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Bank Muscat launches first-of-its-kind financial coaching for SMEs, youth

MUSCAT, 19 January 2019 

Bank Muscat, the flagship financial services provider in the Sultanate, in line with its vision ‘To serve you better, everyday’ and commitment to partnership in sustainable development, has launched a first-of-its-kind free consultation programme to support SMEs, startup companies, entrepreneurs and individuals in managing their finances and future financial planning.

The Irshad financial coaching, which is part of the bank's Imprints CSR and sustainability initiative, will be run by expert coaches comprising the bank's senior executives. Coaching will cover areas such as setting up new business, personal finance, Islamic banking facilities, financial planning for retirement etc. Irshad seeks to empower participants with relevant information on financial planning and sustainable business.
Bank Muscat brings decades of financial expertise to the table with Irshad. The platform creates a wealth of knowledge as the bank’s senior executives meet with SMEs and individuals to guide them in reaching their goals of financial efficiency and sustainability. Appointments for coaching can be made through the bank’s website, in which information on coaches are also available. The coaching will take place in Irshad meeting room at the bank’s head office.

The bank has made headway with various financial literacy programmes launched as part of its Imprints initiative. The unique CSR programme marks a big step in the public-private partnership in making lasting contributions to society and the nation.

The ‘Little Investor’ programme, launched in association with the Ministry of Education and Injaz Oman to educate Omani children on the basics of financial literacy, is a core component of the Imprints initiative. Aimed at motivating children to develop entrepreneurial thinking skills from an early age, the programme has already covered over 10,000 students across the Sultanate. The second phase of the programme is currently under way to train 10,000 more students this year.

The bank, in association with the Public Authority for Consumer Protection (PACP), successfully concluded a year-long financial literacy campaign, which played a key role in instilling strong savings habit among citizens. Topics covered in the awareness campaign included savings, secure online transactions and steps to identify fraudulent communications. The campaign utilised various media channels such as print, radio, TV and outdoor hoardings, in addition to workshops and seminars to raise awareness and build up financial literacy.

The bank also launched an online financial literacy programme in Arabic language, covering five modules aimed at helping participants to define financial goals and understand basic economic and financial concepts such as budget, savings and investments, loans, insurance, retirement plan and dealing with emergencies. The programme is aimed at equipping participants with essential skills to better manage finance and take prudent decisions, especially youth and students when graduating and taking up jobs. The programme helps participants to develop skills to draw up and implement financial plans and goals covering important phases in life.  On completion of training, participants receive financial literacy certificates.

Empowering youth and other participants with financial skills, the programme reflects the bank’s commitment to responsible banking, contributing to the country’s progress and development. Financial management is the key to a strong foundation for success in life as skills acquired through the programme help participants to judiciously manage finance and thereby make valuable contributions to the nation.