MUSCAT : MIBS, BankDhofar’s Islamic window,is fostering responsible financial behavior among children and empowering families with a progressive approach to financial literacy through its newly launched Children’s Account. Designed to provide a secure and trustworthy financial foundation for the next generation, the Account will foster avenues for children to receive benefits of the Children’s Social Security Scheme and demonstrate the Bank’s commitment to align with Oman vision 2040.

Recognizing the significance of instilling sound saving habits in children early on, the Children’s Account will bolster parents to incorporate responsible financial practices in their young ones. It will create financial awareness and provide a concrete platform for parents to ignite financial responsibility and initiate their wards’ financial journeys.

The Maisarah Children’s Account isn’t merely a conventional banking product; it represents a transformative journey towards cultivating mature financial behavior, imparting valuable lessons that will shape young minds and equip them with the knowledge and confidence needed to navigate the complexities of the financial world.

Rooted in Islamic principles, this account serves as a gateway to a future of fiscal empowerment, providing a solid foundation for children to embark on a journey of financial responsibility, smart planning, and ethical decision-making.

Acknowledged for its commitment to fair and innovative banking solutions, Maisarah Islamic Banking Services’ has crafted its Children’s Account to nurture financial literacy and responsibility in the younger generation. With a resolute belief that sound financial education is the cornerstone of a prosperous future, this unique offering is designed to instill essential money management skills and ethical financial values in the next generation.

The secure and trustworthy Account is available for all children, including newborns. While the ‘Children’ account is open for newborns to children under 13 years, the ‘Minor’ account is eligible for children between the ages of 13 to 18 years. To add to the ease of opening and maintaining these accounts, the Bank has incorporated options such as ‘no minimum balance’, ‘competitive profit rates’ and ‘standing instruction for achieving your child’s Social Protection Fund’.

Fathers or guardians of children (under 18 years of age) can open the account by furnishing passport copy or birth certificate of the child, along with the identity card (of father/guardian) in case of Omanis. Expatriate customers, on the other hand, need to submit copies of their Resident Card and the passport visa page. As per the specifications of the account, the father/guardian has the power to deposit and withdraw money at any time from the account and avail the debit card with (father’s/guardian’s) name imprinted on it. There is, however, no option to open a joint account under this service or avail interest; however, it does offer saving plan deposit scheme, in addition to standing instructions.

Highlighting features of the Maisarah Children’s Account, Amor Said Mohamed Al Amri, DGM of Maisarah Retail Banking Department, said, “Our Children’s Account exemplifies our deep-rooted commitment to shaping future financial leaders. We believe that early financial education lays the foundation for a prosperous life. The Children’s Account is our commitment to provide children with the tools they need to confidently navigate their financial future. By instilling sound financial values and practices early on, we are sowing the seeds of empowerment and success for the generations to come.”

Explaining further, he noted that the Account encourages parents to play an active role in their child’s financial journey, fostering open discussions about money, savings, and responsible spending.

The MIBS Children’s Account isn’t just another banking solution; it’s an investment in the future. It serves as a powerful medium to introduce children to the world of finance and equip them with essential life skills to shape a generation of smart, financially responsible individuals.

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