INTERVIEW WITH RASHAD AL MUSAFIR, FOUNDER & MANAGING PARTNER, FINSCAPE

Muscat – FinScape is an Oman-based leading professional services firm offering a comprehensive suite of financial consultancy and advisory services. In an exclusive interview, Rashad al Musafir, Founder and Managing Partner of FinScape, shared insights into his transition from a successful 25-year career in banking to founding a pioneering financial consultancy firm. He discussed the market gaps that led to the creation of FinScape, the range of specialised services the firm offers, and the common financial challenges faced by businesses in Oman. The conversation also explored the impact of global and local economic trends, as well as the role of digital transformation in modern finance functions.

You had a long and successful career in the banking and finance sectors. What inspired you to start FinScape, and what specific gaps in the market were you aiming to address with this venture?

After spending 25 years in Oman’s banking sector, I saw first-hand the challenges many companies – both small and large – faced when navigating the complexities of banking requirements. The banking landscape, with its diverse products, constantly evolving regulations, and sometimes insufficient attention from overburdened relationship managers, often left businesses underserved. In many cases, companies lacked the time or expertise to effectively communicate their needs, leading to suboptimal financial decisions and even operational risks.

This gap in understanding and engagement was a significant opportunity for innovation. FinScape was founded to bridge the divide between businesses and banks. Our mission is to bring expert banking and financial consultancy to companies, helping them better understand the financial products, regulatory requirements, and risk considerations that impact their bottom-line.

By providing businesses with the tools, expertise, and knowledge they need, we help them craft strong, credible credit proposals and strategies before they even approach the bank. This approach, which I like to think of as “outsourced banking intelligence”, not only strengthens the client’s case but also accelerates the overall process, reducing risk and improving outcomes for both clients and financial institutions.

Can you briefly introduce the services that FinScape provides and explain how they help businesses navigate the financial landscape in Oman?

FinScape is a leading professional services firm offering a comprehensive suite of financial consultancy and advisory services. Our expertise spans across a variety of domains, including:

Credit proposal preparation: We assist businesses in restructuring existing debt or securing new loans by crafting compelling credit proposals that address bank requirements and financial objectives.

Feasibility studies and business plans: For businesses launching new projects or entering new markets, we provide strategic insights and robust financial modelling to ensure sound decision-making.

Company performance reviews and health checks: Our diagnostic services evaluate financial and operational health, with actionable recommendations for improvement.

Financial due diligence and valuation: We conduct thorough due diligence and business valuations for companies involved in mergers, acquisitions, or investments.

Outsourced CFO services: For growing businesses, we offer expert financial management and strategy, without the overhead of a full-time Chief Financial Officer.

Forensic accounting and internal audit: We provide fraud detection, risk assessments, and comprehensive internal audits to ensure financial integrity.

Governance and regulatory advisory: We support businesses in adhering to corporate governance standards and regulatory requirements, including ESG-related matters.

What differentiates FinScape is our team’s deep expertise in banking, finance, and accounting. Our professionals include seasoned bankers, chartered accountants, financial analysts, and business strategists. This diverse skill-set allows us to offer holistic, practical solutions tailored to the unique needs of each client.

In your view, what are some of the biggest challenges businesses in Oman face when navigating the financial requirements?

Omani businesses face a variety of challenges in managing their finances, particularly in an economic environment that can change rapidly. One of the most pressing challenges is effective cash flow management. Many businesses struggle with accurately forecasting their cash flow, and in turn, they risk facing liquidity crises or funding gaps. Given the volatility in global markets, it’s essential for companies to anticipate potential delays in receivables or downturns in revenue.

Additionally, businesses often overlook the importance of aligning their funding needs with their cash flow cycles. Short-term financing might seem attractive, but it can be risky if not managed carefully. The key challenge here is to build a disciplined approach to cash management, ensuring that businesses plan for contingencies and avoid relying too heavily on borrowing.
Lastly, the complexity of the regulatory landscape in Oman, combined with frequent changes in financial compliance requirements, makes it difficult for businesses to stay ahead of the curve. Companies need ongoing support in managing risk, adhering to governance frameworks, and ensuring they are fully compliant.

How do you see the current global and local economic environment affecting Omani businesses and their financial strategies?

Omani businesses have weathered several economic storms over the last decade, including the decline in oil prices starting in 2014, the impact of the COVID-19 pandemic, and the overall global economic slowdown. However, as the government’s fiscal reforms start to bear fruit, there is renewed optimism for the future.

The recent austerity measures and reduced national debt have improved Oman’s credit rating, positioning the country for increased foreign investment. This, combined with Oman’s political stability and strategic location, creates a favourable environment for business growth and access to financing. We expect to see greater funding appetite from lenders, more business activity, and increased foreign capital inflows, which will benefit Omani businesses in both the short and long term.

However, businesses must remain agile and strategic in their financial planning. With global uncertainty still a major factor, companies must balance optimism with caution – focusing on managing working capital, building liquidity buffers, and ensuring their financial resilience in the face of potential disruptions.

How are digital transformation and emerging technologies affecting the finance function within companies in Oman? What strategies should they adopt to minimise disruption and maximise the benefits of new technologies?

Digital transformation is revolutionising finance functions worldwide, and Oman is no exception. Emerging technologies such as AI, machine learning, and automation are reshaping the way financial tasks are performed, from reconciliation and reporting to data analytics and forecasting. The automation of routine tasks offers significant opportunities for businesses to reduce costs, improve accuracy, and free up finance teams to focus on higher-value activities like strategic planning and decision-making.

For businesses in Oman, embracing these technologies is no longer optional, it’s essential for staying competitive. The shift is not just about adopting new tools, but also about reshaping the skill set of finance professionals. The modern CFO will need to be not only an expert in financial strategy but also a leader in digital transformation, guiding teams through the adoption of technology and ensuring the seamless integration of new systems.

To minimise disruption and maximise benefits, businesses should take a phased approach to technology adoption. Start by identifying areas where automation can have the most immediate impact, such as accounts payable, receivable, and reporting. From there, invest in training your finance teams to build new digital competencies. Lastly, ensure strong governance frameworks are in place to manage the security, compliance, and ethical implications of using these advanced tools.

What message would you like to give to aspiring finance professionals, particularly future CFOs in Oman?

To aspiring finance professionals and future CFOs in Oman, my message is simple: Embrace change and experimentation. The finance landscape is evolving rapidly with new technologies, tools, and methodologies reshaping how we manage and analyse financial data. As finance leaders, we must cultivate a mindset of innovation, be open to new ideas, and empower our teams to experiment with emerging technologies.

But while we innovate, it’s also crucial to maintain a strong focus on financial discipline. Implement tight controls, prioritise risk management, and ensure that experimentation doesn’t come at the cost of financial integrity. It’s about striking a balance – being bold in your strategies, yet prudent in your execution.

Building the next generation of finance leaders means creating an environment where learning, growth, and the continuous development of new skills are encouraged. The journey of modernising finance functions requires resilience, adaptability, and, most importantly, a willingness to learn from both successes and mistakes.

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