MUSCAT: The landmark Maliyat financial literacy programme launched by Bank Muscat, the flagship financial services provider in the Sultanate, in step with its commitment to sustainability has been commended for its ground breaking financial literacy goals by the bank’s customers as well as the general public. This major CSR initiative launched by the bank earlier this year for the benefit of all people in Oman is greatly helping increase financial literacy and awareness. 

The Maliyat personal finance certification module is especially helping 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 has always been at the forefront in contributing to society and 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: “We are very happy with the good response that the Maliyat financial literacy programme has evoked. The sustainability strategy pursued by Bank Muscat has always been focused on long-term benefits to the nation. Maliyat is helping Omani citizens and residents fulfil their responsibility towards their families and the community. We find that the programme is particularly useful for the youth in terms of financial literacy, awareness and planning.”

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 financial interests in mind.

Maliyat is a key component of the bank’s overarching Basmat CSR initiative, which was launched in 2016 to address the changing economic climate and covers financial literacy, environmental sustainability and tourism-based businesses. The Maliyat curriculum comprises of macro-economic theory, financial best practices according to the age group of participants as well as 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.The bank will issue certificates to all those who successfully complete the programme.

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