MUSCAT, 5 January 2010 – Taking forward Corporate Social Responsibility (CSR) to new arenas, BankMuscat, the Sultanate’s leading financial services provider, yesterday (Monday 5 January 2010) announced a business incubator initiative with the potential to create jobs, revitalise neighbourhoods and strengthen national economy.
The BankMuscat Business Incubator is envisaged to transform local communities and benefit Omani women, including housewives from low-income and middle class families. It will facilitate a work environment conducive to projects which are usually difficult to start outside.
Shaima Al Lawati, Head of CSR, said: “The main objective of the BankMuscat business incubator is to produce successful firms that are financially viable and free-standing. Its services will be offered to Omani women who possess the basic skills related to their business idea but require training and support to enhance their start-up ventures. The business support process is aimed at accelerating the successful development of start-up and fledgling companies by providing entrepreneurs with an array of resources and services.”
Depending on the expertise of beneficiaries in the targeted region, the incubator will accommodate Omani women in projects linked to handicrafts, photography and beauty services. The business unit will be owned by a woman from the region and Omani women will be hired to work on the product / service of the company. The incubator will provide access to shared basic business services and equipment. Implementation of the incubator will be done through the Omani Women’s Association, social partners and BankMuscat CSR.
To begin with, the project will start in association with Sidab Women's Group, bringing together women from Muscat area in a start-up venture for calico bag production. The incubator will provide technical and marketing support for the company.
Badriya Al Siyabi, founder of Sidab Women's Group, said: “At the core of the business incubator initiative is a partnership mechanism helping Omani women to acquire skills guaranteeing economic independence. We thank BankMuscat for its valuable contributions benefiting Omani society.”
BankMuscat is the first financial and banking institution in the Sultanate to establish a full-fledged department for Corporate Social Responsibility. Considered among core values, the CSR policy reflects the Bank’s concern and care for various segments of society.
Shaima Al Lawati added: “BankMuscat is focused on strengthening its CSR identity, which is a commitment to contribute towards sustainable development by working closely with local communities with the aim of improving living standards in a manner that serves the national economy and development process at the same time. The Bank is of the view that its social responsibility is not merely participation in charitable works, but responsibility towards all-round development of society.”
During 2009, the Bank launched a number of CSR initiatives. In association with Oman Charitable Organisation (OCO), the Bank offered scholarships for 26 students drawn from economically weaker sections of society to pursue higher studies in various private colleges / universities in the Sultanate for a period of five years.
A six-week ‘BankMuscat Empowering Women Programme through Beauty Course’ benefited 30 women from low-income families from the wilayats of Samayil and Barka. The vocational training was aimed at equipping women as beauticians to work from home and supplement their income.
Aimed at bridging the digital divide, the Bank donated refurbished computers to selected schools and non-governmental organisations. The project was in line with the Bank’s commitment to promote the use of technology for the benefit of society.
The Bank donated 100 wheelchairs and 20 crutches to Oman Association for the Disabled (OAD). The gesture benefiting citizens with special needs was aimed at empowering the physically challenged to participate actively in nation-building.
A number of workshops were organised to raise awareness on the dangers of drug abuse. Around 1500 people benefited from these workshops.
The CSR activities of the Bank are complemented by BankMuscat Hearts, an informal society of BankMuscat employees, who conduct voluntary social work benefiting disadvantaged sections of society. Halima Al Abdul Salam, representative of BankMuscat Hearts, said: “Reflecting the corporate ethos, BankMuscat staff seizes every available opportunity to channel resources for creating sustainable, positive changes in communities by investing in their welfare, especially through education, to equip them for a better life.”