Bank Muscat On A ‘Borrow Wisely’ Drive

Al Wisal Radio organised a discussion forum on the ‘Borrow Wisely’ social responsibility campaign launched by bank muscat.

Leading media representatives and bank officials participated in the discussion which highlighted the importance of the initiative to raise awareness and educate Omani society, especially youth, on the pitfalls of excessive borrowing and the need to strike a fine balance between their financial needs and ability to repay loans.

The participants concurred that the campaign came at an appropriate time as many youth are taking up jobs and embarking on independent lives.

“As responsible citizens, we must be aware of our priorities and genuine financial needs and identify the main reasons before considering loans for any purpose,- the participants noted.

They commended bank muscat for launching the social responsibility campaign aimed at providing appropriate financial guidance to borrowers.

The discussion was led by Al Wisal Radio anchorwoman Madiha Sulaimani. The programme evoked a strong response from the public who joined the discussions through phone and SMS queries.

They appreciated the bank for taking a strong stand against excessive borrowing, which lead to debt traps and suffering in life. They noted that the campaign is an effective tool to encourage the public to consult with financial planners and advisers on their financial requirements and repayment abilities.

The campaign suggests the best ways to follow when thinking about borrowing, they added.

The two-hour discussion touched on the prevailing trends on borrowing in the Sultanate and how to address the negative impact of excessive borrowing.

The participants also discussed the experience of some countries in the region in this regard.

They noted that the campaign has gained momentum and will resonate widely in all segments of society because of its importance in people’s lives.

“The campaign is aimed at promoting responsible behaviour, especially among Omani youth. Everyone must cooperate and participate in events and activities linked to this campaign to achieve its objectives and development of Omani society,- they added.

Awadh bin Said Baqwair, president of Omani Journalists Association, said: “The government has made great efforts in providing job opportunities for youth.

It is expected that the coming period would witness a large number of youth taking up employment in different sectors, therefore these youngsters will need financing for various requirements like vehicles, housing or marriage.

The ‘borrow wisely’ campaign has come at an appropriate time to educate people, especially youth, on laying proper foundations in life.

The campaign has national significance and we congratulate bank muscat for this unique initiative aimed at inculcating responsible behaviour. With strong support from all quarters, we expect this campaign to achieve great success.-

Ibrahim Al Salmi, vice-president of Sablat Oman, said: “The ‘borrow wisely’ campaign is a great initiative in social responsibility and we are proud of the role played by bank muscat in launching various initiatives that serve Omani society.

Various segments of society, especially youth, are in need of counselling on prudent financial management. It is very important to spread the message of caution against excessive borrowing and the resultant hardships in life.-

Amjad Iqbal Hassan Al Lawati, head (Products & Services), said: “bank muscat is a pioneer in the field of national social campaigns that contribute to the development of society.

We are proud to launch the ‘borrow wisely’ campaign which is the first-of-its-kind aimed at educating Omani society on avoiding the culture of excessive borrowing and how to deal with this phenomenon in a responsible manner.

We are happy to note that the campaign has become an inspiration for many to avoid debt traps resulting from lack of awareness.

As part of the campaign, bank muscat provides counselling to borrowers on striking a fine balance between their financial requirements and repayment capabilities, especially when buying a car or house.

Everyone thinking of borrowing must ask pertinent questions on the real purpose of borrowing, otherwise it may lead to burdensome liabilities.

The bank can tailor loan products to suit the customer’s requirements and repayment capacity.-

Issa Ahmed Salim al Masoudi, manager, (PR and Media Relations), said: The ‘borrow wisely’ campaign comes within the bank’s plans to strengthen its role in the area of social responsibility, aimed at supporting all segments of society.

The bank will organise several events and activities linked to the campaign in various parts of the Sultanate. We are thankful to the media for the continued support to the campaign and other activities and initiatives of the bank.

Media is a key partner in the success of various initiatives that contribute to the progress and development of society in Oman.-

The ‘borrow wisely’ campaign was launched by bank muscat to raise awareness and educate the general public on the negative impact of excessive borrowing and debt traps.

The campaign reiterates the commitment by bank muscat, as part of its social responsibility, in serving Omani society and helping people strike the right financial balance between their financial needs and repayment capabilities. The campaign offers advisory services to people on how to take loans within their financial capabilities.

The bank has lined up various educational and awareness events linked to the campaign in all governorates of the Sultanate. These will be held in cooperation with the bank’s regional offices and branches spread across the country.

The campaign, the first of its kind in the Sultanate, will focus on the behavior and attitude of individuals towards borrowing and familiarise them with different aspect of borrowing, such as observance of the terms and conditions; identification of the objective of borrowing and required amount.

The ‘borrow wisely’ campaign is one of the plans by the bank to consolidate its role in social responsibility.

bank muscat is keen to support all segments of society regarding wise borrowing. The campaign stems from a strong commitment by the bank towards meeting its social responsibility obligations.

Over the years, bank muscat has launched several social responsibility initiatives. bank muscat is the first bank to set up a full-fledged CSR department in the Sultanate and is engaged in activities that play a vital role in social responsibility benefiting society across the Sultanate.

Timesofoman