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07/04/2015 07:11 AST
Oman Investment and Finance (OIFC) on Monday said that Wasel Exchange, its wholly owned subsidiary, started operations of its head office and first branch in Ghala.
OIFC last year said that the new company will have a capital base of OMR1.5 million.
The opening of an exchange is part of OIFC's larger strategy to diversify revenue streams, in an apparent move to bring down its current over-dependence on third party utility billing and collection business. OIFC is looking at business opportunities where the company has synergies and can take advantage on its nationwide network of branches.
OIFC's Wasel Exchange is the sixteenth money exchange firms in the country. The fifteen existing firms have more than 250 branches across the country, handling approximately OMR10 million remittances in a year. Of late, there has been a major focus on branch expansion by a few leading exchange houses to strengthen their market share.
The Sultanate's banking regulator stipulates that money exchanges with a remittance licence are required to have a minimum capital of OMR1 million, while the requirement is OMR100,000 for those exchange houses carrying out only money change business.
Times of Oman
18/01/2015
Oman Investment & Finance Company said it has established a dedicated quality centre to enhance the quality aspects of its billing operations and improve the customer service for utilities billing.
Trade Arabia
29/05/2014
The board of directors of Oman Investment and Finance Company (OIFC) yesterday decided to recommend a 25 per cent cash divided amounting to OMR5 million. This is subject to the approval of shareholde
Times of Oman
03/02/2014
Oman Investment and Finance Co (OIFC) posted a net profit of RO5.05mn for the nine-month period ended December 31, 2013, compared with RO1.75mn for the same period of the previous year - an incre
Muscat Daily
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| ALPHADHABI | 10.94 | 0.00 (0.00 |
| IQCD | 12.15 | -0.30 (-2.41 |
| ADNOCLS | 4.40 | 0.02 (0.45 |
| NMDC | 24.04 | 0.20 (0.83 |
| ADPORTS | 3.90 | 0.01 (0.25 |
26/04/2025
Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p
Trade Arabia
25/04/2025
Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
24/04/2025
The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.
The change at the top comes just weeks after Abu Dhabi
Gulfnews
24/04/2025
The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.
Gulfnews
24/04/2025
Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom
Times of Oman
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