 
Oman Arab African Bank was established on
1st January, 1979 as an Omani Joint Stock Company. Its objective was to create  an alliance
with Arab African International Bank, Cairo and first class local shareholders.
Arab African International Bank's Muttrah
branch, which was inaugurated in March 1975, was taken over by newly established bank.
Later in 1979, the same venue was kept as a branch, as Oman Arab African Bank transferred
its operations to a main office in Ruwi.
The Issued Capital of the bank was R.0. 2
million, of which R.O. 1 million was paid for 90% of the shares were held by the founders
of the bank. A balance of 10% was offered to the public.
| Founders |
| Arab
African International Bank |
60% |
| H.E.
Dr. Omar Bin Abdul Muniem Al Zawawi |
10% |
| The
late Qais Bin Abdul Muniem Al Zawawi |
10% |
| H.E.
Mohammed Bin Musa Al Yousef |
10% |
| First
Board of Directors |
| Sheikh
Ebrahim Al Ebrahim |
Chairman |
| H.E.
Dr. Omar Bin Abdul Muniem Al Zawawi |
Deputy
Chairman |
| Mr.
Adnan Mohd. Al Tayyar |
Director |
| Mr.
Habib Hassan Jowhar Hayat |
Director |
| Mr.
Saud Bin Salim Bahwan |
Director |
Opening Balance Sheet as on 1st January
1979
Opening
Balance sheet as on 1st January 1979 |
| |
|
| Assets |
R.O.'000 |
| |
|
| cash and balances with Banks |
1,883 |
| Loans and advances |
1,659 |
| Other assets |
46 |
| Ficed assets |
22 |
| |
1,610 |
| |
|
| Customer's liabilities under letters of credit,
guarantees and acceptances (contra) |
238 |
| Shareholder's Equity |
|
| |
|
| Share capital |
1,000 |
| |
|
| |
|
| Liabilities |
|
| |
|
| current, deposit & other accounts |
440 |
| Bank borrowings and due to Banks |
2,143 |
| Other Liabilities |
27 |
| |
3,610 |
| |
|
| Liabilities under letters of credit, guarantees
& acceptances (contra) |
238 |
1979
Oman Arab African Bank was established as a Joint Stock Company. The Bank commenced its
operations at a main office in Ruwi with a branch office at Muttrah.
1980
The bank purchased a building in Ruwi and thus had its headquarters in the commercial
center. In May 1980, the bank opened a branch at Sidab, a part of which was utilized as a
special branch for ladies.
1981
A new branch was opened at Al Khuwair.
1982
The savings Prize Draw Scheme was launched with Prize money of R.O. 5,000/- per annum.
Oman Arab African Bank the first all Omani Bank syndicating multi-currency facility of
R.0. 7.25 million, acted as an agent and co-lead manager for Oman Refinery. In order to
increase efficiency and service further, the bank aquired an IBM Computer System. This was
the first step in computerizing the bank's service with modern technology.
1983
A new branch was opened at Salalah offering a full range of banking services. The bank
obtained a license to open an overseas branch in Mumbai, India. Ruwi Main Branch was fully
computerized with IBM System 34.
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