Best bank 2025: Bank Muscat
A leader in the Omani banking sector, Bank Muscat demonstrated impressive advancements in digital banking, strong ESG practices, and considerable financial growth.
In Oman, the bank holds roughly 35% of the sector’s total assets, underscoring its considerable influence. It also recorded a 6.2% growth in net profit, confirming the robustness of its balance-sheet growth.
The bank’s strategy is anchored in financial resilience, strategic expansion, technological innovation and community engagement, and was especially evident during the review period.
Major digital transformation projects earned high marks, including mobile banking SIM authentication and the rollout of in-app wallets such as Apple Pay and Samsung Pay, which elevated customer experience and security.
Progress on ESG was also notable. The bank impressed with its forward-thinking initiatives, such as the upgraded Maliyat online platform that now offers bilingual access and AI-powered personalisation. Over 23,700 users have benefitted, advancing financial literacy nationwide.
Despite facing stiff competition, the bank’s market hold in key segments such as total assets and savings continues to impress.
Best bank for ESG 2025: Sohar International Bank
Sohar International Bank’s commitment to sustainability reporting, training and decarbonisation has earned its recognition as Oman’s best bank for ESG.
At the centre of its environmental agenda is the Vulcan Green Steel Project. This is a pioneering initiative targeting the production of five million tons of decarbonised steel annually, using renewable energy and green hydrogen.
Sohar International’s sustainability efforts are also reflected in its digital transformation agenda, which aims to digitise internal processes and reduce paper use, supporting its goal of becoming a paperless bank.
In a milestone for accountability, the bank submitted Oman’s first mandatory ESG report in 2024, setting a precedent for transparency and regulatory leadership in the market.
Equally integral to its ESG success is its investment in human capital. Through structured and ongoing training programmes, Sohar International ensures ESG principles are embedded across the organisation. These initiatives equip employees with the knowledge to incorporate sustainability into everyday decision-making, reinforcing the bank’s ESG strategy at every level.
Best bank for SMEs 2025: Ahlibank
The small and medium enterprises (SME) sector in Oman grew steadily, supported by industry-wide initiatives, such as the entrepreneurship card, business incubators, training and development initiatives and financial support across various sectors.
Ahlibank continues to strengthen its role as a key financial partner to SMEs in Oman. In a concerted effort to enhance the banking experience for SMEs, the bank rolled out significant upgrades to its online banking platform in 2024, streamlining processes and enabling businesses to manage their finances with greater efficiency and control.
Demonstrating a deep understanding of SME needs, Ahlibank also introduced a suite of tailored products, including POS receivables financing and invoice discounting. These solutions are specifically designed to improve companies’ working capital. The impact of these initiatives is reflected in a 15% increase year-on-year in the bank’s SME client base.
In 2024, Ahlibank hosted the inaugural Ahli Expo: a two-day event dedicated to SMEs. The expo featured interactive workshops and panel discussions on critical topics such as artificial intelligence and innovation, equipping participants with insights to navigate a rapidly evolving business landscape. The event also served as a platform for Omani SMEs to showcase their products and services, fostering greater collaboration and visibility within the sector.
Best digital bank 2025: Bank Muscat
Driven by a series of ambitious and well-executed digitisation initiatives, Bank Muscat reaffirmed its position as the best digital bank in Oman.
In 2024, the bank significantly expanded its digital capabilities, migrating 44 services to its mobile banking platform and 68 services to internet banking. This move enhanced the user experience and pushed the digitisation rate to 82%, well beyond initial targets.
Bank Muscat’s innovation was particularly evident in the breadth of new services introduced. These included stamped account statements to support formal financial verifications and expanded bill payment capabilities via the internet banking platform. These features are designed to make day-to-day financial management more seamless for users.
The integration of Royal Oman Police (ROP) fine payments into the digital platform reflects the bank’s commitment to embedding everyday utilities into its ecosystem, further enriching the customer experience.
In investment services, Bank Muscat broke new ground with enhanced mutual fund features, including a portfolio view on its investment dashboard to support more informed decision-making.
The bank also advanced its security and convenience offering through the tokenisation of payment cards within the mobile app, a feature that secures transactions while streamlining the user journey.
Best investment bank 2025: Bank Muscat
Bank Muscat has distinguished itself as a leader in Oman’s investment banking sector, demonstrating substantial progress and innovation within a challenging market environment.
A testament to the bank’s capabilities were its flagship roles in managing the Energy Development Oman (EDO) sukuk, which was 3.2x oversubscribed , and the Omantel Broadband Services sukuk, 3.9x oversubscribed.
Bank Muscat has also impressed by assisting finance leasing companies in their entry to the perpetual bonds market in Oman. Noteworthy examples of this were the bank’s roles on the National Finance and Taageer Finance perpetual bonds issuances, with the former transaction representing the largest issuance by a finance and leasing company. This strategic move has significantly contributed to the development of the local capital market.
On the IPO front, the bank played a pivotal role in facilitating the high-value offering of OQ Base Industries, which attracted a broad spectrum of investors and raised $490 million.
In the area of emerging markets and innovative services, Bank Muscat has delivered comprehensive advisory services, covering sectors from solar energy to water and wastewater management, showcasing its commitment to diversification and sector-specific expertise.
Best investment bank for ECM 2025: Sohar International Bank
Sohar International Bank is Oman’s best investment bank for equity capital markets (ECM), a recognition driven by its central role in a series of landmark transactions in the country.
At the forefront was the bank’s role in facilitating the OQ Exploration & Production (OQEP), the exploration and production business of Oman’s state-owned energy group OQ. This was largest IPO in Oman, which successfully raised OMR 780 million ($2.03 billion). The bank also played a key role in the IPO of ASYAD Shipping, raising OMR 128.1 million ($332.8 million), with 80% of subscriptions coming from domestic institutional investors.
In a market-first innovation, Sohar International Bank implemented price stabilisation mechanisms during these IPOs, the first time such measures were deployed on the Muscat Stock Exchange. This strategic initiative safeguarded investor interests post-listing and enhanced overall market stability, setting a precedent for future equity issuances in the country.
Sohar International Bank also managed its own rights issue during the year, securing OMR 130 million ($338 million). The transaction reflected strong investor confidence in the bank’s growth trajectory and strategic direction.
Additionally, the bank facilitated a private placement for Pearl REIF, raising OMR 10 million ($338 million). The deal reinforced Pearl REIF’s position as Oman’s largest real estate investment fund and demonstrated bank’s capability in attracting major institutional investors to high-value property assets.
Together, these milestones underscore the bank’s broader contribution to deepening Oman’s capital markets.
