Bank Muscat Money Market Fund, Oman’s first money market fund, has achieved a significant milestone with its assets under management crossing the OMR155 million mark as of July 2, 2024. The fund has experienced a remarkable growth of over 170 percent during 2024, making it the largest open-ended mutual fund in Oman. At the end of Q2 2024, the Fund recorded a strong performance with a net annualized return of 5.35 percent, showcasing its ability to generate attractive returns for investors.
The impressive growth and performance of the Bank Muscat Money Market Fund are a testament to the continued support of its investors. The fund offers a minimum subscription amount of OMR500 per transaction for both individuals and institutional investors, with no subscription or redemption fees. Investors have the flexibility to withdraw their investments quickly and conveniently, with redemption proceeds credited back into their bank accounts within two business days of submitting a request.
The fund primarily invests in deposits and fixed-income instruments of prominent financial institutions in Oman and the GCC region, with investments held in Omani Rials and US Dollars. Investors can monitor the fund’s performance by checking the Net Asset Value (NAV) published daily on Bank Muscat and Muscat Stock Exchange websites. Additionally, investors receive a monthly factsheet detailing the fund’s performance, providing transparency and information on their investments.
Subscriptions and redemptions for the Bank Muscat Money Market Fund can be done through Bank Muscat’s Internet Banking and Mobile Banking platforms, or by downloading physical forms from the bank’s website. Corporate investors also have the option of convenient sweep-in and sweep-out transactions from their bank accounts with Bank Muscat, allowing for seamless fund transactions through email instructions to the designated team.
Bank Muscat’s Asset Management has a long-standing reputation for successful operations spanning nearly 30 years, making it the largest asset manager in Oman and a key player in the GCC region with approximately $3 billion of assets under management. The institution offers tailored investment solutions across various asset classes, including equity, fixed income, real estate, and private equity investments, providing investors with a diverse range of options for their investment needs.
