In a significant move to boost financial literacy awareness, Bank Muscat, the leading financial services provider in the Sultanate of Oman, in cooperation with the Ministry of Education, organised the second training workshop of the Maliyat Academy initiative. The workshop saw an active participation of 71 teachers and employees of the Ministry, including vocational guidance specialists and supervisors and Khazna project Team. The sessions took place at the Grand Hormuz Muscat Hotel. The training, delivered by Yousuf bin Rashid Al Mafraji, Coach in Financial Awareness & Literacy, covered key themes such as making smart choices, learning to earn, spending & saving, and growing your money. Participants also shared insights from their experiences in previous courses, discussing how they conveyed financial principles to students.
This workshop reflects the ongoing collaboration between Bank Muscat and the Ministry of Education, for the second year in a row, as part of the Maliyat Academy, one of the Bank’s CSR pioneering initiatives. During 2023, it targeted a number of 66 vocational guidance specialists & teachers, who passed the knowledge to their peers in schools, taking the total number to 488 trainers, benefiting 23,000 students across approximately 395 schools in various willayats and governorates of Oman.
On this occasion, Talib bin Saif Al Makhmari, Head of Community & Media Relations at Bank Muscat, expressed pride in the partnership with the Ministry of Education to implement a key social responsibility initiative which significantly enhances knowledge development among school students and improves their financial knowledge & skills. He said: “Financial literacy is a crucial life skill that promotes a comprehensive understanding of better financial management, enabling individuals—especially youth—to better prepare for and manage their future financial plans. Bank Muscat is dedicated to instilling this concept in young people, equipping them with modern techniques for effective management, which will enhance their financial decision-making skills over time.”
Al Makhmari further noted that the workshop adds a new dimension to the Maliyat Academy initiative by engaging trainers, including teachers and vocational guidance specialists from all governorates. This effort ensures the sustainability of knowledge transfer to their peers for years to come. “Currently, there are 137 trainers involved, and the goal is to reach even more schools and students targeted this year.” he confirmed.
Participants in the training workshop highlighted the significance of proper financial management and the need to instill this concept among school students. Nadia bint Saleh Al Rahbi, a vocational guidance specialist at Um Saad Al Ansariya School for Basic Education (Grades 7-10) in Muscat Governorate, praised Bank Muscat’s initiative, noting that the workshop aligns with the goal of promoting financial literacy among both participants and students. She explained: “the workshop was rich in knowledge and practical skills for managing money wisely, which we can apply and pass on to tenth-grade students. This will help develop students’ ability to use money optimally and cultivate a sustainable financial mindset that supports future planning.”
Al Rahbi added that past workshops on financial literacy, involving active student participation, revealed a strong interest in learning financial skills, noting “Students have become familiar with key concepts such as earning, spending, saving, and making sound financial decisions, all of which are vital to building a financially literate generation. We have seen enthusiastic engagement and questions were raised by students about investment opportunities, reflecting a growing financial awareness. I would like to extend appreciation for Bank Muscat’s efforts in organizing such impactful initiatives, which play a crucial role in benefiting an important segment of society.”
Ahmed bin Ali bin Mustahil Al Shehri, a vocational guidance specialist at Khalid bin Al Waleed School for Basic Education in Dhofar Governorate, emphasized: “training on financial literacy is an investment in the future of our youth. Through Bank Muscat’s Maliyat Academy, we have gained valuable insights into the importance of money and methods of earning and spending. This knowledge will be transferred to other specialists, who will, in turn, conduct training sessions to instill these financial concepts among students in schools.”
He further explained that delivering this knowledge to students requires simplified and engaging approaches to ensure practical application in their daily lives. To achieve this, various initiatives, competitions, workshops, and forums are conducted, all aimed at enhancing financial awareness among students. This helps them become financially responsible individuals from a young age—an essential skill, especially given the current economic fluctuations that demand a deeper understanding of money management. “Spreading financial literacy is a shared responsibility, starting from home, to school, mosque, and even to playground. By educating young people in alignment with their age-specific needs, we contribute to fostering an economically balanced and informed society.” He confirmed.
The Maliyat Academy initiative, part of Bank Muscat’s sustainability and social responsibility initiatives, aims to elevate the financial literacy of the young generation. It provides essential skills for managing financial matters and making informed spending choices from an early age. In light of current economic fluctuations, these concepts are crucial for fostering financial stability among individuals and families
Moreover, the Bank hosts a free online financial literacy platform, Maliyat, offering financial literacy courses to community members of all ages. This initiative underscores Bank Muscat’s commitment to social responsibility and sustainability.
