As a testament to its efforts towards supporting local communities, Oman Arab Bank (OAB) was recently honoured by the Ministry of Social Development (MoSD) with an award for its Corporate Social Responsibility.
Held under the patronage of H.H. Sayyid Kamil bin Fahd Al Said and H.E. Laila Ahmed Al Najjar, the Minister of Social Development, the ceremony took place in Avani Muscat Hotel. It was attended by a number of Ministers, Undersecretaries and senior officials from the public and private sectors.
Commenting on the Bank’s achievement, Mr. Rashad bin Muhammad Al Zubair, Chairman of OAB said; “We are delighted to be recognised for our corporate commitment and social involvement to serve Oman and its people. We continue to collaborate with local partners and charities to ensure that as many people as possible in the communities in which we live and work are supported. Our objective is to grow and mature alongside our employees, customers and the community through sustainable practices. Receiving this award is testament to our work to support Oman’s 2040 vision and socioeconomic agenda.”
Last year, the bank supported low-income families whose homes were destroyed by the storm that hit the North Batinah Governorate. This social initiative was carried out in collaboration with the Ministry of Social Development and a number of Small to Medium Enterprises. The initiative provided support to families in the governorate by repairing their homes in partnership with reputed local construction companies.
OAB’s sustainability strategy was designed to strengthen the Bank’s social impact within its three main strategic pillars: Community partnerships, environmental responsibility and financial inclusion.
In line with the Bank’s community partnerships sustainability pillar, the Bank donated OMR 300,000 to support those affected by ‘cyclone Shaheen’ that hit the Sultanate last year. Additionally, several Bank employees volunteered to help in cleaning and re-building the affected homes and neighbourhoods in the Wilayats of Al Khaboura and Al Suwaiq. The Bank also launched an internal initiative to support employees affected by the cyclone. Furthermore, the Bank launched a donation feature through its mobile banking app to create an easy and safe platform for donors to contribute.
Seeking to preserve the environment and promote sustainability, OAB collaborated with 12 talented Omani photographers to produce the Bank’s first eco-friendly desk calendar made entirely of recycled paper and vegetable ink. The bank also sought to reduce its carbon footprint by introducing recycling and eliminating single use plastic bottles. The Bank also led several awareness campaigns on environmental responsibility highlighting a variety of native flora and fauna that are at risk of being endangered and shared tips to encourage a more eco-friendly way of life. For the second time, the bank also sponsored The Environment Society of Oman’s virtual fundraiser.
As part of its financial inclusion efforts, the Bank launched a series of Financial Literacy videos recently. The initiative aims to equip Omani youth with the necessary financial skills and knowledge to empower them to make informed financial decisions. The videos shed light on subjects such as buying a car, a house, getting married, saving, and business management.