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Bank Muscat makes headway with Imprints CSR agreements

MUSCAT, 29 April 2017 – Bank Muscat, the flagship financial services provider in the Sultanate, in line with its 'Let's Do More' vision and commitment to partnership in sustainable development, signed three agreements as part of its Imprints social responsibility initiative.

The agreements were signed at the bank's head office in the presence of Management Team members and senior executives of the International Finance Corporation (IFC) and other participating institutions and companies. The three agreements relate to green home financing, an awareness programme on energy conservation and a financial literacy programme.

AbdulRazak Ali Issa, Chief Executive, said: “Bank Muscat is proud to join hands with global institutions such as International Finance Corporation and Omani companies to chart the way forward for the Imprints CSR initiative. The unique initiative reflects the bank's commitment to responsible banking, contributing to the country's progress and development. The Imprints CSR programmes are voluntarily managed by senior Management officials and their teams in the bank. Bank Muscat 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 Imprints initiative underscores the bank's commitment to complementing the government efforts in social responsibility"

The International Finance Corporation (IFC) signed the agreement with the bank to provide the necessary know-how, tools and capacity on green home financing. Martin Dasek, IFC's senior climate financing specialist, said: “IFC is delighted to continue its partnership with Bank Muscat in a sustainable environment programme. This is a big opportunity to promote energy efficient green buildings in the country which will make a significant contribution, helping to reduce energy costs and cut greenhouse gas emissions. IFC's Sustainable Energy Finance Programme aims to develop the capacity of banks and financial institutions to extend sustainable energy financing to the private sector."

The agreement to organise an awareness programme on renewable energy targeting students and SMEs was signed with Nafath company. Abdullah Al Saidi, Chief Executive Officer of Nafath, thanked the bank for the opportunity to be involved with the Imprints initiative. “This is a big opportunity for Nafath, which is an SME company, and we aim to do our best to raise awareness on energy conservation, which is critical for the country."   

The bank signed the agreement relating to Irshad financial literacy programme with Modern Gulf Institute in which 12 Management Team members and senior officials of the bank will receive training how to conduct coaching programmes. The bank officials in turn will utilise the coaching experience to lead a training programme for SMEs in finance management. Commending the bank on the Imprints initiative, Deidre Harvey from Modern Gulf Institute noted that the programme was sending out a powerful message on financial literacy, which was very crucial for all.

Highly ambitious in its scope and reach, the Imprints initiative is a unique public-private partnership launched by Bank Muscat in collaboration with the Ministry of Education, Ministry of Tourism, Muscat Municipality and the Public Authority for Consumer Protection. The four pillars of the Imprints initiative are focused on programmes to inculcate financial literacy, promote sustainable tourism, sustain green environment and encourage enriched lifestyle.

Reaching out to the nation against the backdrop of prevailing economic and social situation, the Imprints initiative seeks to unite people in making a difference in reciprocating to what the country has given them. The initiative marks a big step in the public-private partnership in making lasting contributions to society and the nation.