Date: May 26, 2016
Zubair Small Enterprises Centre (Zubair SEC) recently hosted an introductory and awareness session for its members conducted by najahi programme of Bank Muscat, which provides financial services and support for small and medium enterprises (SMEs).
The session was organised in alignment with the recently signed Memorandum of Understanding (MoU) between Bank Muscat and Zubair SEC to collaboratively promote and support SMEs in the Sultanate. As per the agreement, Bank Muscat and Zubair SECwill extend support to owners of small businesses and work towards raising awareness on financing and entrepreneurship development and growth.
The session introduced Bank Muscat’s najahi programme to the attendees, explaining how it can help micro and small businesses apply to and obtain financial facilitation and services offered by the bank.
Owners of micro and small size enterprises were advised on how to best pitch with banks for credit facilities and how to be more banking friendly. Speakers shared the bank’s perception as to how SMEs can better win banks’ by-in for their projects by introducing positive tweaks to their approach and proposals, which could help them get better financial facilities.
The session between the members and Bank Muscat representatives was very interactive and engaging.
Stressing on the importance of organising such sessions, Ali Shaker, Business Advisor at Zubair SEC said, “It is imperative for our members to hear directly from banks on the various financial products and services available. Zubair SEC members will benefit from guidance on how to apply for financial services and what are the requirements. When they are better equipped with understanding of financial matters, the process of attaining services will become easier.”
He added, “This session comes as first activity after Zubair SEC and Bank Muscat signed an MoU to support SMEs in Oman. Both parties have been enabling entrepreneurs to plan successful business ventures by providing necessary training and guidance. We look forward for further collaboration with Bank Muscat.”
Speaking about the session, Sadiq Mohammed Baqer Al Lawati, Head of Retail Enterprises at Bank Muscat, said: “Bank Muscat najahi is happy to join hands with Zubair SEC to create a favourable environment for micro and small businesses in Oman. The specially designed najahi products and services catering to micro and small businesses reflect the bank’s commitment to support entrepreneurs, especially youth, who constitute the future of Oman. The bank reckons that entrepreneurial ventures help boost the local economy, contribute to the GDP and create self-employment opportunities. In step with responsible banking, the focus of Bank Muscat is clear – create a sustainable financial platform for the nation and people and thereby contribute to the country’s progress and development.”
While Bank Muscat caters to all SME segments, including micro, small and medium size businesses, small and medium entities are serviced through al Wathbah suite of focused products and services.
Zubair SEC has been putting effort to guide small businesses in the right financing direction by preparing them to mitigate financing risks and work towards increasing potential for business growth. It is also that through several MoUs with financial institutions in the Sultanate, and by engaging various specialized volunteering advisors and experts in finance and financial management, that Zubair SEC has been able to collaborate with and engage multiple stakeholders towards extending further support and guidance to small enterprises.