Muscat: In a move that reflects its commitment to social responsibility and support for the financial stability of the community, Oman Arab Bank (OAB) has launched a pioneering initiative to waive outstanding debts for a number of its distressed customers. This initiative is part of the bank’s ongoing efforts to promote economic development and alleviate financial burdens on individuals facing challenging economic circumstances.

Through this initiative, the bank aims to empower affected customers to regain financial stability and start anew with better opportunities for economic security. This step also reflects the bank’s vision of building a sustainable relationship with its customers, founded on trust and mutual support, contributing to economic and social growth in the Sultanate of Oman. 

Commenting on the initiative, Sulaiman Al Harthi, CEO of OAB, stated: "At OAB, we believe in standing by our customers during difficult times. This initiative reflects our firm commitment to supporting the community and fostering sustainable development. Through this effort, we aim to ease the financial burdens of those most in need—individuals who have faced unforeseen circumstances that have affected their ability to repay. We emphasize the importance of solidarity and cooperation between financial institutions and society in fostering a more stable and equitable economic environment."

This initiative aligns with the bank’s strategy to enhance financial sustainability by providing innovative solutions to support customers and ease their financial burdens. These solutions include loan restructuring, partial debt forgiveness, and installment deferrals during religious occasions, among other measures. Such efforts contribute to improving individuals' quality of life and strengthening the local economy in alignment with Oman’s economic and social development goals.

Al Harthi added: "As a leading institution in Oman’s banking sector, OAB embraces a broad approach to social responsibility, encompassing all aspects of comprehensive and sustainable development. The bank is committed to engaging with the community and its customers through participation in events, forums, and exhibitions, as well as supporting NGOs, charitable organizations, volunteer work, and awareness campaigns."

Since the launch of Oman Vision 2040, OAB has been actively aligning with its objectives by accelerating its transformation into a modern banking institution focused on digital services and enriching the customer experience. The bank has introduced a variety of innovative initiatives and programs to develop national talent and leadership, supporting career growth and fostering the success of entrepreneurs in self-employment and business ventures. Additionally, OAB has significantly expanded its initiatives to contribute to the advancement of healthcare and education services, as well as the overall development of the financial and banking sectors.

The CEO of OAB expressed his delight at the bank’s strong community recognition and the prestigious awards it has received in appreciation of its innovative and advanced services. He also highlighted the bank’s commitment to corporate social responsibility (CSR), emphasizing its role as one of the leading institutions supporting various CSR programs that create a lasting impact on community development.

OAB is one of the leading banking institutions in the Sultanate of Oman. Since its establishment over five decades ago, the bank has achieved a series of milestones, keeping pace with the evolution of the banking sector both locally and internationally while actively contributing to sustainable economic development in the country.