The Ministry of Education partners with Bank Muscat for conducting a training programme on financial awareness

by | Mar 13, 2024 | 0 comments

MUSCAT – The Ministry of Education and Bank Muscat signed an agreement on implementing a training Programme that falls within the Bank’s sustainable “Maliyat” academy Programme. The 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 bint Yousuf Al Farsi, Chief Operating Officer, Bank Muscat, in the presence of a number of officials from the Bank and the Ministry. Signing the agreement came with the aim of raising and enhancing the awareness of students from different schools across the Sultanate on financial affairs, as well as encouraging them to embark on saving practices that allow them to prepare for a financially planned-for future at an early stage. It is worth noting that a number of 10 thousand school students from different governorates are targeted to be trained at the Programme with the participation of 60 professionals.   

Financial awareness is one of the major themes which must be instilled among individuals in the society, as it allows them to gain the confidence, skills, and knowledge needed to take proper financial decisions in multiple areas in life. Considering the present economic changes, gaining financial awareness constitutes an important practice as it helps individuals and families enjoy financially stable and decent lives and represents a crucial pillar for futuristic economic growth both for Omanis and non-Omanis. Hence, it critical that all individuals be financially aware and knowledgeable in order for them to be able to set proper financial plans for their future, understand major terminology related to finance such as budgets, returns, insurance, and loans, in addition to coping with unexpected life circumstances such as economic crisis and job loss cases. 

About signing the agreement, Majid bin Said Al Bahri, Under-Secretary of the Ministry of Education for Administrative and Financial Affairs, said: “We are pleased to enhance our partnership with Bank Muscat, a leading institution in launching initiatives and Programmes that serve different segments of the society including school students. Enhancing students’ awareness on financial affairs is a key subject to be considered and enhanced among this segment. The Ministry is keen to fostering its partnership with various institutions committed to launching such initiatives that aim to encourage students to set financial and regular plans for their future.”

From her side, Sheikha bint Yousuf Al Farsi, Chief Operation Officer, Bank Muscat, stated: “We take pride in the Bank’s successful partnership with the Ministry of Education, driving both partners to be contributory to serving all segments of the society. We would like to extend our appreciation and gratitude to the Ministry for its dedication to supporting and implementing the training Programme at different schools across the Sultanate, targeting a large number of participants of school students. Bank Muscat gives special attention and importance to sustainability and CSR-related fields and it commits to raising the financial awareness of the society through the launch of sustainable initiatives and Programmes, encouraging all segments to financially plan well for their future.”

Sheikha Al Farsi further added: “The Maliyat academy falls under Bank Muscat’s initiatives launched to spread financial awareness among the youth in the society and allow them to prepare themselves for a well-planned future. These initiatives are set to equip the youth, especially school students, with the skills they need to take prudent decisions on how to financially become independent individuals. We would like to extend our thanks to all relevant stakeholders for making Bank Muscat’s initiatives and events a success.” 

In cooperation with the Ministry of Education, it is worth noting that Bank Muscat previously organized a “Train-the-trainer” Programme for a number of professionals representing different schools across the Sultanate and the Ministry’s department of Entrepreneurship to enable them to deliver the program 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. Chapter 1 of the academy covers “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 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 the sense of strength and satisfaction this practice triggers in individuals. 

The training Programme targets school students aged 13 years old and above 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 teacher manual, however, introduces teachers to the guiding procedures of delivering the “Maliyat” academy programme. It encompasses all chapters to be taught to students, using the appropriate teaching methods set for each chapter. The manual also includes information and details about the various plans prepared for the programme including teacher-student meeting plans.   

Bank Muscat’s sustainable and CSR-focused initiatives and Programmes represent one of the key pillars which the Bank has constantly committed to implementing and enhancing during its journey spanning over 40 years in partnership with multiple governmental institutions. These Programmes revolve around multiple areas such as education, youth, sport, health, energy, and entrepreneurship, targeting different segments of the Omani society. During the past few years, it should be noted that the Bank has successfully launched such initiatives and events that appealed to the entire society. 

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