MUSCAT, 01 August 2019
Bank Muscat, the flagship financial services provider in the Sultanate, in step with its vision ‘To serve you better, everyday’ and commitment to corporate social responsibility (CSR) and sustainability has announced the launch of its new landmark Maliyat financial literacy programme for the benefit of all people in the sultanate. This major CSR initiative by the bank will help both Omani citizens and residents fulfil their social responsibilities towards their families and their community through increased financial literacy and awareness. The Maliyat personal finance certification module will particularly help the youth become financially prudent and independent, thereby contributing to the socio-economic development and growth of the Sultanate in the long term.
As a forward-looking financial institution, Bank Muscat is always at the forefront in contributing to society and thereby setting a fine example to the corporate sector. As the pioneer of CSR activities in the financial sector in Oman, the bank has been implementing several initiatives benefiting various segments of society and remains committed to sustainable development in Oman in line with the overall strategic growth vision of the Government of Oman.
Talib Saif Al Makhmari, Manager, Community & Media Relations, Bank Muscat, said: “The sustainability and CSR strategy pursued by Bank Muscat is focused on long-term benefits to the community and the nation through multiple strategic CSR programmes. Maliyat will help Omani citizens and residents fulfil their responsibility towards their families and their community. This financial-literacy programme will equip participants with all the essential skills they need to better manage their finances and take fiscally prudent decisions, thereby helping everyone, particularly the youth become financially independent. By empowering the youth and other participants with financial literacy, the Maliyat programme will contribute in a major way to the socio-economic development and progress of Oman and its citizens in the coming years.”
When people are financially literate, they are better able to understand financial concepts like budgets, interest payments and plan for their future so as to be able to respond effectively to life-changing events such as economic downturns or a job loss. They are also able to understand and choose various financial products like insurance and loans, based on their actual needs and financial abilities rather than be influenced solely by an advertisement or someone else who may not necessarily have their best interests in mind.
The Maliyat curriculum comprises three main parts. The first part provides an in-depth review of Oman’s revenues and expenditures to give a broad understanding on how the Sultanate’s government tries to make the lives of Omani citizens better in every way. The second part is a deep dive into financial best practices according to the age group of the participant. For example, financial awareness and best practices for those starting their career (20-24 years) are quite different from that of mid-career professionals (30-35 years) or of young families (in the 35+ age group). The final part is a certification process that reinforces the financial best practices learnt during the course and the means of applying them in one’s daily life.
The curriculum is covered through an online self-learning mode that covers important financial topics such as personal budgets, fiscal responsibility, how to manage income and expenditure as well as general economic outlook and macro-economic policies. Each of the five units includes video content that makes the learning fun and easy to understand. To encourage completion of the course and to help participants apply the learnings in their personal lives, the Bank will provide certification upon successful completion. The contents of the Maliyat programme are available in Arabic and English to encourage maximum participation by everyone. The Bank has invited everybody to register at www.maliyatbankmuscat.com and benefit from the programme.
Maliyat is a key component of the bank’s overarching Imprints CSR initiative, which was first launched in 2016 to address the changing economic climate and covers financial literacy, environmental sustainability and tourism-based businesses. All CSR programmes draw from the bank’s values of leadership and partnership, creating a positive impact on society. As the bank progresses on the path of sustainable development, new opportunities are explored. Through strategic partnerships with the government and private sector entities, the bank has touched the lives of thousands of individuals, positively impacting the local communities and society.