Muscat: Financial constraints mean that only five per cent of pupils in Oman continue studying after their secondary school education.
Most Omanis do not pursue third-level education at the government-backed Sultan Qaboos University (SQU) and enrolling with private colleges and universities, or going abroad, is not an option most can afford.
However, the country's leading bank, BankMuscat, is now offering a higher education savings plan which may encourage more students to continue with their studies.
The scheme, which is called Themaar, introduces a systematic monthly savings plan to cover future college costs.
Over 50,000 students pass their General Secondary (12th Grade) exams each year and those with more than 90 per cent of the marks get in the country's only public university, SQU.
Around 5,000 to 7,000 qualify for government scholarships and an equal number enrol in vocational training institutes. The rest, if they can afford it, go to private colleges.
Sulaiman Al Harthy, Group DGM — Consumer Banking said: "Themaar opens up a great opportunity for the future of children. Quality education is the key to a secure future and Themaar makes it surprisingly affordable by encouraging a strong savings habit".
"Notably, Themaar helps customers to tap their own savings instead of resorting to loans, while sending children for higher education at home or abroad," he said.
The concept of saving is very simple as the monthly deposit amount can be decided, depending on the financial status of customers.
