Muscat: Credit Oman, the national institution specializing in credit insurance, has entered into a strategic agreement with Hal Capital, a Sharia-compliant fintech company licensed by the Central Bank of Oman. This collaboration aims to enhance financing accessibility for Small and Medium Enterprises (SMEs) and promote sustainable economic growth.

According to Oman News Agency, the agreement was signed by Haitham Abdullah Al Yaqoubi, Acting CEO of Credit Oman, and Aziz Diab, CEO of Hal Capital. The partnership reflects a mutual commitment to strengthening financial services available to SMEs, which play a crucial role in the Omani economy.

Credit Oman will offer credit insurance coverage for the financing provided by Hal Capital to Omani SMEs under the terms of this agreement. This initiative is designed to enable SMEs to secure financing, thereby enhancing their trading capabilities in both local and international markets. It addresses key challenges faced by SMEs, such as limited funding and lack of collateral.

The partnership underscores Credit Oman's dedication to improving SME access to finance, supporting financial inclusion, and promoting economic diversification. This agreement assists enterprises in overcoming financial challenges, thereby contributing to sustainable development.

Haitham Abdullah Al Yaqoubi emphasized the significance of the agreement in supporting SMEs, which he noted fosters innovation and generates employment opportunities that propel the national economy forward. He added that the partnership aligns with government directives to strengthen the private sector's role in the Omani economy and increase its GDP contribution. Credit Oman aims to protect business owners in their commercial dealings while offering support and consultation through insurance solutions that enable secure global market transactions.