Bank Muscat wins prestigious Sharjah Economic Excellence Network Award

MUSCAT: Bank Muscat, the flagship financial services provider in the Sultanate, in recognition of banking service excellence and contributions to sustainable development, has been awarded the prestigious Sharjah Economic Excellence Network Award. Shaikh Abdullah bin Salem al Qasimi, Deputy Ruler of Sharjah, presented the award to Shaikh Waleed al Hashar, Chief Executive Officer of Bank Muscat, at the award ceremony hosted by Sharjah Chamber of Commerce and Industry (SCCI).

The annual Sharjah Economic Excellence award is one of the initiatives of SCCI to honour the top 10 Gulf institutions which have made a mark in promoting corporate governance, quality standards and work ethic to foster responsibility towards the community, in addition to encouraging environmentally friendly practices promoting sustainable development.

Shaikh Waleed al Hashar, Chief Executive Officer, said: “Bank Muscat is proud to be recognised as a top performer in the region with notable contributions to corporate governance and sustainable development. As the leading bank in the Sultanate, it is important that we set the standards and we have done this by creating a culture of openness, transparency and accountability. The bank pursues the best practices in the field of corporate governance, which protects all stakeholders – customers, creditors, regulators, shareholders and employees. The sustainability and CSR strategy pursued by Bank Muscat is focused on long-term benefits to the community and the nation.”

The bank’s corporate governance practices are in line with the strategy to explore and acquire new perspectives, ideas, skills and a depth of knowledge that drives best practice and creates a dynamic business environment. The Board of Directors sets the tone and ensures that the bank is committed to fostering the highest standards in corporate governance. The bank follows an internal review of practices to benchmark not only locally, but internationally against the Basel regulations and against top companies in the region and further afield.

Sustainability is a running theme in all stakeholder engagement initiatives and activities by Bank Muscat, ensuring lasting positive benefits aimed at strengthening ties with the community. In line with responsible banking, all CSR programmes draw from the bank’s values of leadership and partnership, creating a positive impact on society.

Bank Muscat is the leading financial services provider in the Sultanate with over 35 per cent market share of assets. The bank posted net profit of RO 179.63 million for the period ending December 31, 2018 compared to RO 176.82 million reported during the same period in 2017, an increase of 1.6 per cent. Enhancing co-operation with key economic sectors in the country, the bank is well positioned to continue the successful journey to achieve more sustained growth.