Bank Muscat, the leading financial services provider in the Sultanate of Oman, recently held the second edition of its BM Educational Camp – Ideathon Competition for more than 60 employees’ children aged 12 to 15 years. The event was well-attended and interactive, with participants from across Oman.
The organization of this camp aligned with Bank Muscat’s commitment to executing financial literacy programmes that focus on benefitting various segments of the society, including children. This year’s camp focused on teaching youngsters the basics of entrepreneurship and innovation, as well as how to nurture and develop their skills. Topics discussed included learning to earn money, savings and budgeting, setting SMART goals, and giving back to society. Aside from the educational component, the main part of the event was the Ideathon Competition, which focused on setting up the best business, while considering its social impact. The winners were announced and awarded at the end of the event.
This camp complements the ongoing work Bank Muscat’s ‘Maliyat Academy’ upholds, which highlights financial literacy as an important concept to enhance planning and saving habits of individuals from a young age. The academy’s programmes focus on providing students with the basic skills needed to manage various financial affairs, make wise spending decisions, and prepare them to be financially independent.
Reflecting on their participation, a number of children expressed their enthusiasm to be part of Bank Muscat’s Educational Camp, which gave them an opportunity to broaden their knowledge managing their finances and setting up a business idea. One of the participating children, Laith Adnan Al Balushi, said: “During the camp, I learned how to become more independent and develop my personal skills. I also gained experience on how to execute and continuously improve projects, which helped me see how I can enhance my future ideas and projects.”
In addition, his sister, Layan, 13 years old, commented: “I was part of the team that won first place in the camp! I learned how to become a successful entrepreneur in the future and how to use my wide imagination to present ideas that benefit and improve the community. This camp inspired me to think about how to take advantage of available opportunities to achieve my goals.”
Reema Zahir Al Hashar, 14 years, said: “I appreciated the opportunity to think collectively with different people from different backgrounds. We received care and support from the bank’s staff. Thank you.”
Further, her sister Dana, 12 years, expressed her joy to participate in the camp, commenting: “I enjoyed the challenge of coming up with a business idea. The team members’ thoughts were interesting and insightful. I look forward to participate in the bank’s future events.”
For Bank Muscat, this is an additional step to enhance its leading role in corporate social responsibility. The Bank fosters innovation by providing support for Omani youth and helping them develop their skills. The Bank is eager to continue participating in community events that promote the concept of voluntary work and social responsibility among members of society.
Bank Muscat is keen to reach out to all segments of society through various programmes and initiatives delivered throughout the year, including programs aimed at improving understanding about financial affairs management. “Maliyat”, for example, focuses on several aspects of financial culture, like mastering financial principles and concepts such as financial planning, track of spending, investment, income, debt management, savings and long-term planning. “Irshad” program, however, offers financial coaching and guidance to SMEs, startup companies, entrepreneurs, and individuals on how to manage their finances and plan for the future.
