MUSCAT : As part of its ongoing commitment to supporting community development, investing in the potential of younger generations and enhancing their skills in financial literacy, entrepreneurship, and innovation, Bank Muscat, the leading financial services provider in the Sultanate of Oman, organized the second edition of the Maliyat Challenge in Sur, South Al Sharqiyah Governorate, in collaboration with the Ministry of Education, represented through Khazna Project. The initiative targeted students at grades 9 and 10 from various schools across the governorate. In an atmosphere filled with engagement, constructive competition, and innovative learning experiences, the challenge brought together approximately 80 students who had previously taken part in the Bank’s Maliyat Academy initiative. At the end of the event, winning teams were honored for presenting innovative ideas that met evaluation criteria including feasibility, alignment with market needs, and social and economic impact. The business project ideas proposed by the participants focused on specific areas such as education, fisheries, tourism, business, and health.

The Maliyat Challenge builds on the Bank’s efforts to extend the impact of the “Maliyat Academy” initiative, which aims to promote financial literacy concepts among school students across Oman. The challenge focuses on building a solid knowledge base in personal financial management and entrepreneurship, contributing to the development of a financially aware generation capable of managing resources efficiently and responsibly. The challenge also aims to instill creativity, entrepreneurial foundations, and a spirit of social responsibility by introducing participants to key business concepts, funding mechanisms, budget management, target audience analysis, and effective marketing strategies through interactive educational activities. The initiative has served as an inspiring platform to foster creative thinking, encourage teamwork, and address financial challenges by developing projects with tangible economic impact, thus strengthening entrepreneurial culture among participants from an early age.

Driven by Bank Muscat’s belief in the importance of nurturing innovation and initiative among youth, the Maliyat Challenge provided a stimulating learning environment that enabled participants to discover their potential, collaborate in teams, and transform their ideas into viable projects. The challenge also represents a successful model of community partnership between the banking sector and educational institutions. From an educational perspective, the challenge offered an interactive and competitive learning experience that contributed to developing critical thinking, teamwork, and problem-solving skills. From a societal perspective, it reinforced values of collaboration and acceptance of diverse ideas among participants. The initiative reflects the Bank’s vision of preparing a capable generation equipped with the skills required to meet the demands of modern financial life, thereby contributing to building a knowledge-based, innovative, and responsible economy.

Speaking on the launch of the challenge, Talib Saif Al Makhmari, Head of Community and Media Relations at Bank Muscat, stated: “The Maliyat Challenge goes beyond being an educational activity to represent a comprehensive experience that enables participants to understand the fundamentals of entrepreneurship and innovation, develop planning and organizational skills, and transform ideas into real projects with positive impact. Organizing this challenge builds on the significant success of the previous edition held in the Governorate of North Al Batinah last year, which received wide and positive engagement from participants, thus driving the Bank to continue promoting financial literacy through such initiatives. Also, the current edition reflects the Bank’s strong belief in the importance of instilling financial literacy among students from an early age, emphasizing that financial awareness is a fundamental skill that enables individuals to make informed decisions and manage their resources efficiently. The Maliyat Challenge complements the Bank’s broader initiative, Maliyat Academy, that was launched in 2023 in collaboration with the Ministry of Education to promote financial literacy among school students across Oman. The initiative is the largest of its kind in terms of the number of beneficiaries and it adopts an approach that aims to train teachers and career specialists to deliver age-appropriate educational content to students aged 13 to 16 through specialized workshops, enabling them to transfer knowledge effectively within their schools. To date, over 1000 teachers and specialists have been trained, helping deliver the initiative’s content to more than 100,000 students across over 800 schools across the Sultanate. The Bank will continue supporting initiatives that encourage youth to innovate and develop sustainable financial solutions and projects that benefit society.

Several participants expressed their appreciation for this enriching educational experience. Mazin Jumaa Al Araimi, a teacher in the South Al Sharqiyah Governorate, said: “I would like to thank Bank Muscat for this enriching initiative, which helped introduce students to financial literacy and entrepreneurship in an interactive and innovative manner. I observed great enthusiasm from the students, which helped them enhance their critical thinking and financial planning skills, which is an important step in building a generation that is aware and confident in shaping its future. Teacher Amal Abdullah Al Hadroushi also emphasized that the challenge represents a high-quality initiative reflecting Bank Muscat’s commitment to supporting education and serving the community, as it helps develop students’ creativity and teamwork skills while instilling key economic concepts beneficial for their future. She also highlighted the importance of the training programmes provided to teachers, which enabled them to effectively deliver financial literacy concepts to students.

From the students’ perspective, Turki Said Al Shuhaimi expressed his excitement about the participation, saying: “This experience enhanced my planning and innovation skills and gave me the confidence to transform ideas into viable projects. I look forward to participating in similar initiatives which the Bank will launch in the future. Likewise, Al Hajis Salim Al Bulushi described the challenge as both enjoyable and motivating, stating that it helped her develop creativity and innovative thinking, inspiring her to create ideas that contribute to community service and sustainable development in Oman.

The Maliyat Challenge is part of Bank Muscat’s broader effort to strengthen its leadership in social responsibility and its commitment to empowering Omani youth by offering opportunities to develop their skills in innovation and creativity. The Bank strives to reach all segments of society through year-round programmes and initiatives. The Maliyat platform is one of the Bank’s financial literacy initiatives designed for individuals aged 18 and above and it focuses on key financial concepts such as financial planning, expense tracking, investing, income management, debt management, saving, and future planning. Additionally, the “Irshad” Programme offers ongoing guidance to individuals, entrepreneurs, start-ups, and SMEs to help them manage their financial affairs effectively and maximize the benefits of their business income.