The Role of Commercial Banks in Economic Development of Oman (A Case Study of Bank Muscat)

Dr. Mohammed Jahangir Ali
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Dr. Mohammed Jahangir Ali: Associate Professor, Accounting and Finance – Department of Business Administration and Accounting, Al Buraimi University College, Al Buraimi – Sultanate of Oman

International Journal of Research and Innovation in Social Science, 2024, vol. 8, issue 12, 3122-3134

Abstract: Introduction: This research paper examines the pivotal role commercial banks play in the economic development of Oman, with a specific focus on Bank Muscat, the largest bank in the Sultanate. The study explores the mechanisms through which Bank Muscat contributes to various sectors of the Omani economy, including small and medium-sized enterprises (SMEs), infrastructure development, and the financial stability of the nation and fostering economic diversification. Purpose: The research aims to critically evaluate the contribution of commercial banks to economic development, with a focus on Oman. The primary purpose of this research is to evaluate the contributions of Bank Muscat to Oman’s economic development. Research Methodology: The research methodology is explained in detail. The techniques are sampling, instruments, and tools for collecting data and analysis to derive meaningful insights. Data is collected from both primary and secondary sources. Primary data includes interviews with key stakeholders at Bank Muscat, while secondary data is obtained from financial reports. Results/Findings: The Bank Muscat is a critical player in Oman’s economic development, significantly contributing to SME growth, economic diversification, and expanding investment in green finance. The findings are presented through descriptive methods, employing tables generated by SPSS. The study incorporates financial statement analysis and financial ratios to various aspects of the bank’s performance, including profitability and liquidity. The research concludes that Bank Muscat has played a significant role in the economic development of Oman, financing SMEs, and promoting financial inclusion. The bank’s efforts align with the broader objectives of Oman’s Vision 2040, highlighting the importance of commercial banks in achieving sustainable economic growth

Date: 2024
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