On January 29, 2025, BankDhofar, in collaboration with CASI, hosted an insightful workshop titled “Sustainability Reporting and Its Impact on the Financial Sector”. The event took place in Muscat, Oman, and brought together 50 participants, including the Acting CEO, CFO, and representatives from various departments of the bank.
This interactive session aimed to deepen the understanding of sustainability reporting and its critical role within the financial sector, particularly in emerging markets like Oman.
Key Highlights from the Workshop
1. Global Initiatives in Sustainability Reporting
The workshop explored key global sustainability frameworks, including:
- Global Reporting Initiative (GRI)
- IFRS Sustainability Disclosure Standards S1 and S2
Discussions centered on how these international standards can be integrated into national frameworks, focusing on their relevance to emerging markets and developing economies.
2. ESG and SMEs: Practical Insights
Participants were introduced to the Simplified ESG Disclosure Guide for SMEs in Supply Chains. This guide was complemented by case studies tailored to Oman’s unique context. Key challenges were identified, such as:
- Limited data availability
- Capacity gaps in addressing sustainability practices
Governance and strategy were highlighted as priority areas for improvement, paving the way for stronger ESG (Environmental, Social, and Governance) integration.
3. Timely Alignment with New Regulations
The workshop was particularly timely, coinciding with:
- The release of Bank Dhofar’s inaugural 2023 Sustainability Report
- The Central Bank of Oman’s new sustainable financial practices requirements, issued in October 2024
This alignment reinforces the importance of embedding sustainability into the financial sector’s core operations and reporting structures.
This workshop marks CASI’s second technical assistance (TA) service workshop, following a successful session in Thailand. The partnership with BankDhofar reflects a shared commitment to advancing sustainability practices and fostering a greener financial ecosystem in Oman.
We extend our gratitude to BankDhofar for their collaboration and look forward to seeing these insights drive meaningful change in sustainability reporting and governance.
