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BankMuscat Themaar Higher Education Savings Plan scholarship winners announced

MUSCAT, 22 May 2012 – BankMuscat, the flagship financial services provider in the Sultanate, has announced Themaar Higher Education Savings Plan scholarship winners for 2011. Ahmed Al Barami, AGM – Chairman’s Office, presented the cash scholarships worth RO 10,000 each to the winners – Mukhtar Yasir Jamil from Jaalan Bani Bu Hassan branch and Said Idris Said from Al Khuwair branch. The third winner is from Al Awabi branch.

BankMuscat conducts the annual Themaar draw offering three cash scholarships worth RO 10,000 each. For eligibility, the Themaar Higher Education Savings Plan term must be minimum 5 years with regular payment of the monthly recurring deposit installments.

Ali Noorudeen, Deputy Head – Liability Products, said: “Themaar Higher Education Savings Plan addresses a long-felt need in Oman, providing an affordable and systematic monthly savings plan on behalf of children to cover their future higher education costs. Themaar opens up a great opportunity for the future of children. Quality education is the key to a secure future and Themaar makes it affordable by encouraging a strong savings habit. Notably, Themaar helps customers to tap their own savings instead of resorting to loans while sending children for higher education at home or abroad.”

The father of Said Idris Said commented: “I am happy that my son has won the Themaar scholarship which will ensure my son’s higher education to secure a bright future. Since the birth of my son, I have been depositing RO 50 per month and I am delighted to be rewarded with the scholarship. I would like to thank BankMuscat for launching Themaar Higher Education Savings Plan which is a big motivation and encouragement for parents to save for the future of children. As the savings plan is very simple and practical, I urge all parents to participate in Themaar and take advantage of the facilities and opportunities offered to youth aspiring to take up the best opportunities in higher education.”

The mother of scholarship winner Mukhtar Yasir Jamil said she was very impressed with the benefits and advantages of Themaar. “That’s why I have opened Themaar Higher Education Savings Plan for all children in the family in order to ensure that all of them receive proper higher education. I encourage all parents to participate in Themaar and take advantage of the unique savings plan.”

The Themaar savings concept is very simple as depending on the financial status of customers, the monthly savings amount can be decided. The flexible scheme ensures that customers do not feel the financial burden in earmarking a regular monthly deposit amount toward the savings plan.

Themaar helps customers to plan well in advance for the higher education of children, who in turn are motivated to stay focused on studies. The savings plan can be tailored to meet the requirements of all children in a family, both boys and girls, thereby ensuring a bright future for all. The savings plan is open to residents Omanis and non-Omanis.

 Themaar serves as a proper financial security for higher education. The nominal monthly amount invested on behalf of the beneficiary children grows into a substantial lump-sum. The attractive benefits include a handsome bonus on maturity of the scheme. Customers can earn bonus on monthly deposits and all the monthly deposits made by them are fully protected throughout the term, even if they wish to prematurely withdraw in the middle of the term. The bonus rate is equivalent to term deposit rates prevailing at the time of opening the Themaar Higher Education Savings plan and customers are clearly advised of the same.

The scheme offers waiver of future monthly deposits in the event of death of the family’s breadwinner (customer who has opened the Themaar Higher Education Savings plan), while guaranteeing a lump sum amount to the beneficiary on maturity of the savings plan. Thus, the future education needs of the child/beneficiary are well taken care of, even if the customer who has opened the Themaar Higher Education Savings plan is no more present. The monthly savings also become automatically eligible to participate in the exciting al Mazyona draws offering weekly, monthly quarterly and jackpot prizes.

In many cases, students are unable to pursue higher education due to limited government scholarships and financial constraints. With employment prospects directly linked to corresponding educational qualifications, Omani youth are increasingly pursuing higher education to achieve their career ambitions. Given the challenging situation, many parents are unable to help children pursue higher education.

Against the backdrop of Oman’s demographics, Themaar is aimed at benefiting over 50 per cent of the Sultanate’s population who are below 19 years. Themaar ensures that when the day comes, parents can allow children to pursue their dreams by choosing universities of their choice. By guaranteeing a secure future, Themaar also helps strengthen family relations. Just by saving a little every month, Themaar assures a bright future for Oman’s future generations.