MUSCAT, 1 April 2019
Bank Muscat, the flagship financial services provider in the Sultanate, has joined hands with Petroleum Development Oman (PDO) to provide scholarships for 50 Bachelor degree holders to complete an Association of Chartered Certified Accountants (ACCA) programme. The graduates will be employed by Bank Muscat in its various departments on successful completion of the course. This is part of the Bank’s strategic initiative to develop human resources in the Sultanate, thereby helping Omani youths achieve their true potential through internationally recognised educational qualifications.
Bank Muscat has tied up with ACCA’s Middle East centre as well as the UK subsidiary of educational specialist, Kaplan Inc., which is headquartered in Fort Lauderdale, Florida, to provide training to the selected candidates. Kaplan Inc. is one of the world’s largest and most diverse education providers with over 70 years of history and provides educational services to colleges, universities, corporations and businesses, including higher education programs, professional training and certifications, test preparation and student support services. It provides educational services to over 500,000 students worldwide across a number of certifications and qualifications.
Through its training partners, Bank Muscat is making all efforts to make sure that the selected candidates are able to excel during their training programme by organising follow-up workshops that help the students to complete their assignments as well as pass the mandatory exams with flying colours. Workshops on how to study effectively for exams have been conducted along with experience-sharing sessions by Omani ACCA graduates. Going forward, the Bank will help organise workshops on taxation as well as mock examinations to help the candidates prepare for future papers.
The Bank is also providing a monthly stipend to the trainees for the entire duration of the 18-month training programme. The stipend is based on an incentive scheme that provides increasing benefits in line with the academic performance of the candidates and continuous demonstration of professionalism and progress.
Bank Muscat accords top priority for human resources development and earmarks substantial allocation for training and development of human resources in all functions and responsibilities assigned to them. The bank’s Jadara Academy, which is endorsed by the Ministry of Manpower as an accredited training centre, provides a comprehensive platform and framework for all staff learning and development programmes.
Bank Muscat has adopted innovative strategies to equip Omani employees to take up leadership positions in tandem with future challenges. The bank has developed a comprehensive Learning & Development strategy for skill and knowledge enhancement vis-à-vis the requirements of various departments. The bank continuously invests to build human capacity and has been able to derive maximum mileage out of its HR processes as most of its middle and senior management cadres are drawn from within the bank.
Opportunities are also available for Bank Muscat staff to pursue part-time diploma/Bachelor programmes at local colleges as well as Post-Graduate programmes at leading international business schools. In recent years, 465 employees were granted educational assistance to complete their academic qualifications in local and international colleges/universities/business school.
Bank Muscat reckons its competent employees as its key strength and is focused on moulding them to make vital contributions to the Bank's growth and success. Bank Muscat has the distinction of outstanding leadership at all levels and has achieved 94.67 per cent Omanisation, giving priority for Omanis to occupy key positions.
In 2018, the total number of employees stood at 3,779. Omanis comprise 75% in the higher management and 92.6% in the middle management cadres. The bank encourages diversity at the workplace in terms of gender, age and skill set. The human resources strategy is notable as 48 per cent of employees are women holding various positions, including senior management positions.