MUSCAT, 18 September 2012 – Al Wisal Radio will host a discussion forum today (Wednesday, 19 September 2012) from 2 pm to 3 pm on the ‘borrow wisely’ social responsibility campaign launched by bank muscat. Prominent media representatives, social dignitaries and senior bank officials will participate in the discussion.
The ‘borrow wisely’ campaign is aimed at instilling responsible behaviour and encouraging people to restrain themselves from excessive borrowing and thereby avoid overspending and debt traps in life. The campaign is a classic case of responsible banking as people are encouraged to go only for essential borrowing.
The campaign highlights the risks of excessive borrowing which lead to debt traps and cause hardships and suffering. The innovative campaign encourages a positive savings culture in Oman.
The campaign is a novel initiative to benefit people, especially the Omani youth, and encourage them to avoid excessive borrowing and debt traps. The timing of the campaign is appropriate as many youth are taking up jobs and embarking on independent lives. Prudent financial management is vital for this segment as they require to buy vehicles or may be considering marriage or acquiring their dream homes all of which require financing and therefore they must obtain sound advice on their genuine needs and their repayment capability. The ‘borrow wisely’ campaign seeks to educate people on realistic borrowing and responsible behaviour.