Tuesday 07 / January / 2025
Muscat: Taageer Finance Co. SAOG, one of Oman’s leading finance and leasing companies (FLC), continues to make waves in the financial ecosystem under the visionary leadership of its CEO, Shahin Mohammed Al Balushi. Recently named “Finance & Leasing CEO of the Year,”at the New Age Banking Summit, Mr. Al Balushi credits this prestigious recognition not to individual effort but to the collaborative achievements of his dedicated team.
“This recognition is not about me; it’s about the team and the company. Taageer Finance has grown into a prestigious institution thanks to the unwavering commitment and teamwork of everyone involved. I am just one part of this incredible team,”said Mr. Al Balushi.
During his tenure, Mr. Al Balushi has steered Taageer Finance through a period of remarkable growth and resilience. Over the last five years, the company has implemented key initiatives to enhance its financial stability and customer service, particularly in the SME and retail sectors. The company has prioritized customer satisfaction by accelerating loan approval processes, especially for SMEs, making it one of the fastest providers in the sector.
Under Mr. Al Balushi’s leadership, the company has achieved a provisioning coverage ratio of 70%, a significant improvement from 52% five years ago. Additionally, the company has consistently delivered strong dividends over the last three years. That’s not all, a groundbreaking treasury function was introduced to diversify funding sources. This move allowed Taageer to shift from reliance on bank loans to innovative instruments such as bonds. The company has successfully issued three bonds in recent years, all of which were oversubscribed, additionallya perpetual bond issuance was also concluded with full subscription earlier this year.
“The creation of the treasury function was a turning point for Taageer Finance. It has allowed us to diversify our funding portfolio and play a crucial role in driving the economy forward. This success is a testament to the trust of our stakeholders and the hard work of our treasury team,”Mr. Al Balushi highlighted.
As a leading financial institution, Taageer Finance has been instrumental in supporting Oman’s SME sector, a cornerstone of the nation’s economic development. By providing fast and efficient funding solutions, the company has helped entrepreneurs and businesses thrive, reinforcing its position as a trusted partner in economic progress.
“Taageer Finance’s fast approvals and tailored solutions for SMEs have positioned us as a leader in this sector. We are proud to contribute to Oman’s financial ecosystem by enabling businesses to grow and succeed,”Mr. Al Balushi remarked.
Beyond financial achievements, Mr. Al Balushi emphasized the importance of fostering a culture of innovation and growth within the company. His focus on empowering a young, dynamic team has been pivotal in delivering exceptional customer service and addressing the unique needs of clients across Oman.
With a strong foundation and a clear vision, Taageer Finance is poised for continued success, further solidifying its role as a key player in Oman’s financial landscape.
Taageer Finance offers a diverse range of financial and leasing solutions for businesses and individuals. Headquartered in Al Khuwair in Muscat, the company boasts an extensive nationwide network, with branches at Wattayah, Sohar, Al Kamil Al Wafi, Barka, Nizwa, Salalah, and Seeb. By offering customers a cutting-edge digital platform, upholding the highest corporate governance standards, implementing resilient systems and procedures, and utilizing state-of-the-art technology, Taageer has established itself as a trusted ally for customers. This includes the integration of Point of Sale (POS) machines at all branches, a robust mobile application with payment gateway integration to facilitate a streamlined cashless payment process, as well as the efficient processing of customer requests through its mobile application.
Taageer takes pride in being a responsible corporate citizen, actively supporting the community and contributing to the nation’s socio-economic development goals. To drive its business growth, the company focuses on nurturing local talent and continuously enhancing its business processes, customer service standards, and finance solutions portfolio to meet evolving market demands.For more information about Taageer Finance and its diverse range of financial solutions, please visit www.taageer.com.
