OAB launches debt exemption initiative for defaulting borrowers

SourceTimes of Oman
SectorFinancial Services

Muscat: On the occasion of the 50th National Day, Oman Arab Bank (OAB) has written off over 150 defaulting loans. This initiative is part of the bank’s social responsibility towards society and was prompted by the special circumstances of the account holders which include the elderly, widows and people with disabilities.Rashad Al Musafir, CEO of the Bank said, “Since our establishment, Oman Arab Bank has been, and continues to be, a financial institution that takes care of its customers and strives to build closer relations with the community. Since the passing of 50 years marks a significant milestone for the country and all its people, we decided to share in the joy and celebration of our customers. For this reason, we are launching this debt exemption initiative to help people in need, especially those who are facing difficult circumstances brought about by the current challenges.

This way, we can enable them to move forward with their lives without having to worry about their existing loans with the bank. This initiative stems from our commitment to social responsibility and is our way of giving back to the Omani society.”Commenting on the criteria to select the beneficiaries for this initiative,...read more...