MUSCAT, 23 September 2014 – Bank Muscat, the flagship financial services provider in the Sultanate, was honoured at the 2014 Oman Green Awards ceremony held under the auspices of H.E. Mohammed bin Salim al Toobi, Minister of Environment and Climate Affairs. The bank extended lead support to the Oman Green Awards presented by Oman Economic Review (OER) magazine to corporates, establishments and institutions in recognition of their green initiatives that made a difference in Oman. The association with the Oman Green Awards initiative reflects the bank's commitment to adopting the best environmental and sustainability practices at all levels of operations.
Bank Muscat recognises that sustainable development has the potential for achieving long-term benefits spanning environmental, economic, social and cultural dimensions. In order to become sustainable, the bank is focused on achieving long-term profitability with social and environmental responsibility. The bank follows global best practices to measure and report its sustainability performance. The Global Reporting Initiative (GRI Sustainability Reporting Framework and Guidelines) forms the basis of the evaluation of the bank's sustainability initiatives covering the key areas of economic, environmental, social and governance performance.
Bank Muscat is committed to its 'Let's Do More' vision for the economy, community and environment and is proud to have led the way in contributing to sustainable development in Oman with various initiatives. In 2007, the bank took the lead in the financial sector to become the first in the Middle East region to sign the Equator Principles for responsible banking. Implementing the Equator Principles ensures that the bank's projects conform to benchmark international environmental and social standards. In 2009, the bank joined the United Nations initiative for innovating finance for sustainability. The membership of the United Nations Environment Program Finance Initiative (UNEP FI) aims to develop and promote linkages between sustainability and financial performance, highlighting the bank's commitment to global sustainability.
During the 2013 Oman Green Awards, Bank Muscat won the Green Campaign of the Year award in recognition of its unique Green Sports initiative. The Green Sports initiative was launched by Bank Muscat in collaboration with the Ministry of Sports Affairs to promote Oman as a sporting nation. The bank is committed to developing green playgrounds across Oman, targeting the youth, who represents 70 per cent of the Sultanate's population.