National Finance’s 2024 Sustainability Report Highlights Progress and Future Goals
Dedicated to supporting the sustainability objectives outlined in Oman Vision 2040, National Finance, the Sultanate of Oman’s leading finance company, has made remarkable strides in advancing its sustainability initiatives. These achievements are captured in the recently unveiled 2024 edition of its Sustainability Report—a comprehensive overview of the company’s multifaceted approach to integrating sustainable practices into its operational framework, while also charting the course for its future sustainability efforts.
Reflecting on this milestone, Mr. Tariq Sulaiman Al Farsi, Chief Executive Officer of National Finance, stated, “The release of our 2024 Sustainability Report marks a significant moment in our journey. It highlights the profound impact of our environmental, social, and governance initiatives, and provides a clear path for continued progress. This report reinforces our commitment to our ESG goals, ensuring we remain at the forefront of sustainability efforts that will equip our nation to seize the vast opportunities our promising future holds.”
A pivotal accomplishment of National Finance's sustainability strategy has been the successful implementation of the company-wide Be Green initiative, designed to foster eco-conscious behaviors among its employees. This initiative encourages staff to embrace their environmental responsibilities and adopt sustainable practices that reduce the company’s ecological footprint. A key achievement of this initiative was the recycling of over 15,000 kilograms of paper, underscoring its success in promoting environmental stewardship.
Impactful employee engagement also plays a central role in the company’s sustainability strategy. National Finance’s commitment to the development of national talent is reflected in its impressive Omanisation rate of over 90% for the past three years. This underscores the company’s recognition of the vital role talent development plays in driving progress. The company has prioritized continuous training through workshops and sessions, creating opportunities for both personal and professional growth. These initiatives are further supported by a commitment to fostering a healthy work-life balance and a supportive workplace culture, as evidenced by an employee satisfaction score of 80%.
National Finance has played a pivotal role in numerous community empowerment initiatives, partnering with esteemed welfare organizations such as Dar Al Atta’a, as well as supporting conservation efforts led by environmental advocates. The company's Himmah volunteer team has been at the forefront of these efforts, exemplifying the core values of National Finance through their dedication and leadership. Through these collaborations, the company has made meaningful contributions to promoting inclusivity, fostering a more equitable society, championing environmental stewardship, and uplifting vulnerable communities.
The company has placed particular emphasis on empowering the nation's youth, cultivating a generation of formidable future leaders. National Finance's involvement in the Environment Society of Oman's Green Campus initiative is one such example, as it seeks to nurture a responsible generation of young individuals who understand their potential to drive meaningful change. Additionally, the company’s collaborations with Injaz Oman and Sharakah further demonstrate its commitment to fostering the entrepreneurial aspirations of the next generation.
The company has adopted a distinctive approach to responsible lending, recognizing its role as a financial partner in supporting corporates and SMEs to maintain long-term operational stability. To enhance its commitment to responsible lending, National Finance has introduced an Environmental and Social Management System (ESMS). This system enables the company to incorporate environmental, social, and governance (ESG) factors into its decision-making processes, ensuring that its financing decisions continue to generate a positive impact on both the environment and society.
National Finance recently forged a landmark partnership with the International Finance Corporation (IFC), a member of the World Bank Group, marking a major step forward in its sustainability journey. Through this collaboration, IFC is extending a $120 million finance to support National Finance’s green finance initiatives. The funding will significantly bolster the company’s sustainable finance portfolio, with a strategic focus on electric vehicle (EV) financing, renewable energy projects, and other green finance offerings—underscoring its commitment to creating meaningful environmental impact.
The company has also been instrumental in supporting the nation’s economic diversification initiatives. Notably, National Finance provided financing for Oman’s first solar panel manufacturer, a project that will significantly contribute to the growth of the country’s renewable energy sector. This effort underscores the company’s dedication to backing projects of national importance, thereby driving progress and innovation across various sectors.
These milestones highlighted in the company’s 2024 Sustainability Report reflect the company’s unwavering commitment to sustainable business practices, employee well-being, and community impact. As National Finance continues its journey towards a more sustainable future, the company remains committed to balancing economic progress with social and environmental responsibility.