Bank Muscat, IFC join hands to highlight banking solutions for green homes

Roundup Wednesday 04/October/2017 18:34 PM
By: Times News Service
Bank Muscat, IFC join hands to highlight banking solutions for green homes

Muscat: Bank Muscat, the flagship financial services provider in the Sultanate, in association with International Finance Corporation (IFC), hosted a workshop on ‘Banking Solutions for Green Homes’. IFC experts conducted the two-day workshop attended by consultants, real estate developers, contractors and property valuers.
Bank Muscat, in line with its ‘Let’s Do More’ vision and commitment to partnership in sustainable development, is focused on energy saving initiatives as part of its Imprints CSR programme.
The green home programme is aimed at providing finance/credit facility to customers to encourage them to build or purchase homes, which are environmentally friendly such as using solar power, LED lighting and energy efficient building materials. Mortgage finance incentives will be offered for homes built in compliance with energy efficiency standards. The move is aimed at promoting energy efficient green buildings in the country, which will contribute to reducing energy costs and greenhouse gas emissions.
The workshop addressed by IFC experts highlighted climate change as emerging business opportunity and the advantages of investment in clean energy. The workshop spotlighted Sahim solar energy initiative by the Authority for Electricity Regulation and green construction challenges in Oman.
Bank Muscat launched the Imprints CSR programme in 2016 to address the changing economic and social situation. The initiative marked a big step in the public-private partnership in making lasting contributions to society and the nation.
As the leading bank in the Sultanate, Bank Muscat is at the forefront in contributing to society and thereby setting a fine example in developing social responsibility as the corporate culture. The Imprints initiative reflects the bank’s focus to set benchmark standards in social responsibility.
The bank has drawn up a wide-ranging programme to sustain the green environment. The association with IFC highlights the importance of the energy-saving programme. The unique initiative reflects the bank’s commitment to responsible banking, contributing to the country’s progress and development.
Against the backdrop of prevailing economic situation, a core element of the Imprints initiative is to promote savings and financial planning. In this respect, the green products are aimed at helping citizens to invest for their future whereby they can reduce energy consumption costs as well as contribute to a sustainable environment in the country. In view of de-subsidising of electricity in Oman, saving energy and using alternative sources are important to reduce energy cost and sustain the environment. Targeting students and SMEs, the bank has lined up educational workshops to raise awareness on alternative sources of energy in the country. While educating students, who represent the future of Oman, on the benefits of renewable sources of energy, the programme highlights business opportunities available for SMEs from renewable energy like solar power.
Meethaq Islamic Banking is associated with the Imprints programme on energy conservation with the focus on using solar energy for Meethaq branches. Nafath company, which is a leading player in energy conservation, is implementing this project.
The CSR and sustainability strategy pursued by Bank Muscat is focused on delivering long-term benefits to the community and the nation. Leading by example is the forte of Bank Muscat as the Imprints initiative marks a big step in the public-private partnership in making lasting contributions to society and the nation.