Muscat: The Oman Chamber of Commerce and Industry's Finance and Insurance Committee, chaired by Mustafa bin Salman bin Ahmed, an OCCI Board Member and Committee Head, reviewed the most recent developments surrounding the unified insurance policy, which aims to standardise coverage and terms among insurance companies.
The meeting also addressed the fees and costs levied by banks on borrowers, emphasizing the need to conduct a thorough assessment based on data and statistics from the Central Bank of Oman, especially considering that approximately 80% of firms operating in the Omani market are classified as small and medium-sized enterprises (SMEs). The meeting also looked at the costs imposed by commercial banks on SME accounts.
The committee considered a plan to conduct a joint seminar with the Oman Commercial Arbitration Centre to highlight the center's services and function in resolving financial issues through commercial arbitration. It also examined a plan to hold a discussion session to address funding constraints and personal loans that promote Omani employment in SMEs.
In addition, the meeting addressed a plan to create a training program for insurance industry workers, which would include short and long-term courses as well as a professional certificate in insurance.
