Muscat – Bank Muscat Money Market Fund, Oman’s first money market fund, on Sunday announced that its assets under management (AUM) have crossed RO155mn mark as on July 2, 2024, recording robust AUM growth of over 170% during 2024.

The fund continues to retain its top position as the largest open-ended mutual fund in Oman. At the end of Q2 2024, Bank Muscat Money Market Fund registered strong performance with net annualised return of 5.35%, according to a press statement.

The superior performance and growth in the fund’s AUM are a testimony of the continued patronage of its investors. The fund continues to generate attractive returns higher than the typical alternatives available for short to medium term investment with relatively lower risk.

Investors can subscribe to the fund with a minimum subscription amount as low as RO500 per transaction for both individuals and institutional investors. Moreover, the fund does not charge any subscription or redemption fees.

Bank Muscat Money Market Fund provides daily liquidity to its investors and the flexibility to redeem their investments quickly and conveniently. This ensures that investors have access to their funds as and when they need it. Further, investors have the flexibility to withdraw their investments, fully or partially, together with the returns and the total redemption proceeds are credited back into investors’ bank account within two business days from the date of submission of the redemption request.

Bank Muscat Money Market Fund predominately invests in deposits and fixed-income instruments of leading financial institutions in Oman and the GCC region and its investments are primarily held in Omani rial and US dollar.

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