Background Of Bank Muscat

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Name

Course

Institution

Date

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Background of Bank Muscat

The bank was established in the year 1982 as Oman oversea Trust Bank, ever since it has

attracted some acquisitions mergers and to get to its current state and size. Bank Muscat merged

with Al Bank Al Ahli Omani in 1993, Commercial Bank of Oman in1999, Industrial Bank of

Oman 2001 and with the National Bank of Oman in September 2004. Bank Muscat is an Oman’s

largest bank with an estimated asset of US $13 billion. It was the first Oman Company to be

enlisted in the London stock exchange in the year 2005. The bank was also listed in the Muscat

security market. Bank Muscat has an extensive network of over 115 branches. The bank offers

its customers a variety of products and services. The commercial banking services include credit

cards, loans and deposits its intensive banking services include financial advisory and corporate

finance. The bank also offers some asset management services like the wealth and fund

management and investment (Jeffreys, 2012).

Objectives

This task explains mostly the sustainability of Bank Muscat, how the company operates

on both the social economic as well as the environmental grounds so as it can achieve its goals.

The tasks the bank undertakes to be successful in its services, some responsibilities that it has

especially in the care for the environment. The way it has impacted the overall community like

with giving back to the society in various ways as well as promote the economic growth of a

country (Accuity, 2005).

Triple Bottom Line of sustainability

Bank Muscat not only focuses on finances but also considers the impact it makes to

economy, environment and the society.

Economic

The bank has the largest initiative launched in 2016 due to changes in economic-climate

and rising issues. The bank established imprint which is an umbrella where the bank's programs

run. It also encourages partnership and long-standing value projects. The initiative by the name

Imprint launched in 2016, and it addressed the rising and current issues and the economic

climate. It was launched and different themes with the concurrent theme looking into

diversifying the economy and cultivating the communities’ knowledge of personal finance and

spending habits. The program encouraged partnership that is important and long lasting. It

encouraged other corporations to stand together and give back to the sultanate. The bank has

impacted economic growth in the Gulf Cooperation Council through employment of a greater

number of skilled workforces (Idow & Leal, 2008)

Environmental

In the environmental sector, the bank is identified as the first energy efficient branch due

to its plans of utilizing other sources of energy. It has installed solar panels which are a sampling

of more energy efficient initiatives to come. It is in its mission to provide customer initiative

package through raising awareness and encouraging the public to save. Lowered interests rated

are set to be offered to the customer who looks forward to having alternative energy sources so

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that they can have energy efficient home. The bank has set plans to conduct workshops which

will help in raising awareness on the available sources of energy in Oman; customers will be

taught on the energy efficient usage within homes by utilizing the available products in the

market as saving is in many different forms and the health saving habits begin at home. When

the bank announced the construction of a park in partnership with the Muscat municipality with

the aim of providing a location for exercise, entertainment, and leisure for the Oman, It also

promised installation of solar panels so as to ensure that electric usage is satisfied (IDOWU &

LEAL, 2008)

Social

Socially the Oman’s have a passion for football, and in 2012 they launched the program

with the name Green Sports. This has made Bank Muscat achieve in creating and implementing

social programs that bring people from different generation together, towards a single goal, sport.

It has been a success as the program reverberates across the sultanate with some team belonging

to it. This program goes from strength to strength, and it engages the stakeholders and offers the

local youth opportunities to develop their skills making them strive for a distant dream. The

football fields act as locations where the community as a whole comes for different activities;

this makes a tight-knit relationship grow between the different members. The green sports

provides local football team support with options to choose from they include; desalinations

machines, Floodlights, natural and artificial greening (Mullerat, 2010).

The bank offers sponsorship programs which go by the name Jesr Al Mustaqbal meaning

the bridge of the feature. They have created a brighter future for over 250 students through

providing them with education in different forms which include vocational training and

opportunities to make them attain diplomas and even bachelors’ degree. In 2014 they established

a partnership with the Ministry of Higher Education so as to align the bank and the counties

vision to create a brighter future. The bank invests in students from the unprivileged background

or those from welfare families by providing them with a chance to grow and develop (Thomson

Financial Publishing, 2000).

The bank has an annual program Tdhamun, where thy partner with the ministry of social

development and focuses on the families that are under the social welfare. They provide them

with some appliances like electronics to better their lives; they have also distributed washing

machines, conditioning units, and even refrigerators across the Sultanate hence touching the lives

of a few. They sort the spirit of this partnership from the staff where they encourage them to

assist in the distributions to their communities

Employee’s sustainability

The bank employs educated as we’ll as skilled people as it is a requirement in the

banking industry. It works tirelessly to attract, also retain its best employees a key strategy even

for the years to come. To know the employee's sustainability, they conduct the employee

satisfaction surveys hold development activities as well as team build. The company engages

with organizations in performing the social projects, and this has had a positive impact on the

overall community. Some of this projects are strategically chosen and then evaluated so that an

appropriate dialogue is initiated with the key stakeholders

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The Stake Holder, Suppliers, Government and the General Public sustainability

The bank conducts operations across many countries and with this diversity it has a

responsibility of sustaining a relationship with various stakeholders who include the employees,

customers, suppliers, government and the general public. The bank works continuously on the

customers focused and insight- based proposition. They also enhance a positive customer

experience on all the points they get in touch. They also know their consumers and ensure there

is a positive interaction throughout their relation which is a core competence in the organization.

