Interview: Said Abdullah Al Hatmi
How do banks support the development of small and medium-sized enterprises (SMEs)?
SAID ABDULLAH AL HATMI: Oman’s banking sector recognises SMEs as vital to the country’s economic growth and diversification efforts. Banks are taking steps to support SMEs by offering specialised financial products, mentorship programmes and bespoke advisory services. One development has been the digitalisation of financial services, which has made it easier for SMEs to access financing solutions. Digital lending platforms, artificial intelligence (AI)-powered credit assessments, and streamlined application processes have improved accessibility and reduced turnaround times for business loans.
Moreover, Islamic finance plays an increasing role in support for SMEs, with lenders offering sharia-compliant financing options including profit-sharing investment structures, ijara (leasing) contracts and trade finance solutions. These alternatives provide organisations with access to capital while also ensuring compliance with ethical banking principles.
To what extent are banks adapting their strategies to enhance customer experience and loyalty?
AL HATMI: Customer expectations are evolving rapidly, and banks are making significant changes to enhance customer experience and strengthen long-term loyalty. The shift towards digital banking has been a key driver of this transformation, with banks investing in AI-powered automation, cloud banking and open banking ecosystems. These technologies enable faster, more seamless transactions and allow for personalised banking experiences tailored to individual customer needs.
Despite the digital shift, banks are maintaining a hybrid approach by balancing digital innovation with human interaction where it matters most. While many customers prefer digital services for everyday transactions, there is a strong demand for individual advisory services in wealth management, business financing and investment planning. As a result, branches are evolving into financial advisory centres that offer personalised consultations in addition to traditional transactions.
Security and trust are also critical factors in customer retention. With the rise in cyberthreats and financial fraud, banks are strengthening their cybersecurity frameworks, implementing real-time fraud detection and enhancing digital identity verification processes. These measures ensure that banking remains secure and reliable for customers as it becomes more digital.
What is the sector’s role in supporting infrastructure and development projects?
AL HATMI: One of the major contributions of banks to Oman’s long-term economic development is through deliberate financing solutions for large-scale infrastructure projects. Long-term loans, syndicated financing arrangements and project-specific investment structures help drive the construction of transport networks, industrial zones and urban development projects that support economic expansion. Sustainable finance is also becoming a priority. Banks are aligning their investment portfolios with environmental, social and governance-linked lending and climate-conscious projects to support Oman’s transition towards a greener economy. Financial institutions are reducing environmental impact by supporting renewable energy projects and sustainability-focused businesses while ensuring long-term economic resilience.
Digital financial services also enable more efficient capital allocation for development initiatives. Financial technology-driven platforms are streamlining payment systems, cross-border trade financing and public-private investment mechanisms. This enables infrastructure financing to be both accessible and transparent. As the country continues to implement Oman Vision 2040, the banking sector will continue to facilitate capital flows, support economic diversification and ensure that financial resources are allocated to projects that contribute to sustainable and inclusive growth.
