Bank Muscat is hosting a workshop on Global Trade Finance and Team Building for the small and medium enterprise (SME) sector on 27 February at the bank's head office. The workshop is organised by al Wathbah, Bank Muscat's SME department, as part of activities aimed at expanding and strengthening avenues for SME development in Oman.
Expert trainers will lead the workshop aimed at serving as a platform for existing and prospective entrepreneurs to familiarise themselves with the scope of widening their SME ventures beyond the national boundaries. Topics to be covered include introduction to various methods of trade finance, including import letter of credit, letter of guarantee loans against trust receipts, and other advances against local bills discounts, government supply bill discounting, export credit etc.
Bank Muscat has launched several initiatives for SME development in Oman. These initiatives assume importance in the backdrop of the priority accorded by the government to develop the SME sector in Oman. The initiatives recently launched by al Wathbah include an SME financing programme which helps entrepreneurs overcome challenges arising from the requirement of collateral guarantee for SME finance.
A mentoring programme for young entrepreneurs (SMEs) being held under the direct supervision of AbdulRazak Ali Issa, Chief Executive of Bank Muscat, has also made headway with the beneficiaries drawn from diverse fields gaining valuable guidance and skills to promote and establish their business ventures. Aimed at creating a successful generation of entrepreneurs, the CE mentoring programme is an initiative developed by the Ministry of Commerce and Industry.
In 2012, the bank partnered with the Ministry of Commerce and Industry to launch the government guaranteed loan programme in support of SMEs. The bank also launched the al Wathbah Business Zone. The business zone in the bank's head office can be used free of cost by SME customers who do not have their own office space. A number of prospective entrepreneurs face challenges in taking forward their business plans for want of required support and facilities. al Wathbah Business Zone addresses this issue and helps entrepreneurs at all levels to promote and establish their business ventures.