MUSCAT, 7 December 2015 - Bank Muscat, the flagship financial services provider in the Sultanate, was honoured for support to social development initiatives during the presentation of His Majesty Sultan Qaboos Award for Voluntary Work. In all, 99 projects vied for top honours in the fourth edition of the award presented by H.E Dr. Ahmed bin Mohammed Al Futaisi, Minister of Transport and Communications, in recognition of outstanding voluntary programmes in support of society and citizens.
AbdulRazak Ali Issa, Chief Executive, said: “Bank Muscat is honoured to be recognized by the government for vital support to voluntary initiatives in Oman. The bank as part of its vision is committed to 'Doing More' for the economy, the community and the environment. As the leading bank in the Sultanate, Bank Muscat recognises that sustainable development is the key to achieving long-term benefits spanning environmental, economic, social and cultural dimensions. The bank strongly believes in the need for bringing about a positive change in the lives of different segments of society and focuses on all types of projects that fall within the framework of social responsibility and their importance and overall benefit both to society and individuals."
Living up to its commitment to sustainable development, Bank Muscat lays great importance to corporate social responsibility (CSR) initiatives. Central to the bank's social responsibility programmes is the Green Sports initiative launched in 2012 to promote Oman as a sporting nation in general and the national game of football in particular. As part of the programme, the bank in a record time achieved notable success in developing green fields in all parts of the Sultanate. The initiative marked a milestone as the bank signed agreements with 15 new beneficiaries for 2015. In all, 49 sports teams have benefitted from the unique social responsibility initiative in four years.
Aimed at supporting the future generations of Oman, the Jesr Al Mustaqbal education programme launched by the bank in partnership with the Ministry of Higher Education focuses on providing youth from families under the social welfare programme with an opportunity to continue their higher education.
Identifying needy homes across the Sultanate, the 'Tadhamun' programme initiated by the bank in collaboration with the Ministry of Social Development supports homes in dire need of renovation and provides basic electronic home appliances to low-income families. To date, over 300 families have benefited from this programme.
Supporting youth to embark on entrepreneurial ventures, the bank in 2015 widened the scope of al Wathbah Academy training programme to benefit 30 participants in Batinah and Dhofar governorates as new al Wathbah Academy were opened in Sohar and Salalah.
The unique al Wathbah Academy was launched by the bank in 2014 as part of its commitment to sustainable social development, complementing government efforts in strengthening the role of SMEs in the economic development of Oman. The CSR initiative is aimed at equipping youth with self-employment skills boosting the country's progress and development.
Bank Muscat publishes annual Sustainability Report highlighting the impact of its activities on the economy, environment and society. The report demonstrates the bank's commitment to sustainability reporting as a powerful tool in its decision-making as well as corporate policy and strategy