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Bank Muscat signs OMR50 mn deal with Oman Housing Bank

Bank Muscat Oman Housing

Bank Muscat will support OHB’s core business of providing mortgage loans to the low and medium-income group

Bank Muscat has signed a deal with Oman Housing Bank (OHB) –Oman’s nodal housing financing institution worth OMR50 million. According to the deal, Bank Muscat will finance Oman Housing Bank’s core business of providing mortgage loans to Oman’s low and medium-income groups.

With regard to the deal with Oman Housing Bank, Al Hashar, chief executive officer at Bank Muscat told the media, “This financing arrangement comes within the scope of joining hands with partners to achieve the highest value for the National Economy. The agreement is a clear indication of the availability of viable financing facilities in Oman. Bank Muscat is focused on playing a prominent supporting role in projects of national importance and also in supporting other institutions, which are also contributing to economic growth and development.”

On the other hand, according to Adnan Haider Darwish, general manager at Oman Housing Bank, the financing from Bank Muscat will help OHB contribute substantially to national economic priorities and development by disbursing mortgage loans.

Bank Muscat also announced its preliminary results for the first nine months of 2019. During the period, the bank posted a net profit of OMR141.43 million, an increase of 5 percent when compared to OMR134.74 million generated during the same period last year.

Banks Muscat’s net interest income from conventional banking and income from Islamic Financing stood at OMR237.97 million, a 6.2 percent increase when compared to the same period last year.

The bank’s net loans and advances including Islamic financing receivables increased by 1.3 percent to OMR8,965 million when compared to OMR 8,853 million as at 30 September 2018.

According to reports, Oman’s state-owned Oman Aviation Group selected Bank Muscat along with JP Morgan to raise around $3 billion. The fund to be raised is a part of its plan to raise $6 billion to develop new airports and the expansion of national carrier Oman Air.

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