Bank Muscat

The international operations consist of a branch each in Riyadh, Saudi Arabia and Kuwait and representative offices in Dubai, UAE and Singapore.^[6] The Bank has whole ownership of Muscat Capital, a brokerage and investment banking entity in Saudi Arabia,^[7] and a 11.8% stake in Silkbank in Pakistan.^[8]

Bank Muscat was voted the ‘Best Bank in Oman’ for seven years by The Banker, FT London^[9][10];^{[citation needed]} nine years in a row by Global Finance and Euromoney.^{[citation needed]} Bank Muscat is the recipient of the Hewitt^{[clarification needed]} recognition as the Middle East’s Best Employer 2009.^{[citation needed]} The Bank was declared an Investor in People (IiP) organisation in January 2007, becoming the first banking organisation in the MENA region to be awarded the global recognition.^{[citation needed]} In 2004, Bank Muscat became the first bank in the Middle East to be completely ISO 9000:2000 certified.^{[citation needed]} In 2022, the bank was ranked among the top 30 banks in the region by Forbes Middle East.^[11]

In 2013, the bank was hit by a $39 million fraud scheme using prepaid travel cards accessed from outside of Oman.^[12] This led to an impairment charge impacting 10.5% of Bank Muscat's earnings for the period.^[13]

In 2016, the United States Department of the Treasury secretly issued a license to Bank Muscat to convert $5.7 billion in Iranian overseas reserves from Omani rials into euros via United States dollars, something not normally permitted due to United States sanctions against Iran.^[14]