News & Event

HE Prof. Dr. Abdullah bin Khamis Ambosaidi, Undersecretary of Ministry of Education for Education, patronized the closing ceremony of the symposium, in presence of HE Majid bin Said Al Bahri, Undersecretary of Administrative and Financial Affairs and Chairman of the Main Committee for KhaznaProject. The closing ceremony of the two-days symposium included a visual presentation of the symposium activities, a recommendation reading, and honoring Khazna project partners. 

The Financial Culture Symposium recommended to build a strategy for school financial education in the Sultanate of Oman; aiming to empower students with financial planning, saving and investment skills, include the principles of financial culture and education in various curricula, employ artificial intelligence tools and digital financial technology to spread financial culture among students, create qualitative training programs for teachers and career guidance specialists in the field of financial education, and strengthen partnerships with banking sector institutions within the Sultanate of Oman; to adopt several initiatives that contribute to instilling financial dealing skills in various aspects of life. 

The symposium also recommended in its closing statement the adoption of student companies and business incubators for school students by government and private sector institutions and enabling the Khaznaproject to implement a group of various educational activities, programs and events in order to raise the level of awareness of financial culture among school students, through the implementation of winter and summer student camps and gatherings.

The final statement also stressed the need to review the most prominent international educational practices that enhance the roles of educational institutions in educating and raising students’ awareness of financial transactions, and involving civil society institutions and parents in educating students about financial culture and providing them with the necessary skills and competencies, and studying the possibility of creating an optional subject called: Introduction to Financial Education for students in grades 9-12.

The final day of the symposium included three sessions, the first of which discussed the topic of financial culture and integrating it into school eductionprograms. Dr. Alya Al Fori, Assistant Professor at the Collage of Economy and Political Sciences at SQU, presented the first paper titled “Importance of Integrating Financial Culture Concepts in School Education Porgrams.” The paper reviewed the need of the young generation for a solid foundation that can be established as a curriculum for personal finance; to enable them to plan responsibly for their financial future, and to gain competence in money management as a basic skill in real life.

The second paper was titled: “Reality of Integrating Financial Culture into School Education Programs in the Countries of the Arab Bureau of Education for the Gulf States” presented by Prof. Dr. Abdulaziz Al-Ruwais, Advisor at the Arab Bureau of Education for the Gulf States. The paper reviewed the efforts made by the Ministries of Education in the Bureau’s countries to raise the level of financial awareness among students in general education, and enhance students’ financial dealing skills, which contributes to training them early on the optimal use of money and rationalization of spending.

Dr. Khalid Al-Saadi, Associate Professor at Sohar University, presented the third paper entitled: “Financial Culture and the Importance of Integrating it into Curricula.” He stressed the importance of providing students with the necessary financial knowledge and skills to enable them to make sound financial decisions in their future, and thus contribute to building a sustainable national economy. 

The first session concluded with a paper titled: “The Role of Teachers in Instilling Financial Culture in School Students (a successful experience) presented by Hamira Irfan, Professor of Business Studies at Azzan Bin Qais International School, in which she presented the experience of Azzan Bin Qais International School in integrating financial education into the curricula and enabling students to master this specialization.

The second session discussed the role of financial technology in enhancing financial culture in four working papers. Dr. Maha Khalil Shahadha, Assistant Professor of Financial Technology at the University of Applied Sciences in the Hashemite Kingdom of Jordan, presented the role of financial technology in financial empowerment and the importance of students’ awareness of it, highlighted financial technology as a pivotal force that reshapes financial services using advanced technologies such as: Artificial Intelligence and Blockchain.

Then Dr. Hassan Al-Arafi, Professor of Public Finance at Mohammed V University and an international consultant expert at ISESCO, presented a paper titled: “The Impact of Smart Financial Applications on Saving, Spending, and Investment Habits,” in which he touched on the importance of smart applications as revolutionary digital tools that have a strong impact on the economic behavior of actors in the economic cycle, that adapting to these applications has become a culture entrenched and increasing day after day in all aspects of life. 

The third paper was titled: “Financial Security and Privacy in the Era of FinTech,” presented by Lieutenant Colonel Yahya Al Balushi from the Royal Oman Police, in which he discussed cyber and financial crime, legal and legislative regulation, efforts of law enforcement agencies, and the role of the Royal Oman Police in combating it. The last paper of the second session was presented by Dr. Kamal Al Sabahi, Assistant Professor at the College of Banking and Financial Studies, titled: “The Role of Artificial Intellignce in Financial Literacy,” discussing how AI-powered platforms can be used to provide personalized financial advice, design smart financial planning tools, and provide engaging and interactive learning experiences. 

The final session of the Financial Culture Symposium discussed Creativity and Innovation, and their Role in Entrepreneurship. The first paper of the session was titled: “The Role of Finance in Creativity, Innovation and Entrepreneurship for School Students,” presented by Qais Al Tobi, Acting Vice President of Finance and Investment at the Small and Medium Enterprises Development Authority, in which he discussed the role of finance in enhancing the creative and innovative capabilities of school students, and the importance of financial culture in preparing students to become successful entrepreneurs.

Salem Al Harthy, CEO of Mohammed Al BarwaniPetroleum Services Company, presented the second paper titled: “Financial Freedom,” in which he mentioned the most important steps that a person takes to generate wealth that allows them to live a comfortable life without having to rely on a traditional job, and the importance of developing the financial skills of school students in the field of entrepreneurship.

The third paper was presented by Dr. Nasser Al Kathiri, Dean of the College of Economics and Entrepreneurship at the University of Technology and Applied Sciences in Salalah, in which he discussed the importance of developing financial skills among school students, and its essential role in enhancing innovation and consolidating entrepreneurship.

The last paper of the Financial Culture Symposium was presented by Fatima Al Lawati, Head of the Financial Technology Department at the Central Bank of Oman, titled: “The Contribution of Financial Culture to Creativity, Innovation and Entrepreneurship among School Students,” in which she addressed the need to enhance financial culture in society through the combined efforts of various parties, including governments, educational institutions, and the private sector.

On the sidelines of the symposium, the Ministry of Education signed a number of memoranda of cooperation with a number of private institutions. HE Majid bin Said Al Bahri, Undersecretary of the Ministry for Administrative and Financial Affairs, signed a cooperation agreement with Bank Muscat to implement a training program for school students titled: “Finances Academy” signed on behalf of Bank Muscat by Sheikha Al Farsi, Chief Operating Officer at Bank Muscat.

HE the Undersecretary of the Ministry for Administrative and Financial Affairs also signed a memorandum of cooperation with Oman Arab Bank to implement a training program for school students titled: “Adventures of Young Savers,” signed on behalf of Oman Arab Bank by Sulaiman Al Harthi, Bank’s CEO. HE the Undersecretary signed a third agreement with Sohar International Bank to implement a training program in financial planning for school students, signed on behalf of the Bank by Khalil Al Hedaifi, Head of the Government and Private Banking Group.