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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

OBA organises Arab Financial Inclusion Day

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MUSCAT: The Oman Banks Association (OBA), as part of its commitment to global best practices, and to raise awareness of the importance of financial inclusion, organised a seminar on Thursday, April 26, 2018, at Bank Muscat’s Head Office. This seminar came as part of activities line-up to mark the annual Arab Financial Inclusion Day coinciding on April 27 of every year. The event was attended by a group of students representing universities and colleges in the Sultanate. The aim of this event was to introduce, and educate young people on the fundamentals of the Omani economy, and the role of the banking sector in economic development to enhance the financial culture of this segment of society.


A number of working papers were presented. Adil al Saadi, Manager of Banking Credit & Statistical Data Department at the Central Bank of Oman (cbo), presented a working paper on the credit registry at the banking sector, and its usage by banks. Adil also spoke about the role of the Central Bank of Oman in enhancing financial inclusion in the Sultanate. Thereafter, Majid al Kiyumi, Director of Trading Surveillance at the Capital Market Authority, presented a working paper that included an overview of the Capital Market, and the Insurance sector. Ali Hassan Moosa, Chief Executive Officer at the Oman Banks Association, presented a working paper that defined financial inclusion as the society having access to quality, and affordable financial services provided in a fair, and a responsible manner. He continued to state the definition of financial inclusion has three main pillars; Access to financial services, usage, and quality.


Ali spoke about the importance of financial inclusion to maintain financial stability, economic growth, social stability, and the creation of jobs opportunities in the society. The paper discussed some of the banking sector data, and the various services that banks offer. The paper also covered the number of banks operating in the Sultanate that are licensed by the CBO, which include Conventional that are locally incorporated and foreign banks, Islamic, and specialized banks, and their roles and initiatives in corporate social responsibility.


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