Oman Economic Review – August 2018

32 August 2018

T

he sustainability and CSR strat-

egy pursued by Bank Muscat is

focused on long-term benefits to

the community and the nation.

As the leading financial institution in the

Sultanate, Bank Muscat delivers on its

commitment to the people and the na-

tion through strategic CSR programmes

covering various segments such as

youth, sports, education and SMEs.

Bank Muscat is a pioneer of CSR activi-

ties in the banking sector in Oman. Re-

flecting the corporate ethos, the bank

seizes every available opportunity to

channel resources for creating sustain-

able, positive changes in communities

by investing in their welfare to equip

them for a better life. Through strate-

gic partnerships with the government

and private sector entities, the bank

has touched the lives of thousands of

individuals, positively impacting the

local communities and society.

Strengthening ties with

local community

Sustainability is a running theme in

all stakeholder engagement initiatives

and activities launched by Bank

Muscat, ensuring lasting positive

benefits aimed at strengthening ties

with the local community. In 2007,

the bank was the first in the Middle

East to sign the Equator Principles for

responsible banking, thereby ensuring

that our projects conform to benchmark

international environmental and

social standards. The bank allocates a

percentage of profit for CSR initiatives

and is also the first bank to deliver skill-

building support for SMEs.

Bank Muscat launched ‘Jesr al Mus-

taqbal’ in 2012 in execution of the

directive of His Majesty Sultan Qaboos

Bin Said to provide relevant educational

and training opportunities for Omani

youth to develop employable skills. The

comprehensive CSR initiative is targeted

to benefit young Omanis – both male

and female from social welfare families

who have not been able to pursue higher

education after schooling for various

reasons. Till date, a total of 219 students

have benefited from Jesr Al Mustaqbal

scholarships covering diploma, vocation-

al and bachelor degree programmes.

Public-private partnership

The Tadhamun initiative is a fine

example of the public-private

partnership launched by the bank in

association with the Ministry of Social

Development to support deserving

families. Aimed at reaching out to

social welfare families across the

Sultanate and supporting them with

essential household appliances to cope

with the arid weather conditions, the

programme focuses on distribution

of basic electronic home appliances,

including air-conditioners and

refrigerators. Since the launch of the

annual Tadhamun programme, the

bank has distributed electronic home

appliances benefiting 1081 families.

With the tourism sector set to play

an increasingly central role in the

Sultanate’s economic future, the bank

seeks to invest in local communities for

sustainable and eco-friendly tourism

opportunities.

In recognition of the vital role played

by the SME sector in the development

of Oman, the bank launched the SME

Academy in 2014 to train entrepreneurs

and expanded to more locations across

the Sultanate because of its popularity

have graduated from the SME Academy

till date.

EFFECTING POSITIVE

CHANGES

Through strategic

partnerships with

the government

and private sector

entities, Bank Muscat

has touched the

lives of thousands of

individuals, positively

impacting local

communities

COVER STORY