Bank Muscat launches 'Borrow Wisely' campaign on prudent financial management

Roundup Monday 07/May/2018 18:39 PM
By: Times News Service
Bank Muscat launches 'Borrow Wisely' campaign on prudent financial management

Muscat: Bank Muscat, the flagship financial services provider in the Sultanate, in line with its vision ‘To serve you better, everyday’ and commitment to responsible banking, has launched an awareness campaign to educate the public on prudent financial management. Reaching out to the largest banking family with a powerful message on realistic financial planning and spending, the ‘Borrow Wisely’ campaign is aimed at helping customers avoid debt traps and avail finance only for necessities and other requirements that would eventually turn into assets.
The unique ‘Borrow Wisely’ campaign focuses on the behaviour and attitude of individuals towards borrowing and seeks to familiarise them on key aspects of borrowing such as identification of the finance objective. The campaign stems from data reflecting borrowing patterns, especially personal loans, wherein individuals face financial constraints. The re-introduction of the ‘Borrow Wisely’ campaign comes at a time when a large number of young Omanis are taking up jobs and are likely to seek finance for various requirements in view of expendable income at their disposal.
The ‘Borrow Wisely’ campaign seeks to educate customers to make a proper evaluation of financial requirements when purchasing a car, home or other needs. Taking into account the financial capability of customers, the bank offers appropriate financial advisory vis-à-vis their requirements. Offering financial support for all needs, the bank encourages customers to opt only for necessities and urgent finance requirements.
Abdullah Tamman Al Mashani, DGM – Institutional Sales and Product Development, said: “Bank Muscat is proud to launch the ‘Borrow Wisely’ campaign to motivate citizens on prudent financial management. Committed to responsible banking, the initiative reiterates the bank’s focus on sustainable best practices to guide customers through all stages of banking, whether it be savings, investments, financing or just reliable financial advice. At a time when financial management is of utmost priority, the campaign encourages customers to steer clear of financial constraints and consolidate assets. Bank Muscat has significant experience in launching national initiatives and campaigns that benefit Omani society. We look forward to the support of all segments of society to the campaign which will reap major benefits for all.”
The wide range of Bank Muscat personal finance brings everything customers need within their reach. For all genuine needs, Bank Muscat helps customers to reach their goals. The bank remains committed to a ‘Home for every family’ and the popular baituna home finance can also be availed for purchase of land, renovation of homes, home décor and furniture.
In step with its commitment to partnership in the national objective of educational support for Omani youth, the bank offers Shahadati finance for students and employed citizens. Designed to help Omani youth achieve relevant educational qualifications, Shahadati finance covers full expenses, including tuition fees, accommodation, transportation, books and other education-related expenses. Omani students who have successfully completed their schooling are eligible to apply for Shahadati finance to pursue college or higher education programmes in Oman or abroad. The facility is also open for working employees seeking to acquire additional qualifications to improve their career prospects.
Reiterating the bank’s social responsibility, the unique Zaffaa marriage loan extends a helping hand to Omani youth requiring financial support to conduct their marriage. Unmarried Omani nationals above 18 years, both men and women, are eligible to apply for Zaffaa. The maximum loan amount is OMR20,000 with 5-year tenure for repayment. As the nation’s banking partner, Bank Muscat attaches great importance to social responsibility and initiatives aimed at sustaining the country’s progress and development.
Providing a boost to the tourism sector, ‘Terhal’ is the first-of-its-kind holiday finance package in the Sultanate, opening up doors to discover exciting destinations around the world. Targeting Oman’s fast-growing tourism sector, ‘Terhal’ offers finance up to OMR10,000, repayable over 12 months. The add-on benefits for ‘Terhal’ customers include Bank Muscat Oman Air credit card and a superior travel insurance package. The feature-packed Bank Muscat Oman Air credit card offers a slew of benefits and rewards, including membership to the Sindbad Programme of Oman Air. ‘Terhal’ comes in line with the bank’s commitment to providing the best banking services and products to customers. The package adds value, ensuring a hassle-free holiday for customers.
The ‘Borrow Wisely’ campaign primarily instils responsible behaviour as citizens are encouraged to restrain themselves from excessive borrowing and thereby avoid overspending and debt traps. Prudent financial management is the key message to avoid debt burdens and thereby build a healthy society conscious of the pitfalls of unrestrained borrowing.