go back

Corporates commend BankMuscat’s Tadhamun Fund initiative

​MUSCAT, 8 April 2012 – The Tadhamun Fund set up by the Ministry of Social Development in response to a CSR initiative by BankMuscat for renovation and upkeep of houses of social welfare families in rural Omani communities has evoked strong commendation and appreciation from corporates and institutions. The first-of-its-kind national fund is open for all to join hands and reach out to weaker sections of society.

Hatim al Taie, Editor of Al Roya business daily, said: “The vision to launch the Tadhamun Fund has helped in creating solidarity between the government and the private sector for restoration and maintenance of homes of families dependent on social welfare. This is a commendable initiative in response to the directive of His Majesty Sultan Qaboos to activate the role of the private sector in programmes benefiting the community. The national fund marks a successful and effective partnership between the government and the private sector for comprehensive development in the country. The initiative will benefit needy sections of society. This is a very good example of social responsibility."

Saif bin Saud al Mahrouqi, Editor of Oman Arabic daily, congratulated the Ministry of Social Development and BankMuscat for launching the national fund for restoration and maintenance of houses belonging to weaker sections of society, stressing that this move would strengthen social responsibility in the Sultanate. Everyone will support such initiatives aimed at extending help to weaker sections and low-income segments, which are important in Omani society and of interest to the government and the private sector.

Al Mahrouqi added: “The private sector plays an important role in the field of social responsibility and provides support in various forms, but greater participation is required in this area of concern. We expect the BankMuscat initiative to have great impact on Omani society and attract several corporates to participate and work for the success of the fund. We wish good luck for the fund to achieve the desired objectives and benefit marginalised segments of society."

Khalid Alsafi al Haribi, Co-founder of Tawasul, said: “We congratulate the Ministry of Social Development and BankMuscat for launching this national initiative in support of weaker sections of society. The initiative is a good example of bringing everyone together in support of weaker sections of society. BankMuscat has set a good example of social responsibility, which will be an encouragement for others to lend a helping hand to provide support for weaker sections in Oman. The website of Tawasul has already featured Tadhamun Fund and highlighted its importance to encourage corporates and individuals to support the initiative. We commend the role of BankMuscat in this important initiative and urge all institutions and companies to take similar steps in the field of voluntary social work."

David Graham, CEO of Oman Sail, said: “We congratulate the Ministry of Social Development and BankMuscat for this initiative which reflects forward thinking. We are confident that the seed fund planted by this initiative will take deep roots and attract many corporates and institutions to support the needy sections of society. This is a laudable and unique CSR vehicle in which all can join and contribute to weaker sections of society. Corporates in Oman understand the importance of social responsibility and will support this initiative."

Hamdan bin Moosa al Harrasi, Head of Events - Omantel, said: “We congratulate the Ministry of Social Development and BankMuscat for launching the Tadhamun Fund. The pioneering step affirms the keen interest of BankMuscat in complementing the government efforts in social responsibility and uniting everyone in ensuring a decent living for weaker sections of society."

BankMuscat is proud to be the pioneer of CSR activities in the banking sector in Oman. Over the years the Bank has implemented several initiatives benefiting various segments of society. The launch of Tadhamun Fund underscores the Bank's commitment to complementing government efforts in social responsibility as well as creating an opportunity for everyone to join together and strengthen the hands of needy sections in society.

Ushering in a new era of social commitment, early this year BankMuscat launched an innovative CSR initiative involving the 3000-strong employees. The new CSR strategy which stems from the Royal directive of His Majesty Sultan Qaboos to accord priority for social responsibility is the first of its kind in Oman and the region to engage all staff in making a big difference in giving back to society.  As part of the CSR strategy, all employees are committed to a minimum of five hours of voluntary social work in a year as well as monetary contributions.

The Corporate Social Responsibility of BankMuscat 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. Equal consideration is accorded to environmental, social and economic issues when pursuing efforts aimed at achieving development and improving living standards.