Bank Sohar honored by CBO at BDIS 20th anniversary celebrations

May 13, 2015 3:44 pm

Group photo.

As a member Bank of the Bank Deposit Insurance Scheme (BDIS), Bank Sohar recently attended a grand celebration organized by the Central Bank of Oman (CBO) in commemoration of the 20-year anniversary of this scheme, where the Bank was honored and presented with certificates of appreciation.

The event was organized under the patronage of H.E. Dr. Fuad Jaffar Al Sajwani, Minister for Agriculture and Fisheries, and in the presence of H.E. Hamood bin Sangour Al Zadjali, the Executive President of CBO, in addition to several CBO officials together with CEOs and GMs of the BDIS Member Banks. Representing Bank Sohar at the event was Mr. Rashad Ali Al Musafir, Acting CEO, together with senior members of the management team and members of the Bank’s Retail Division.

Commenting on the importance of BDIS, Mr. Rashad Ali Al Musafir said, “We are delighted to be honored by the Central Bank of Oman in their celebrations for the 20-year anniversary of the scheme. Deposit insurance is one of the key elements that forms a financial safety net for depositors, providing them with reassurance and confidence in the Omani banking sector. As a result, it is a vital tool in promoting the financial stability of the country. Furthermore, maintaining the financial security of our valued customers has always been one of our highest priorities here at Bank Sohar.”

The event commenced with Mr. Malik Abdullah Al Mahrouqi, Senior Manager Banking Development Department and Deputy Chairman of the BDIS Committee, delivering the welcome address. In his speech, he also expressed his delight on the success of the BDIS campaign in Oman and thanked all the concerned officials for their cooperation.

Following the welcome address, the BDIS Member Banks were honored and Bank Sohar represented by Mr. Rashad Ali Al Musafir, was honored and presented with certificates of appreciation and mementos on the occasion. In addition several other officials from the member banks and the CBO were also felicitated in the event for their contribution in spreading awareness about BDIS.

Sultanate of Oman was one of the first countries in the region to have adopted a deposit insurance scheme in line with the global trend. Launched early in 1995, the fund commenced activity with a capital of just OMR 7.5 million that has grown exponentially over the years, currently standing at OMR 93 million.


AMEinfo Staff
By AMEinfo Staff
AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.