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Bank Sohar named ‘Best Financial Brand Oman 2014’

Earlier this year Bank Sohar was named as the ‘Best Financial Brand Oman 2014’ by renowned UK based Global Brands Magazine. This award was presented to the Bank at a recent ceremony held in Dubai, adding yet another accolade to its credit as well as cementing its position as one of Oman’s leading banking institutions.

The Bank was awarded this recognition at an event held on December 15 at The Address Hotel, in Downtown Dubai, UAE. Receiving the award on behalf of the Bank were Mr. Abdul Rasool Al Balushi, AGM of Credit Risk, and Mr. Mohammed Tahir Al Lawati, AGM and Head of Mid Sector Corporate.

Commenting on receiving the prestigious award, Mr. Rashad Ali Al-Musafir, Acting CEO of Bank Sohar said, “It is indeed an honour for us to have received such a globally renowned award. Being named as the ‘Best Financial Brand Oman 2014’ stands as a testament to the dedication of our Management and Staff towards achieving excellence and their constant endeavour towards consistently improving the Bank’s products and services. At Bank Sohar, we have been committed towards adhering industry best practices whilst at the same time setting new standards for the banking sector, and this award will serve as further motivation to expand our horizons.”

The award was presented to Bank Sohar after the UK based Global Brands Magazine analyzed its performance in 14 categories, encompassing every aspect of its business. As a result, this award is a clear reflection of Bank Sohar’s performance for the financial year ending December 2013, which was yet another exceptional year for the Bank. Building on the previous year’s outstanding performance, Bank Sohar had registered a year-on-year net profit growth of 16.77 per cent amounting to OMR 26.871mn. The operating profit for the financial year 2013 witnessed a growth of 10.79 per cent from OMR 28.644Mn in the previous year to OMR 31.735Mn. Furthermore and despite the banking industry in Oman becoming increasingly competitive, Bank Sohar has, in a short span of time, managed to successfully grow and become one of the leading Banks within the country.

In Addition to ‘Best Financial Brand Oman 2014’ Award, the Bank has also won a slew of other awards locally, regionally, and internationally in 2014. Among its accolades, the Bank has received ‘Business Excellence Award’ by Texas based, World Confederation for Business (WORLDCOB) at the Bizz Arabic 2014 Awards, ‘The Diamond Eye Award for Quality, Commitment & Excellence’ from the French based Otherways Management & Consulting Association, ‘Strategic Award’ for its corporate website ( from the Lebanon based Pan Arab Excellence Awards Academy as well as from Oman Web Awards.

The Bank was also awarded the ‘Best Bank for Fast Growth / Middle East’ Award from Milan based IAIR Magazine, the ‘Fastest Growing Bank in Oman 2014’ from UK based International Finance Magazine (IFM), and also recognized as one of the ‘Top 5 Large Corporate Enterprises in the Sultanate’ for the third consecutive year at the Alam Al Iktisad Wal Amaal (AIWA) Awards. It also received the ‘Best Customer Service – Retail Banking’, ‘Best Cash Management’ and ‘Best Corporate Card’ awards for its Retail Division as well as the ‘Best Branding Award’ for the Bank’s Islamic Banking Window – Sohar Islamic from CPI Financial. On the CSR front, Bank Sohar won the ‘Green Campaign of the Year’ award for its year-long environment awareness campaign ‘Saving Water, Electricity… And Our Planet’ at the ‘Oman Green Award 2014’ as well as being named the ‘Most Socially Responsible Bank Oman 2014’ by UK based International Finance Magazine (IFM). More recently, the Bank also received the distinguished Tatweej Academy’s ‘Golden Order of Merit in the field of CSR’.

Head-quartered in United Kingdom, Global Brands Magazine is an independent branding magazine that was established with the aim of honoring excellence in performance and rewarding Companies across different sectors. The awards are given to acknowledge key players who strive for excellence and provide a platform for recognition. The award also aims to identify and create awareness about the significance of exceptional service delivery and reward performance with the ultimate global recognition. In fact, more than 3,300 Banks were evaluated in the last study conducted by them.