Background Of Bank Muscat | EssayIvy.com

Background of Bank Muscat

Bank Muscat1
Name
Course
Institution
Date
Bank Muscat2
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
Bank Muscat3
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
Bank Muscat4
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
Bank Muscat5
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.
Bank Muscat6
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
Press, [2013] ©1953
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]
©2015
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