Looking For Growth: Bank Muscat CEO Sheikh Waleed K. Al Hashar Q&A

Looking For Growth: Bank Muscat CEO Sheikh Waleed K. Al Hashar Q&A

Global Finance: How did the Omani banking sector come through the crises of 2020?

Sheikh Waleed K. Al Hashar: The year 2020 was challenging on multiple fronts, given the unprecedented effects of the Covid-19 pandemic and continued pressure on oil prices. The government launched a number of relief initiatives to meet these challenges. Last March, the Central Bank of Oman announced a comprehensive incentive package to inject additional liquidity into the economy. Key economic relief measures included the lowering of capital conservation buffers, an increase in the required lending ratio, the deferment of loan installment and interest, a reduction in interest rates on repo operations, a reduction in charges for overseas remittances and a longer deadline for submission of audited financial statements by borrowers. The banking sector has been largely resilient thanks to these timely and proactive measures.

GF: What measures has the bank taken?

Al Hashar: As the leading financial services provider in Oman, Bank Muscat's focus was on safety, security and sustainability. It was important to be calm as we navigated multiple challenges, and this message was cascaded to all employees. During the lockdown period, we continued providing critical services and donated over $2.7 million to the health care sector for