Credit Oman signs pact to finance SMEs

Muscat: Credit Oman, the national institution specialised in credit insurance, signed a strategic agreement on Wednesday with Hal Capital—a Sharia-compliant fintech company operating in the Sultanate of Oman and licensed by the Central Bank of Oman.

The agreement aims to enhance the ability of Small and Medium Enterprises (SMEs) to access financing and achieve sustainable economic growth.

The agreement was signed by Haitham Abdullah Al Yaqoubi, Acting CEO of Credit Oman, and Aziz Diab, CEO of Hal Capital. This partnership embodies the shared vision of both parties to bolster the financial services available to SMEs, which are considered a fundamental pillar of the Omani economy.

Under the terms of this agreement, Credit Oman will provide credit insurance coverage for the financing provided by Hal Capital to Omani SMEs.

This partnership aims to enable these enterprises to obtain secure financing, thereby enhancing their ability to trade with confidence in both local and international markets.

The move reflects an understanding of the challenges faced by SMEs, such as lack of funding and insufficient collateral.

Furthermore, this partnership reflects Credit Oman’s ongoing commitment to improving SME access to finance and supporting financial inclusion and economic diversification.

The agreement assists enterprises in overcoming financial and economic challenges, contributing to the realization of sustainable development.

Haitham Abdullah Al Yaqoubi, Acting CEO of Credit Oman, stated: “The importance of this agreement lies in supporting SMEs, which fosters innovation and creates new job opportunities that contribute to driving the national economy forward.”

He added that this partnership falls within the framework of government directives aimed at strengthening the role of the private sector in the Omani economy and increasing its contribution to the Gross Domestic Product.

Credit Oman’s services work to protect business owners in their commercial transactions, while providing support and consultation through insurance solutions that facilitate selling with confidence and security in global markets. -ONA