His Majesty the Sultan’s Accession Day is a celebrated occasion that profoundly signifies the continued development in Oman’s renewed Renaissance. Since January 11, 2020, the government has provided clear insights into achieving sustainable development and fostering social well-being while safeguarding and enhancing national achievements. This vision not only paves the way for a prosperous future but also ensures a thriving society for generations to come.
With the increasing role of the banking sector in supporting national economy and achieving financial stability, H.M. Sultan Haitham called for strengthening financial inclusion, supporting small and medium enterprises, and diversifying income sources to work towards achieving an equitable economic balance. He emphasized the importance of innovation and creativity to enhance efficiency and facilitate services offered to all customers. In response, the financial sector played a pivotal role in achieving these goals. Local banks, including Bank Muscat – the leading financial services provider in the Sultanate of Oman – exerted every effort to support H.M.’s directives and implement the national vision.
As one of the largest financial institutions in Oman, Bank Muscat plays an active role in implementing various initiatives and programmes aimed at contributing to social and economic development. The Bank’s efforts encompass various sectors, including:
National Human Development
Bank Muscat is committed to invest in various innovative initiatives to offer further learning and development opportunities to Omani youth. The Bank works according to a strategic plan that aims to widen the horizons of Omani youth and enable them to sharpen their skills. Annually, the Bank identifies all needs across its various departments and branches, considering all developments and requirements for human resources in diverse banking specialties.
During 2024, Bank Muscat provided 401 job opportunities, achieving around 92% Omanisation with over 4350 employees working in the different branches across Oman. In recent years, the Bank has focused on cultivating an ideal work environment by enhancing employee experience and engagement, as well as supporting career development. This commitment positively impacts the level of services offered to customers. Commending these efforts, Bank Muscat was honoured with the global prestigious award “Best Places to Work for 2024” presented from “Best Places to Work”, a prestigious global institution in the United Kingdom.
With regard to the training aspect, the Bank provided more than 637 training opportunities for male and female students in corporation with various educational institutions. This annual initiative aims to provide better opportunities for students to develop their skills in their respective specialties, especially those related to financial and banking sector.
Supporting Institutions and Corporates
Bank Muscat places great importance on developing services and facilities tailored to the needs for government institutions and corporates. It demonstrates an unwavering commitment to delivering customized solutions, innovative technology and seamless services that empower businesses to thrive in a dynamic economic environment.
The Bank is keen to enhance the efficiency of its electronic services to reduce costs and expedite transaction completion. Digital transformation has become essential for institutions, especially with the latest developments in the digital services. The Bank has contributed to the success and development of many government institutions and corporates across various sectors by providing customized banking solutions.
In addition, the Bank offers financing programmes specially designed to support entrepreneurs and small and medium enterprises. These programmes provide consulting and technical services that promote project sustainability, enhance competitiveness, and facilitate growth, recognizing their role as the backbone of the national economy.
Community Sustainable Programmes
Bank Muscat’s social responsibility programmes are in line with Oman Vision 2040 which focuses on achieving a sustainable development and enhancing Omani society’s well-being by encouraging partnership between private and public sectors. These programmes supports various sectors such as education, health and environment. Among the main programmes, the Bank implements ‘Tadhamun’ which benefitted more than 2200 social welfare families; ‘Green Sports’ which supported 203 local sports teams and 70,000 beneficiaries since its inception in 2012; ‘Maliyat Academy’ which aims to promote financial awareness and literacy in youngsters, benefitting so far more than 23,000 school students; as well as ‘Al Wathba Academy’ which offers programmes and initiatives that support entrepreneurs in various fields and provide management and financial consulting. All these initiatives have witnessed a positive feedback from the community.
In addition, the Bank partnered previously with the Ministry of Higher Education through Jesr Al Mustaqbal programme to provide scholarships to young people from social welfare families. Regarding environmental initiatives, the Bank inaugurated the 300-olive-tree planting initiative in Jabal Al Akhdhar, which aim to serve the community and foster the Sultanate’s economic growth by launching projects with long-term ecological, social, and economic impact. In order to raise awareness against cyber fraud, the Bank partnered with Royal Oman Police. The awareness initiative highlighted various fraud methods in order to reduce the financial and psychological consequences that they cause.
Digital Transformation and Financial Inclusion
As the government moves towards a full digital transformation, Bank Muscat is working hard to invest in the infrastructure and information technology to create the plans required to advance this transformation through the creation of electronic channels.
With over 185 branches and service centers, including Meethaq Islamic Banking branches, spread throughout all governorates, the Bank is simultaneously growing its branch network in multiple governorates. There are now approximately 890 self-service electronic devices, including ATMs, CDMs, multifunction devices, and statement printers.
The Bank is currently upgrading a number of branches, which include services and facilities dedicated to people with disabilities so that they can complete their banking transactions easily and with high quality. A number of employees in branches have been trained on the use of sign language, in cooperation with the Omani Association for People with Hearing Disabilities, aiming to provide the best services to this important category of society.
Over the years, the Bank has launched a number of critical products and services that enable it to reach out to different customer segments. In 2019, Bank Muscat launched the first ATM in Oman for visually-impaired persons at the premises of the Al Noor Association for the Blind. The Bank continues to enhance financial inclusion amongst persons with disabilities by providing easy access at branches and training its employees to better serve its customers.
Islamic Banking Services
Since its inception in 2012, Meethaq Islamic Banking from Bank Muscat has been exerting efforts to provide Shariah-compliant financial services, as the Sultanate’s largest Islamic institution in the field. Meethaq expanded its branch network throughout the year to boost its presence in all governorates. This was demonstrated by the increase in the number of branches, currently amounting to 31 and 20 Premium Banking Centers (Hafawa) across the Sultanate.
In order to maintain leadership in offering high-quality products and services, Meethaq is also dedicated to investing in the newest technologies to improve efficiency and customer service, with an emphasis on competitiveness, and implementing best practices and products to meet the needs of various segments.
Continuing Leadership and Excellence
Bank Muscat is committed to offer cutting-edge banking services and maintain its leadership and excellence in the years to come by concentrating on improving strategies that meet the needs of customers and the demands of this dynamic market. The Bank also plans to keep investing in modern technology, cultivate its workforce, and enhance the customer experience. By focusing on financial inclusion, the Bank aims to reach a larger customer base and reflect its ambitious vision to achieve sustainable growth and strengthen its position.
