Bank Muscat Money Market Fund records best annual return
Bank Muscat’s Money Market Fund recorded the highest industry annualised return of 3.27 per cent during June 2019, higher than the typical call rate of 0.5-2 per cent offered by banks in Oman.
On a daily basis, the fund continues to deliver annualised returns of 3.3 per cent.
Money Market Fund is the only one of its kind in Oman offering both retail and institutional investors an excellent alternate to current account. The fund offers daily liquidity to its investors and does not charge any entry or exit load to its investors. It has an unparalleled track record of having a positive return every day since inception in 2012.
Abdullah al Hinai, chief wholesale banking and strategic growth officer at Bank Muscat said, “The fund is attracting investors as a result of strong performance, no entry or exit load and daily liquidity. The assets of the fund have increased by over 400 per cent over the past one year due to its performance and increasing interest from investors on account of consistent increase in returns to about 3.3 per cent.”
The Money Market Fund, together with Bank Muscat provides convenient sweep-in and sweep-out facility from investors’ accounts in Bank Muscat. This enables investors to invest and redeem from the fund in a simple way. The minimum investment in the Fund is RO10,000 and there are no entry or exit fees.