Date: February 3, 2014
Bank Sohar SAOG signed a memorandum of understanding with Zubair Small Enterprises Centre (Zubair SEC) to facilitate joint collaboration on financially equipping and supporting Small Enterprise members of the Centre. The agreement was signed on 3 February 2014 at Bank Sohar SAOG headquarters in Ruwi, Muscat.
The agreement signing ceremony was attended by senior members of management from both sides including Dr. Mohamed Abdul Aziz Kalmoor, CEO of Bank Sohar, Mr. R Narasimhan, DGM and Head Retail Banking at Bank Sohar, Mr. C S Badrinath, CEO of the Zubair Corporation, Mr. Mohammad Al Hasani, Chief Communications Officer of the Zubair Corporation, Mr. K Palanivelu, Chief Financial Officers of the Zubair Corporation, and Mr. Hani Obeid, Acting CEO of Zubair SEC. The MoU was signed by Dr. Mohamed Abdul Aziz Kalmoor and Mr. C S Badrinath.
“In line with the Government’s initiatives to support the Small & Medium Enterprises sector in the Sultanate, and as part of its firm belief in the shared responsibility of the public and private sectors, Bank Sohar is proud to be associated with Zubair SEC in this agreement. Bank Sohar has always been a strong supporter of the SME sector and this partnership with Zubair SEC brings into sharp focus the small enterprisedevelopment formula in Oman as anadded value of synergy between sectors; each party would be putting forward their respective resources and expertise to work together in the advancement of entrepreneurs in the Sultanate,” commented Dr. Mohamed Abdul Aziz Kalmoor.
Latest studies have proven that the success of small enterprises relies heavily on assisting entrepreneurs in better comprehending the basic elements of business sustainability. Such advice comes through comprehensive business advisory support in all facets of business operations. As such, this agreement between Bank Sohar and Zubair SEC brings the small enterprise clients of Bank Sohar valuable business guidance while equipping them with the various credit facilities that may become available to them.
“We believe it is our endeavour as a private sector to promote and empower small enterprises to contribute to the growth and sustainability of the Omani economy, and as such augment the efforts of the Government. For over four decades, the Zubair Corporation has been empowering local talent and bringing new business ideology from around the world. The Zubair Small Enterprises Centre is our latest contributionthrough the advancement of the next generation of Omani business people. With now 70 member companies and over 100 entrepreneurs, the Zubair SECcontinues to service and to promote small enterprises”, commented Mr C S Badrinath.
In line with the directives of the CBO,Bank Sohar also restructured related divisionswithin the bank in 2013 to address the needs of a wider range of customers and to take on a more focused approach on domestic business from SMEs. Through this restructure, the Bank now offers the entire gamut of services to assist its customers and has talented and well-trained consultants that are capable of guiding budding entrepreneurs on what financial services most efficiently meet their desired requirements. This adds further impetus to existing initiatives from Bank Sohar to support the SME community.
Mr. R Narasimhan, DGM and Head Retail Banking at Bank Sohar mentioned, “In acknowledgement of the fact that a growing SME sector is vital for economic diversification which will in turn enhance employment opportunities for talented Omanis, this association with a not-for-profit concern such as Zubair SEC is a strategic move. As a commercial bank, this partnership will ensure that we can fund projects that have been vetted by experts at the Zubair SEC and also share learnings by referring candidates for advisory support.Bank Sohar’s retail banking division also has a dedicated micro and small business department which has been promoting small entrepreneurs and businesses across the Bank’s 25 branches.”
Through this collaboration, Bank Sohar and Zubair SEC touched on one of the most common pains of entrepreneurs in Oman; entrepreneurs who lack sound business capacities and fall short on acquiring their initial capital requirements due to a lack of proper documentation and business presentation approaches. So while banks are ready to finance entrepreneurs as part of their business mandate/objectives, they are challenged with high risks of extending their financing services to entrepreneurs operating on what seems to be “shaky” business grounds.
“This is where the role of Zubair SEC comes to be of highly-needed value; the Centre’s mandate is to work closely with its entrepreneur members, equipping them and advising them on best business practices by defining solid and well-designed business strategies, feasibility studies, marketing development plans, risk management plans, to name a few, which make entrepreneurs more attractive to financial institutions when applying for credit facilities”, commented Mr.Hani Obeid–Acting CEO of Zubair SEC.
About Sohar Bank SAOG
Bank Sohar officially opened its doors to customers in May, 2007, and in the following seven years of operations it has grown to become one of the leading players in Oman’s banking sector. Bank Sohar strongly believes that customers deserve nothing short of the best. That is why the bank is committed to creating the finest possible banking solutions and consistently evolving its services and products to effectively meet every customer’s requirement.
As a testament to this success, Bank Sohar received numerous prestigious foreign, regional and local awards last year including the ´Best Corporate Social Responsibility Bank Oman 2013´ award by renowned UK based Global Banking & Finance Review; the ´The Golden Award for Quality & Business Prestige´ by Otherways Management & Consulting Association in Rome; the distinguished Tatweej Academy’s ‘Golden Order of Merit’ in the field of prudent management; ‘Fastest Growing Bank In Oman’ at the Banker Middle East Industry Awards 2013 by UAE-based CPI Financial for the second consecutive year; the Majestic Five Continents Award for Quality & Excellence by Otherways International Research & Consultants; and ´Best Enterprise´ from the Europe Business Assembly (EBA). In addition, Dr. Mohamed Abdulaziz Kalmoor was also honoured with ´CEO of the Year 2013´ Award while the bank was awarded as one of the ’Top Five Large Corporate Enterprises in Oman’ at the Alam Al Iktisad Wal Amaal (AIWA) Awards.
For further details on Bank Sohar’s products and services, please visit www.banksohar.net. You can also follow the bank on Facebook at www.facebook.com/excel.banksohar and on twitter @banksohar_excel.
About Zubair Small Enterprises Centre (Zubair SEC)
Established in June 2013, the Zubair Small Enterprises Centre (Zubair SEC) is one of the initiatives which emanated from The Zubair Corporation’s Social Responsibility strategic vision towards the Omani society. The vision reflects the corporation’s belief in the importance of small enterprises (SEs) in enhancing the national economy and contributing to sustainable socio-economic development.The centre extends business mentorship and guidance to Oman’s promising member entrepreneurs as well as financial support to selected best entrepreneurs every year, to help them succeed and grow in a sustainable manner.
For more information on Zubair Small Enterprises Centre, please contact the Communications Office at info@zubairsec.org