The Ministry of Education and Bank Muscat have announced the renewal of their partnership to continue implementing the Bank Muscat’s “Maliyat” academy programme, aiming to promote the principles of financial literacy among school students as part of its Corporate Social Responsibility (CSR). The new partnership agreement was signed by His Excellency Majid bin Said Al Bahri, Under-Secretary of the Ministry of Education for Administrative and Financial Affairs and Sheikha Yousuf Al Farsi, Chief Operating Officer, Bank Muscat, during the “Financial Literacy” seminar recently organized by the Ministry. The seminar witnessed a large turnout of participants representing various organizations and institutions from inside and outside the Sultanate.
The renewal of the partnership between the Ministry and Bank follows the significant success achieved through implementing the “Maliyat” academy programme. The programme has been implemented in a number of 395 schools across the Sultanate during 2023-2024. It has benefited over 23,000 students, with an equal percentage of participation from both genders.
On this occasion, His Excellency Majid bin Said Al Bahri, Under-Secretary of the Ministry of Education for Administrative and Financial Affairs said: “We are pleased about renewing our partnership with Bank Muscat, following the successful implementation of the training programme aimed at instilling financial literacy concepts among school students. Financial literacy represents a necessity for sustainable growth and creation of well-planned-for future. The Ministry is committed to enhancing collaboration with various institutions to implement such awareness initiatives and programmes.”
From her side, Sheikha Yousuf Al Farsi, Chief Operating Officer, Bank Muscat, stated: “We are thrilled about continuing our successful partnership with the Ministry of Education to serve various segments of the society, especially school students across the Sultanate. Bank Muscat places great importance to sustainability and CSR-related fields and it commits to raising the financial awareness of the society, as financial literacy represents a necessity for financial inclusion. The Bank is dedicated to launching such sustainable initiatives and Programmes, encouraging all segments to financially plan well for their future.”
Sheikha Al Farsi added: “The programme, that was conducted in cooperation with the Ministry, falls under Bank Muscat’s “Maliyat” academy programme. This initiative has witnessed great success and benefited over 23 thousand students from different schools across the Sultanate. Considering this fabulous achievement, the Bank and Ministry endeavored to target a larger number of participants from students this year to promote awareness around financial literacy. I would like to extend thanks and appreciation to all stakeholders involved in executing this training programme and for their collaboration in targeting its goals.”
Bank Muscat previously organized its “Train-the-trainer” Programme in different schools across the Sultanate with the participation of 488 trainers who introduced the programme material to students. The Programme comprised workshops delivered to participants who were introduced to the 5 key chapters of the Bank’s “Maliyat” academy programme, each focusing on a different subject. That programme saw positive feedback from students, being enabled to build awareness on financial literacy. An online form was shared with those participants for their feedback and suggestions to enhance the programme.
The chapters of the “Maliyat” academy programme cover major subjects about financial literacy. Chapter 1 focuses “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 investment” and it aims to raise students’ awareness about the impacts of taking effective investment decisions on capital growth by time. Chapter 5 focuses on “Giving” and it aims to instill the principles of giving within individuals, introduce them to different forms of giving, and highlight its fundamental impact as a social value.
The “Maliyat” academy programme targets school students between 13-16 years old and it is set to combine the theoretical material with engaging activities for enabling a facilitated learning process. In this regard, the learning manual designed for students is composed of multiple engaging chapters, each introducing a basic concept about financial awareness including gaining, saving, and growing money. The manual also puts emphasis on the importance of giving and helping the needy. It is worth noting that the student manual can be used during classes or taken home. In addition, the students may use the manual for taking notes and accessing digital applications and programmes. At the end of each semester, students may perform one of the challenging tasks of the “Maliyat” academy, for which 15 minutes will be allocated to grant students an opportunity to set plans and take the right decision on the relevant task.
The “Maliyat” academy” programme is one of Bank Muscat’s CSR initiatives, focusing on enhancing financial literacy among different community groups and equipping them with essential skills for managing financial matters and making wise spending decisions from an early age. Awareness on financial concepts helps individuals prepare for life and manage their future financial plans better, especially in light of current economic changes that impact financial stability for individuals and families.
