MUSCAT, 6 August 2018
Bank Muscat, the flagship financial services provider in the Sultanate, in line with its vision ‘To serve you better, everyday’ and commitment to partnership in sustainable development, is making headway with strategic corporate social responsibility (CSR) programmes covering key segments such as youth, sports, education and SMEs.
The sustainability and CSR strategy pursued by Bank Muscat is focused on long-term benefits to the community and the nation. As the leading financial institution in the Sultanate, Bank Muscat delivers on its commitment to the people and the nation.
Bank Muscat is a pioneer of CSR activities in the banking sector in Oman. Reflecting the corporate ethos, the bank seizes every available opportunity to channel resources for creating sustainable, positive changes in communities by investing in their welfare to equip them for a better life. Through strategic partnerships with the government and private sector entities, the bank has touched the lives of thousands of individuals, positively impacting the local communities and society.
Sustainability is a running theme in all stakeholder engagement initiatives and activities, ensuring lasting positive benefits aimed at strengthening ties with the local community. The annual Sustainability Report published by the bank highlights the impact of its activities on the economy, environment and society. The report based on GRI Sustainability Reporting Framework and Guidelines demonstrates that the bank has become more open to sustainability reporting as a powerful tool in its decision-making as well as corporate policy and strategy.
The Imprints initiative launched by the bank is the first-of-its-kind in Oman in terms of its scope and reach. Imprints has four key themes focused on inculcating financial literacy, sustaining green environment, encouraging an enriched lifestyle and promoting sustainable tourism. Nine campaigns have been launched under the Imprints initiative.
The bank has established CSR programs covering 4 pillars: Sports & Youth (Green Sports), Education (Jesr Al Mustaqbal) and Socila Welfare (Tadhamun), as well as SMEs (Al Wathba Academy)
The Green Sports initiative has proven to be a thoroughly successful model for engaging the local community in establishing a modern sporting infrastructure in the country. The support to develop modern sports infrastructure across the Sultanate complements the government efforts in building a sporting nation. Making significant contributions to sustainable development, the unique Green Sports CSR initiative aimed at promoting Oman as a sporting nation by greening and developing football fields has supported a total of 93 sports teams across the country to date in the past seven years.
Bank Muscat launched ‘Jesr al Mustaqbal’ in 2012 in execution of the directive of His Majesty Sultan Qaboos Bin Said to provide relevant educational and training opportunities for Omani youth to develop employable skills. The comprehensive CSR initiative is targeted to benefit young Omanis - both male and female from social welfare families who have not been able to pursue higher education after schooling for various reasons. Till date, a total of 219 students have benefited from Jesr Al Mustaqbal scholarships covering diploma, vocational and bachelor degree programmes.
The Tadhamun initiative is a fine example of the public-private partnership launched by the bank in association with the Ministry of Social Development to support families under social welfare. Aimed at reaching out to social welfare families across the Sultanate and supporting them with essential household appliances to cope with the arid weather conditions, the programme focuses on distribution of basic electronic home appliances, including air-conditioners and refrigerators. Since the launch of the annual Tadhamun programme, the bank has distributed electronic home appliances benefiting 1081 families.
In recognition of the vital role played by the SME sector in the development of Oman, the bank launched the SME Academy in 2014 to train entrepreneurs and expanded to more locations across the Sultanate because of its popularity and success. A total of 70 entrepreneurs have graduated from the SME Academy till date.
Over 10,500 students have been trained in financial literacy as part of the Little Investor programme in partnership with the Ministry of Education and Injaz Oman. Empowering the community from a young age, the Little Investor programme is aimed at developing children’s knowledge of finance to equip them with the skills to become future entrepreneurs.
With the tourism sector set to play an increasingly central role in the Sultanate’s economic future, the bank seeks to invest in local communities for sustainable and eco-friendly tourism opportunities.
Aimed at promoting alternative sources of energy, the bank organised customised workshops on best practices and investment options in alternative energy sources attended by over 1,500 students and SMEs.
As a gift to the nation, Bank Muscat, in partnership with Muscat Municipality, is moving forward with the construction of a modern public park. The park is aimed at fostering a sense of belonging and appreciation of green environment among community members.
CSR plays an integral role in Bank Muscat’s culture. Bank Muscat Hearts (BM Hearts) is a staff volunteer group committed to channel their passion and goodwill into charity initiatives and activities.
Of the flagship financial services provider in Oman has taken major strides in nurturing a socially responsible culture in the bank. All CSR programmes draw from the bank’s values of leadership and partnership, creating a positive impact on society. As the bank progresses on the path of sustainable development, new opportunities are explored. In line with the corporate ethos, bank employees are engaged in creating opportunities to help the community through various innovative initiatives.