Oman Arab Bank (OAB) has announced the appointment of Rashad Al Musafir as its Chief Executive Officer, effective September 2, 2018.
Mr. Rashad Al Musafir joined Oman Arab Bank (OAB) in August 2016 as Chief Operating Officer and Deputy CEO and assumed the role of Acting CEO in February 2018.
He has nearly 20 years of experience in the banking sector having started his career at the Central Bank of Oman and Bank Sohar.
As the new CEO for Oman Arab Bank, Mr. Rashad Al Musafir (biography) succeeds Mr. Amin Al Husseini, a banking veteran who spent five years overseeing the digital and experiential transformation of the Bank in Oman. During his tenure, he also developed and executed the executive succession plan for the Bank. Following 24 years of service with Arab Bank Group, Al Husseini will shortly depart from OAB as he plans to pursue an entrepreneurial career while completing his Doctorate of Business Administration.
Commenting on the new appointment, Mr. Rashad Al Zubair, Chairman of Oman Arab Bank noted, “On behalf of the Board of Directors, I would like to congratulate Rashad Al Musafir on his new position. We are confident in his abilities to lead the executive management team of the Bank in the months and years ahead and wish him all the best in achieving the Bank’s objectives. I would also like to thank Rashad for his efforts in implementing the executive transition and succession plan which was approved by the board two years ago. This appointment comes as part of our continued endeavor towards empowering talented Omanis to take up senior leadership positions within OAB and highlights the great efforts put in by the Bank in training and developing our national talent. I would also like to take this opportunity to thank Amin Al Husseini, the previous CEO of OAB, for his dedication over these past five years during a period of sustained transformation.’’
Thanking the Board of Directors, Al Musafir commented, “I sincerely appreciate the confidence the Board has shown in my ability to lead this world-class banking institution. I am convinced of the tremendous potential of the Bank’s staff and I will work hard towards channeling their talent towards strengthening the Bank’s presence as a leading Omani banking institution.”
Al Musafir holds a Bachelor’s degree in Finance from Boston University in the United States of America. He has also studied Business Management at Harvard University and has over 20 years of experience in banking and financial institutions. He began his career as a Statistical Data Analyst in the Central Bank of Oman in 1997. Over the next two decades he held a number of senior positions in leading financial institutions, with his most recent being the Acting CEO of Bank Sohar. The appointment of Al Musafir as CEO is subject to the necessary regulatory approvals.
Oman Arab Bank is one of the first banks to be established in Oman, with a rich and proud history. Today, the bank operates a nationwide network of 65 branches and representative offices and 148 ATMs spread across the Sultanate. OAB provides the complete range of financial products and services for personal banking, corporate and investment clients.