Effecting positive changes
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 through strategic CSR programmes covering various segments such as youth, sports, education and SMEs.
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.
Strengthening ties with local community
Sustainability is a running theme in all stakeholder engagement initiatives and activities launched by Bank Muscat, ensuring lasting positive benefits aimed at strengthening ties with the local community. In 2007, the bank was the first in the Middle East to sign the Equator Principles for responsible banking, thereby ensuring that our projects conform to benchmark international environmental and social standards. The bank allocates a percentage of profit for CSR initiatives and is also the first bank to deliver skill-building support for SMEs.
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 deserving families. 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.
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.
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 have graduated from the SME Academy till date.