MUSCAT: Bank Muscat’s Money Market Fund recorded the highest industry annualised return of 3.27 per cent per annum during June 2019, higher than the typical call rate of 0.5 per cent – 2 per cent per annum offered by banks in Oman. On a daily basis, the Fund continues to deliver annualised returns of 3.3 per cent per annum.
Money Market Fund is the only one of its kind in Oman offering both retail and institutional investors an excellent alternate to current account. The fund offers daily liquidity to its investors and does not charge any entry or exit load to its investors. The Fund has an unparalleled track record of having a positive return every day since inception in 2012.
The Money Market Fund, together with Bank Muscat provides convenient sweep-in and sweep-out facility from investors’ account in Bank Muscat. This enables investors to invest and redeem from the Fund in a simple way. The minimum investment in the Fund is RO 10,000 and there are no entry or exit fees.
Abdullah al Hinai (pictured), Chief Wholesale Banking & Strategic Growth Officer, Bank Muscat, said: “The Fund is attracting investors as a result of strong performance, no entry or exit load and daily liquidity. The assets of the Fund have increased by over 400 per cent over the past one year due to the fund’s performance and increasing interest from investors on account of consistent increase in returns to about 3.3 per cent per annum.”