There are 17 licensed foreign and local commercial banks and two specialized banks in Oman. The Central Bank of Oman licenses and regulates the local banking sector, monitors interest rates, and issues development bonds and notes. In 2018, banks in Oman reported combined assets of $71 billion, the smallest in the GCC.
According to Moody’s, in April 2021, the outlook for Oman’s banking system is stable, as a post-pandemic economic upturn and adequate credit reserves support stable bankingoutlooks.
For anyone considering a career in banking in Oman, this list of the top banks in Oman is a helpful guide on where to start. To learn more, see our lists of financial institutions.
The Top Banks in Oman are:
Established in 1982, Bank Muscat is the top leading financial service provider in the Sultanate of Oman. The bank provides Corporate Banking, Retail Banking, Investment Banking, Islamic Banking, Treasury, Private Banking, and Asset Management services. Headquartered in Muscat, it employs around 3,800 staff. It oversees a network of 173 branches, 645 ATMs and CDMs, and more than 10,000 PoS terminals.
Internationally, Bank of Muscat manages a branch in Riyadh, Kuwait and a representative office each in Dubai (UAE) and Singapore. Muscat Capital LLC, a Saudi Arabia-based brokerage and investment banking entity, is a 100% subsidiary of the bank.
Net income: OMR 163.4 million (2020)
Total assets: OMR 12.60 billion (3/2021)
Bank Dhofar was incorporated in 1990 and is headquartered in Muscat. The bank operates through various business segments: Retail Banking, Corporate Banking, and Treasury and Investments. Currently, it manages a network of 66 branches (BankDhofar), 10 branches of Maisarah Islamic Banking, 120 ATMs, 57 CDMs, and 15 FFMs.
Net income: OMR 30.59 million (2020)
Total assets: OMR 4.51 billion (3/2021)
National Bank of Oman
Founded in 1973, the National Bank of Oman Bank was the first of the local banks in Oman. The bank operates through various business segments: Retail Banking, Wholesale Banking, Commercial Banking, and Funding Centre. Headquartered in Muscat, it employs around 1,500 individuals and operates 60 branches and 169 ATMs.
Net income: OMR 18.15 million (2020)
Total assets: OMR 3.77 billion (3/2021)
Alizz Islamic Bank
Alizz Islamic Bank was established in 2012 and is headquartered in Ruwi. The Islamic bank operates through three segments: Retail Banking, Corporate Banking, and Treasury. It manages a network of 10 branches.
Net income: OMR -10.0 million (2019)
Total assets: OMR 673.66 billion (3/2020)
Oman Arab Bank
Founded in 1973, Oman Arab Bank is a subsidiary of Oman International Development and Investment Company SAOG. It operates through four segments: Retail Banking, Corporate Banking, Support and Unallocated Functions, and Islamic Banking.
The bank also provides Sharia’ compliant Islamic banking products and services, which comprise Ijarah, Murabaha, Mudarbah, and Diminishing Musharakah under the Al Yusr brand. Headquartered in Al-Ghubra, Muscat, it employs around 1,500 staff.
Net income: OMR 14.17 million (2020)
Total assets: OMR 3.30 billion (3/2021)
Bank Nizwa was created in 2012 and is headquartered in Muscat. The bank operates in three segments: Retail Banking, Corporate Banking, and Treasury and Investment Banking. With 402 employees, it runs a network of 13 branches in the Sultanate of Oman.
Net income: OMR 11.07 million (2020)
Total assets: OMR 1.25 billion (3/2021)
Established in 1997, Ahli Bank is based in Muscat. It operates in four segments: Retail Banking; and Corporate Banking, Treasury, and Investments. The bank also provides international banking services. It employs 762 staff and oversees a network of 31 branches throughout the Sultanate of Oman.
Net income: OMR 23.97 million (2020)
Total assets: OMR 2.82 billion (3/2021)
Bank in Sohar was created in 2007 and is headquartered in Muscat. The bank operates through Wholesale Banking, Retail Banking, Government and Project Finance Syndication, Investments, Treasury, and Islamic Banking segments. With around 875 employees, it manages a network of 27 commercial banking branches and five Islamic banking branches.
Net income: OMR 20.0 million (2020)
Total assets: OMR 3.75 billion (3/2021)
Beirut Oman Bank
Established in 2006, Beirut Oman Bank is a branch of Bank of Beirut Lebanon. The bank operates five branches in the Sultanate of Oman, including Muscat, Sohar, Ghubrah and The Wave. The Oman branch employs a total of 150 staff. It won the best foreign bank award at the Banking & Finance Awards 2017.
Net income: USD -227.0 million (9/2020)
Total assets: USD 14.14 billion (9/2020)
Founded in 1948, HSBC Oman operates as one of the commercial banks in Oman. Based in Seeb, the bank employs around 900 individuals. It operates through Retail Banking and Wealth Management (RBWM), Commercial Banking (CMB), and Global Banking and Markets (GB&M) segments.