Bank Muscat’s Money Market Fund records highest industry annualised return

Bank Muscat; Oman bank
(File photo)

Bank Muscat’s Money Market Fund recorded the highest industry annualised return of 3.27% per annum (p.a.) during June 2019, higher than the typical call rate of 0.5%-2% p.a offered by banks in Oman, according to a statement released by the bank on Monday.

The Fund continues to deliver annualised returns of 3.3% p.a on a daily basis and is only one of its kind in the Sultanate to provide an alternative to the current account to both retail and institutional investors. It does not charge any entry or exit load to its investors.

The Fund has an unparalleled track record of having a positive return every day since inception in 2012 and together with Bank Muscat provides convenient sweep-in and sweep-out facility from investors’ account in the bank. This enables investors to invest and simply redeem from the Fund. The minimum investment in the Fund is OMR10,000.

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Abdullah Al Hinai, Chief Wholesale Banking & Strategic Growth Officer, Bank Muscat, said: “The Fund is attracting investors as a result of strong performance, no entry or exit load and daily liquidity. The assets of the Fund have increased by over 400% over the past one year due to the fund’s performance and increasing interest from investors on account of consistent increase in returns to about 3.3% p.a.”