Bank Muscat Money Market Fund, Oman’s first money market fund, has achieved a significant milestone with its assets under management (AUM) surpassing OMR155 million as of 2nd July 2024, marking a growth of over 170 percent in 2024. The Fund holds the position as the largest open-ended mutual fund in Oman, and at the end of Q2 2024, it recorded a strong performance with a net annualized return of 5.35 percent. This growth and performance are attributed to the continued support of investors, as the Fund provides attractive returns compared to other short to medium term investment options with relatively lower risk.
The Fund allows investors to subscribe with a minimum amount of OMR500 per transaction for both individuals and institutional investors, with no subscription or redemption fees. Investors are provided with daily liquidity and the flexibility to redeem their investments quickly and conveniently, ensuring access to funds when needed. The Fund primarily invests in deposits and fixed-income instruments of top financial institutions in Oman and the GCC region, with holdings in Omani Rials and US Dollars. Investors can monitor the Fund’s performance through daily Net Asset Value (NAV) updates on Bank Muscat and Muscat Stock Exchange websites, along with monthly factsheets detailing performance.
Subscriptions and redemptions for the Fund are accessible through Bank Muscat’s Internet Banking and Mobile Banking platforms, or by downloading physical forms from the Bank Muscat website. For corporate investors, the Fund offers the convenience of sweep-in and sweep-out transactions from their bank accounts with Bank Muscat, allowing for seamless management of investments through email instructions to the designated team. Bank Muscat’s Asset Management business, with nearly 30 years of successful operation, is the largest asset manager in Oman and a leading asset manager in the GCC region, managing approximately $3 billion in AUM and offering tailor-made investment solutions across various asset classes including equity, fixed income, real estate, and private equity.
Overall, Bank Muscat Money Market Fund has achieved remarkable growth and performance, attracting investors with its lucrative returns and lower risk profile. With daily liquidity, convenient redemption options, and transparent performance tracking, the Fund stands out as a preferred investment choice in Oman’s financial market. Investors can benefit from the Fund’s strong track record and the expertise of Bank Muscat’s Asset Management business, ensuring reliable and customized investment solutions across diverse asset classes.
