Muscat: Bank Muscat, the flagship financial services provider in the Sultanate, in line with its commitment to sustainability and national priorities, continues its commendable achievements in the development of Omani human resources by providing job opportunities, training and scholarships for Omani youth. As the leading financial institution in Oman, Bank Muscat has always been an important contributor to the financial stability and economic growth of the Sultanate through its different initiatives and programmes, which has been reported by local and regional institutions including the CSR Hub.

The Bank’s focus has always been very clear – to create a sustainable financial platform for the benefit of society and business and thereby contribute to the Sultanate’s economic growth. Committed to sustainable development, the Bank utilises every opportunity it gets to strengthen partnerships and create opportunities for individuals and businesses to grow and prosper while aligning itself to Oman’s developmental goals. 

Helping Omani youth develop to their full potential

Bank Muscat is the one of the most preferred employers in the country today and a dream destination for hundreds of highly-qualified and talented young Omanis entering the workforce every year. Over the past many years, Bank Muscat has made tremendous efforts to boost its human resources in line with the strategy adopted by the Bank’s Executive Management. The strategy has reflected positively on the performance and development of the Bank’s operations at all levels and has contributed to the strengthening of its leadership as an institution that attracts talented young Omanis. 

The total number of Omanis employed at Bank Muscat reached 3,507 employees by the end of August 2019 to reach almost 95% Omanisation. As many as 277 jobs were created in 2018 and 169 new jobs till date in 2019. 

Meanwhile, Bank Muscat continues to implement plans and strategies for the further development of Omani human resources. It is closely supporting the efforts of the government in employment generation for Omani youth as well as further skill development through implementation of training and qualification plans through specialised programs and courses. 

The Bank has joined hands with Petroleum Development Oman (PDO) to provide scholarships for 50 Bachelor’s 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.

The Bank also assists employees in completing their higher education and ensures a stable working environment that contributes to the stability and dignity of its Omani cadre. Through its internationally-certified Learning & Development Centre, the Bank enables employees to upgrade their skills. Over 500 training sessions have been conducted by the Learning & Development Centre till date in 2019 for bank employees. The Bank has also provided 7 overseas scholarships and 104 Oman-based scholarships to talented young nationals in 2019 to continue their higher education. The Bank also offers internships to college students to enhance their knowledge and help them acquire a good experience within the banking sector. A total of 890 students have been offered internship opportunities in the Bank till date this year.

Bank Muscat, which is one of the largest organisations in Oman, is constantly raising the bar with its sustainability initiatives. In 2007, the Bank was the first in the Middle East to sign the Equator Principles for Responsible Banking, thereby ensuring that its projects conform to benchmark international environmental and social standards. The Bank allocates a percentage of its profit for its different sustainability and CSR initiatives.

The CSR and sustainability strategy pursued by Bank Muscat is focused on creating a positive impact on society covering areas such as education, SMEs, youth, sports, renewable energy and health. There are currently more than 10 major programmes that are being implemented by the CSR and sustainability team at the Bank including the Basmat initiative, which is based on the four pillars of financial literacy, sustainable tourism, green environment and an enriched lifestyle, as well as Tadhamun, Green Sports, and the Al Wathbah Academy.

As part of the Basmat initiative, the Bank has implemented a number of programmes including joining hands with the Ministry of Tourism to develop the heritage village of Misfat al Abriyeen in the wilayat of Al Hamra. It is also helping develop a green park in Al Khoud, which will benefit a large number of people in the area. 

The Little Investor programme, which is conducted annually in partnership with the National Centre for Vocational Guidance at the Ministry of Education and Injaz Oman, trained over 30,000 elementary and preparatory school students till now. The programme, which is being continued this year too, is helping children develop a healthy savings habit as well as entrepreneurial skills from an early age. It particularly focuses on students as they represent the future of Oman.

The Bank also offers scholarships annually to General Education Diploma graduates in partnership with the Ministry of Higher Education. This initiative is part of the Jesr Al Mustaqbal programme launched by the Bank in early 2012 to enable young people to continue their university studies and develop and enhance their various skills. So far more than 54 young nationals have made use of these scholarships.

The long-running 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’s efforts. Making significant contributions to sustainable development, the unique Green Sports programme has supported a total of 108 sports teams across the country to date and 61 green fields have been handed over to sports teams so far.

The Bank’s Tadhamun programme, in partnership with the Ministry of Social Development, supports social welfare families across the Sultanate with essential household appliances to cope with the extreme climate in the region. Volunteers from the Bank distributed appliances to over 170 families during the Holy Month of Ramadan. Tadhamun has so far provided assistance to over 1,000 social welfare families over the last six years.

Since 2018, the Bank has extended active support for the ‘Fak Kurba’ initiative launched by the Oman Lawyers Association and has helped secure the release of over 410 citizens who were jailed for failing to clear financial obligations. The ‘Fak Kurba’ initiative was launched in 2012 by the Oman Lawyers Association in coordination with the Ministry of Social Development and the Council of Administrative Affairs for the Judiciary and has facilitated the release of hundreds of citizens imprisoned on insolvency charges every year.

Supporting the National Economy

Bank Muscat plays a systemically-important role in supporting the National Economy through its various activities and contributions. It contributes to the government’s economic efforts through payment of tens of millions of rials in taxes annually. The Bank also joins hands with different ministries, government departments and non-profit institutions help implement programmes and initiatives that support different sectors as a responsible corporate citizen that contributes to the nation’s progress and development.

Bank Muscat was the first bank in the country to deliver skill-building support for SMEs in the country. The Bank’s al Wathbah SME department offers a comprehensive suite of tailor-made finance solutions and non-financial services targeted at small and medium enterprises. The Bank’s experience in partnering with SMEs has enabled it to develop non-traditional techniques for assessing credit risk and providing appropriate collateral-free credit solutions relevant to their needs. Al Wathbah SME non-collateral programmes include: contract and supply finance programme, receivables finance and asset finance programme. Credit facilities up to RO 250,000 can be provided to SMEs based on their eligibility for the same.

The unique al Wathbah Academy programme has benefitted 93 young entrepreneurs across the sultanate by conducting successful training programmes in Muscat, Sohar, Sur, Salalah and Nizwa, which provide internationally recognised certifications on successful completion. Irshad, a first-of-its-kind free consultation programme to support SMEs, start-up companies, entrepreneurs and individuals in financial planning and management, is another initiative gaining momentum.

Securing collateral-free credit and accessing innovative banking services are major hurdles that are also faced by micro and small businesses. Specially-designed najahi products from Bank Muscat like the najahi current account, najahi flexi loan and credit card, najahi point of sale (POS) receivables financing and najahi contractor’s facility address the critical needs of the retail enterprises segment. Najahi’s specialised facilities enable small and micro-businesses entrepreneurs to grow their business using highly customised financing solutions, which can be availed without any collateral.

Bank Muscat recognises that sustainable development is the key to achieving long-term benefits spanning economic, social and environmental dimensions. Since its establishment, the Bank has impacted all sections of Omani society, in line with the Bank’s commitment to providing sustainable development opportunities for the local communities in which it operates. The Bank’s programmes have touched the lives of tens of thousands of beneficiaries bringing an overall positive impact on the communities they represent.

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