Case in point: CSR in Oman - The Islamic Reporting Initiative (IRI)

Bank Muscat is a financial services provider, delivering such services as corporate banking, retail banking, investment banking, Islamic banking, treasury, private banking, and asset management. Based in Oman, Bank Muscat has assets worth over USD 20 billion, with 138 branches in Oman. International operations consist of a branch in Riyadh (Kingdom of Saudi Arabia), Kuwait, and a representative office in Dubai (UAE) and in Singapore. Bank Muscat also currently owns a 97% stake in a brokerage and investment banking entity in Saudi Arabia called Muscat Capital LLC
The CSR department – Vision
Bank Muscat is the first Omani bank to establish a specific CSR department. The department is a leader in terms of CSR policy; this demonstrates its view that social responsibility does not simply consist of an ambition to participate in charitable works and in the organisation of voluntary campaigns, but should also reflect a commitment to assume responsibility towards the allround development of society.
The Bank explains why it has adopted a CSR programme:
“To outline its belief in the importance of social responsibility which it considers among its values and to reflect Bank Muscat’s concern and care towards various segments of society”.
Frameworks and reporting
Two thousand and twelve (2012) was the first year that the bank produced a sustainability report using the Global Reporting Initiative (GRI) reporting principles and the financial sector supplement. This was marked by the bank as a new era of responsible banking, with the framework guidance supporting development.
“Our focus is clear – creating a sustainable financial platform for society and business, thereby contributing to economic growth, while also generating returns for all stakeholders. In step with the directive of His Majesty Sultan Qaboos to support economic growth and sustainable development, the bank remains committed to the progress of Oman by creating opportunities through helping individuals and businesses to prosper and grow.” Abdul Razak Ali Issa, Chief Executive

Why we need the Islamic Reporting Initiative – United Nations Industrial Development Organization features IRI in “Making it”

International standards often use a vocabulary that is not attuned to local mindsets and modes of thinking and living. That does not make them any less relevant, but it does mean that it is particularly challenging for Islamic organizations to fully embrace these standards without losing sight...