What is Corporate Social Responsibility?

Corporate Social Responsibility (CSR) is private sector companies’ commitment towards sustainable development.  It aims at enhancing the standard of living in the manner that serves the economy and development at the same time through working closely with local communities.

CSR projects has to be initiated by private sector companies as a self motivation in their respective capacity as individuals or institutions.

What is the aim of the Social Responsibility Policy adopted by BankMuscat?

·          Compatibility and consistency between different bank's economic, social and environmental policies.

·          Equal consideration accorded to environmental, social and economic issues when pursuing efforts aimed at achieving development and ameliorating living standards.

·          Correlation between development and environment for the purpose of protecting ecosystems and management of natural resources which are considered as basic and fundamental requirements for fulfilling the needs of human beings and enhancing living conditions for society.

Why has BankMuscat adopted a Social Responsibility Policy?

·          To outline its belief in the importance of social responsibility which it considers among its values.

·          To reflect BankMuscat's concern and care towards various segments of society through an organised and planned approach incorporating clear and well-defined objectives and declared implementation strategies.

What are the objectives which BankMuscat intends to achieve by adopting a Social Responsibility Policy?

·          To achieve a balanced cooperation between the government, private sector and civil society to achieve development without relying entirely on one sector.

·          To add a new and wider dimension in helping the community and bring real positive change through offering new forms of partnership between all sectors, that results in serving the community best.

·          To make the principle of partnership between the private and government sectors a principle of implementation and not a marketing one as CSR is responsibility towards community development which is considered the prime mover of the national economy.

What are the categories of social responsibility projects on which Bank Muscat concentrates?

The bank takes into account the following elements:  

·          Benefiting largest number possible of communities and individuals.

·          Benefiting youth and job-seekers, and development of skills/human capital, either through training or research.

·          Efforts aimed at encompassing categories of individuals with special needs with consideration given to how best to enhance their capabilities aiming towards integrating them into society.  

·          Benefiting low income families with the aim of improving their living standards.  

·          Assurance that benefit reaches and covers areas and local  communities in the Sultanate other than Muscat.  

What are the projects on which BankMuscat concentrates as part of its social responsibility aimed at serving society at large?

The following gives a list of illustrative projects / events that may qualify for support from BankMuscat as a social activity / sustainable development project:

1. Education and Training:

·          Technical, technological and commercial skills training programmes.

·          Students resource centres and libraries

·          Scholarship for higher education

2. Health:

·          Health awareness campaigns and Health Festivals

·          Health related projects (e.g. wheel chairs for handicappeds, Asthma equipment for patients from less fortunate families, … etc)

3. Sports:

·          National Sporting Activities not directly supporting a particular team

·          National teams competing abroad

4. Economic:

·          Viable community economic development (e.g. support for young entrepreneurs, business advice).

·          Social awareness programmes on the dangers of excessive borrowings.

5. Environmental and Safety:

·          Safety, Environmental protection and conservation projects.

·          Environmental awareness campaign

6. Cultural:

·          Encouragement of young talent in regard to invention and creativity.

·          Historical and archaeological research.

·          Preservation of monuments

7. Community Support:

·          Community Cultural events

·          Care for the disadvantaged / disabled.