In recognition of its commitment to Sustainability and Corporate Social Responsibility, Bank Muscat, the leading financial services provider in the Sultanate of Oman, recently implemented a workshop on financial literacy within its sustainable “Maliyat” academy programme in conjunction with the Al-Qadisiyah Summer Camp activities in the Wilayat of Seeb, Governorate of Muscat. The workshop was organised with the aim of enhancing and instilling the principles of financial literacy amongst school students aged 10-17 years. Over 100 students from various schools in the governorate participated in the workshop.
Financial literacy is an important concept that focuses on enhancing understanding of financial management and it represents a necessity for financial inclusion in the community. Therefore, spreading awareness about financial principles and concepts contributes to enhancing the saving habits of participants and encouraging them to manage their financial affairs and make sound spending decisions.
During the workshop, the students were introduced to the “Maliyat” academy content which comprises 5 chapters, each revolving around a different subject related to financial literacy. Chapter 1 of the academy covers “Sound Decision-Taking” which defines money and introduces students to the importance of taking sound financial decisions for securing a decent life. Chapter 2 touches upon “Learn How to Gain Money” and urging students to look for possible ways to acquire money for the future. Chapter 3 focuses on “Saving and Spending” and it emphasizes the significance of setting sound spending plans to familiarize students with the effective objectives of doing such a practice. The chapter also introduces the students to the concept of budget and its role in money-saving practices. Chapter 4 sheds the light on “Grow Your Money” and it aims to raise students’ awareness about the impacts of taking effective investment decisions on capital growth by time. In addition, the workshop combined the theoretical material with engaging activities to enable a facilitated learning process for the students. It is worth noting that the workshop was organized as a continuation of other workshops which Bank Muscat recently organized and implemented in a number of schools in Muscat Governorate, bringing the total number of beneficiaries from the workshops to over 150 students.
Bank Muscat gives special attention and importance to sustainability and CSR-related fields and it commits to raising the financial awareness of the society through the launch of sustainable initiatives and Programmes, encouraging all segments in the society to financially plan well for their future. In addition to the “Maliyat” academy programme, Bank Musca offers “Maliyat” programme, an online platform designed to offer courses on financial literacy targeting individuals from different age groups. The programme falls under Bank Muscat’s CSR initiatives and it focuses on enhancing financial literacy with the aim of providing individuals from different ages with the basic skills needed to manage various financial affairs, make wise spending decisions, and prepare them to be financially independent individuals. The programme highlights various aspects of financial literacy, including basic financial concepts and principles such as financial planning, tracking spends, investment, revenue, debt management, saving and planning for the future. The Financial literacy concepts help individuals, especially the youth, set well-managed future financial plans and prepare themselves for life in light of the current economic changes that could affect the financial stability of individuals and families. Therefore, it is necessary for them to have knowledge and awareness about financial affairs, including understanding basic financial terms such as budgets, interest, insurance and loans, thus, enabling them to develop well-thought-out future financial plans that enable them to face unexpected life changes such as economic crises.
Bank Muscat’s sustainable and CSR-focused initiatives and Programmes represent one of the key pillars which the Bank has constantly committed to implementing and enhancing during its journey spanning over 40 years in partnership with multiple governmental institutions. These Programmes revolve around multiple areas such as education, youth, sport, health, energy, and entrepreneurship, targeting different segments of the Omani society. During the past few years, it should be noted that the Bank has successfully launched such initiatives and events that appealed to the entire society.
