank also wants to create new markets and start an honest competitive environment which helps in manufacturing of high quality products.
The areas where the ODB was providing finances are beauty salons, hairdressing, cooking Omani food, dates industry, tailoring and sewing womens clothes, renting ready-to-wear and wedding dresses, as well as making incense and perfumes, organising parties, making pottery, cotton and woolen textiles, making cosmetics, and sweets and other projects which come in the framework of womens projects.
As part of its support to womens projects, the ODB also provides training in marketing, project management, and promotion of womens products on social media, in cooperation with several companies and institutions in the Sultanate of Oman. The bank wants to establish a market or bazaar to help women entrepreneurs sell their products, in cooperation with a number of concerned institutions.
The bank is aimed at opening of communication channels with existing companies to market womens products through social media, and to promote womens loans in economic events, investment forums and specialised exhibitions, as well as cooperation with the relevant authorities to support womens projects.

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