The Board of Directors of Oman Arab Bank (OAB) has announced appointment of Rashad al Musafir as acting CEO of the bank effective February 1, 2018. The appointment is aligned with the bank’s strategic transformation that started four years ago under the leadership of its CEO, Amin al Husseini. The Board of Directors has also announced that Amin al Husseini will be managing the executive transition and succession during 2018.
Commenting on the appointment, Rashad bin Mohammad al Zubair, Chairman of the Board of Directors of Oman Arab Bank said, “We are fully confident in the experience and competence of Rashad al Musafir and we wish him every success in his new role. The board also extends their thanks and appreciation to Amin for leading the bank’s transformation journey during these last four years. The decision reflects our goal to enable the next generation of Omani executives to assume leadership positions in the management of the bank. OAB’s programme to elevate Omani talent has accelerated in recent years thanks to targeted efforts to prepare distinguished individuals to assume leadership responsibilities in the years to come.”
The leadership succession comes as Oman Arab Bank celebrates 33 years of banking excellence in the Omani market, and marks four years since the launch of the bank’s transformational strategy, which was closely overseen by Amin al Husseini after he was appointed to the role of CEO in February 2014.
During his tenure, Amin implemented significant operational and experiential changes across the OAB network, at the branch level and within the bank’s head office. Today, Oman Arab Bank is a leading financial institution in the Sultanate in terms of enhanced customer experience and smart banking services, evidenced by the recent launch of an integrated digital banking platform across all touch points.
Highlighting OAB’s success in achieving the goals of the transformation strategy, Amin al Husseini noted, “The bank has achieved good financial results over the past four years, and has successfully implemented the digital transformation strategy. The bank has also done well to achieve our human capital development goals with the implementation of a comprehensive in-house development programme in line with the bank’s strategic Omanisationa plan. This has been made possible by investing in professional development for talented Omanies across the board to prepare them for senior management positions.
The bank has also been able to enhance the governance culture by establishing robust internal controls to manage risks, in line with Central Bank regulations.
Commenting on the new appointment Amin al Husseini added “I’m very confident of my colleague Rashad al Musafir to achieve the long term goals set by the Board of Directors, and I will continue supporting him to ensure smooth and seamless transition.”
Noting the rapid transformation of the bank in recent years, Rashad al Musafir, commented, “The Oman Arab Bank of today continues on an impressive trajectory, both in terms of operational efficiency, and professional excellence.
I’m confident that the leadership team at OAB are amongst the best within the banking sector, and their contributions will be invaluable in achieving the bank’s objectives in the coming years.”