This is seen through the personal meetings they hold the discussion forums that are there,

conducted surveys, the conferences calls, field visits, the progress reviews, and trade fairs

company websites. From all these, they can determine if there is customer satisfaction or

Friedman's model of CRS

Friedman’s model states that;

Managers Have To Act Solely In The Interest Of Shareholders.

Milton Fried man outlines the shareholders as the engine of any organization and the

corporate, executive. The shareholders have the biggest share of the companies, the investments

and even asset as they are the main contributors for any company’s birth and even journey, with

this then it should be the only group that the company is socially responsible for. The firm's

goals are to maximize the profit they make with their products and even services, when the

profits are reached the manager should reward the shareholders with this profits, this is because

of the risk they take in investing in the firm. They put their wealth in the firm through

contributions and even shares knowing that any firm operation can bring either a positive result

or negative results. For the shareholders, this is a great risk with their money as it is not promised

that profits will always be made (Pritwani, 2016). They have to take a risk and put their trust and

courage in the firm they should have a share of the profits as they are a group that makes it

happen. He also says that the shareholders should be in a position to make decisions since they

are just like the firm owners because of the trusted and the full support they give to a firm. They

should have some direct mandate in the firm without and questioning or having procedures to

undertake which are the choosing the social initiates to partake in a firm and having the

appointed Executive to decide for them who is to be appointed for business reasons

Social Issues and Problems are the Proper Responsibility of the State Not the Cooperate,

Manager

In his model h urges that the social works should be the work of the government and

should not be per taken by the corporate. This is because the government has sets funds for some

of this project, but businesses still offer to take these tasks. Some of this social actives are like

giving back to the society in many ways like a corporate may decide to start up a school, they

can decide to supply the community with water which can be piped or even dig bore holes. They

can donate part of their welfare to the aged and even the children homes. These are tasks that the

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government have a budget for and cooperates giving a hand in the. They use their profits to

complete the project instead of showing appreciation to the shareholders. Too much of

associating in the projects can make the company even go broke (Saufi, Andilolo, Othman &

Lew, 2017).

Only Real Human Beings Have a Moral Responsibility For Their Actions

Fried make it clear that real and acceptable people who hold positions should be praised

for good performances as well as getting rewards to motivate them in whatever task they

undertake. They should also be blamed for anything that is under their instructions goes wrong as

they should be keen on how every task is taken and for this, they should receive punishments for

this so that the next time they are careful. The directors who are the business agents have to play

within the game rules to increase the business profits (Aluchna & Idowu, 2017).

Evaluation of CRS with Bank Muscat

The profits that Bank Muscat makes are not for the stockholders although they are given

a portion of it. This is what it uses to give back to the society through improving skills, and

talents like football. The bank set aside some money for buying home appliances like the

refrigerators to be given to the less fortunate in the society

Bank Muscat takes s some states responsibility so as to make an impact in the society. It

offers to help hands to the needy children in the society by offering then scholarships to study

instead of letting them relying on the government. It also has initiatives to educate the society on

resources like energy. This is part of the national government work, but it offers to take part with

its finances and even to act as an example to others (Bowen, 2013). As a leading financial

institution, Bank Muscat is committed to the Oman people through innovative strategic corporate

social responsibility.

Conclusion

Bank Muscat has had to impact those whom it surrounds in their way from the

government, the society, the economic, shareholders and even the stakeholders. The greatest

beneficiaries have been the community as all it benefits whenever corner is touched. When the

economy is boosted, they benefit through getting jobs, when some government work is taken at

hard like the scholarship the less fortunate get educated, and the education serves as a key to the

brighter future. When projects like energy conservation are launched, they always benefit when

they put that into practice as they get to pay less electric bills as well as continues power supply

in case there is an outage.

Recommendation based on the conclusion

The bank should continue focusing on its sustainability deeply as it comes along with

many benefits which are celebrated by many. It should also continue expanding the education

sector so as to touch more needy children as the only way to get them out of poverty is through

empowering them with education. It should also come up with less expensive ways of saving

energy like creating a station of converting the wind to energy and distributing it to people as

some cannot afford to put the solar panels due to low incomes.

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Reference List

Accuity (Firm). (2005). The bank directory. Skokie, IL., Accuity.

Aluchna, M., & Idowu, S. O. (2017). The Dynamics of Corporate Social Responsibility: A

Critical Approach to Theory and Practice.Cham : Springer International Publishing :

Imprint: Springer,2017

http://ezaccess.libraries.psu.edu/login?url=http://dx.doi.org/10.1007/978-3-319-39089-5.

Bowen, H. R. (2013). Social responsibilities of the businessman. Iowa City : University of Iowa

Idowu, S. O., & Leal Filho, W. (2008). Global Practices of Corporate Social Responsibility.

Berlin, Springer Berlin.

Jeffreys, A. (2012). The report: Oman 2012. [London?], Oxford Business Group.

Mullerat, R. (2010). International corporate social responsibility: the role of corporations in the

economic order of the 21st century. Austin, Wolters Kluwer Law & Business.

Pritwani, K. (2016). Sustainability of business in the context of environmental management. New

Delhi : The Energy and Resources Institute, 2016.

Saufi, A., Andilolo, I. R., Othman, N., & Lew, A. A. (2017). Balancing development and

sustainability in tourism destinations: proceedings of the Tourism Outlook Conference

2015. Singapore : Springer, 2017.

Thomson Financial Publishing. (2000). Thomson bank directory. Skokie, IL, Thomson Financial

Pub.

WANG, S. (2014). Chinese strategic decision-making on CSR. Heidelberg : Springer, [2014]

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