BankMuscat launches nation’s first ‘Zero’ % interest Al A’Awn (support) loans in aid of cyclone victims. (http://www.bankmuscat.com/bankMuscat_pressreleases19.shtml)

• BankMuscat customers with salaries of RO 500 or lower are eligible for the loan.
• Loans will be for an amount equal to a maximum of 3 months salary.
• All loans to be processed within 24-hours. No bank charges to be levied.
• Loans to be available till 15 August 2007.
• Loans are repayable over one year or then combined with existing loans
• Bank expects to help over 20,000 customers nationwide.
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Though it's a generous gesture, I find certain requirements quite odd

Yeah this is a very good move by Bank Muscat. It will help those worst affected. I hope more is done by others as well.

This is a really great effort from the bank to help.

But why should those who got affected by Gonu need to returned it back !!! Shouldn't this be a kinda of help from the Gov. ( I know off topic :bored: )

That's good news!! There are alot of things that needs fixing and lots of people who need that help! I hope other banks take such move..

But why should those who got affected by Gonu need to returned it back !!! Shouldn't this be a kinda of help from the Gov. ( I know off topic :bored: )

The only people that have been compensated so far were the 'urgent' cases. Other than those, no one else has received anything. So until they do, these loans sound like a good idea.

This is a really great effort from the bank to help.

But why should those who got affected by Gonu need to returned it back !!! Shouldn't this be a kinda of help from the Gov. ( I know off topic :bored: )

I don't think thats off-topic Storm. If it is, we won't have anything to discuss. I think you made a good point. However, I don't think the government can return things as they were for those living in Al Amerat, Al Qurayat and other areas where houses were severely destroyed.

The government is paying back people however, due to the extent of the damage, people will still want to buy other things. And this loan is for those with lower incomes.

I don't think thats off-topic Storm. If it is, we won't have anything to discuss. I think you made a good point. However, I don't think the government can return things as they were for those living in Al Amerat, Al Qurayat and other areas where houses were severely destroyed.

The government is paying back people however, due to the extent of the damage, people will still want to buy other things. And this loan is for those with lower incomes.

As I understood, this loan is for those with lower incomes !!!! shouldn't those people the first to get the help !

Anyway, this step is a great approach from the bank side, and for sure will help a lot

I don't think we should expect the government to pay for everything. A good move by Bank Muscat.

But why should those who got affected by Gonu need to returned it back !!! Shouldn't this be a kinda of help from the Gov. ( I know off topic :bored: )


My dear,

As soon as we went back 2 work, the Bank donated RO.3,000,000/- to help victims of Gonu....
No other Bank did what we did..

And I think it a very briliant step that we took 2 propose this loan to the Public & again, no other Bank thought of doing what we did...

My dear,

As soon as we went back 2 work, the Bank donated RO.3,000,000/- to help victims of Gonu....
No other Bank did what we did..

And I think it a very briliant step that we took 2 propose this loan to the Public & again, no other Bank thought of doing what we did...



I think the 3 millions will be paid in 12 months period if I'm not msitaken.

But about the loan I heard they will only get 3 months salary, so if a person salary is 300 rails he will get 900 rails only, not much I would say!

Thats true Ice Tea, but you know, for someone with such a salary, this can be a big help at least to get a head start. Anyhow, maybe 5 months salary would have been better!

what about 150 RO. Per month? Would they get 450 RO. loan? 450 is simply nothing in the world of 'Another House', 'Another Car'...etc.

Good Idea but the limitation kills the spirit of such a donation!

Haroun, the government is going to pay for all property damages. So this loan has nothing to do with cars, houses or even furnitures. Many might not need it, but some will surely benefit from it.

Haroun, the government is going to pay for all property damages. So this loan has nothing to do with cars, houses or even furnitures. Many might not need it, but some will surely benefit from it.OK...Then this clears things out! Thanks Sting for the info...I didn't know that before!:no:

Haroun, the government is going to pay for all property damages.






"the government is going to pay for all property damages"



may i kuwaition the precendence ?


namra 1:


In a society where hardly people pay tax ?!

What insurerance companies goin 2say of this ?

But 'sloath' asks whether such an approach is sustainable i.e, guaranteed to future victim/s of such calamities or is a one off, sort of out of one's whim, thingy ?

What are the limitations for compensations the government has set ?

Compare a damaged multi-storey with a low cost house ?


;)




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