Muscat: Financial constraints mean that only five per cent of pupils 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 the majority 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 over 90 per cent of the marks get accommodated 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.
"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," says Sulaiman Al Harthy, Group DGM – Consumer Banking.
"Notably, Themaar helps customers to tap their own savings instead of resorting to loans, while sending children for higher education at home or abroad."
The concept of saving is very simple as, depending on the financial status of customers, the monthly deposit amount can be decided. The flexible scheme ensures that customers do not feel the financial burden, in earmarking a regular monthly deposit amount towards the savings plan.
"Themaar helps customers to plan well in advance for the higher education of children, who in turn are motivated to stay focused on studies," added Al Harthy. "The savings scheme can be tailored to meet the requirements of all children in a family, thereby ensuring a bright future for them. It is open to all residents of Oman - both Omanis and non-Omanis."
The nominal monthly amount invested on behalf of a beneficiary can grow into substantial lump-sums. The bank is also offering benefits, including a bonus once the scheme matures. Customers can earn bonuses on monthly deposits and all monthly deposits made by them are fully protected throughout the term, even if they wish to withdraw them half way through.
The scheme offers waivers of future monthly deposits in the event of the death of the family's breadwinner, while guaranteeing a lump sum to the beneficiary on maturity of the savings plan. The monthly savings also become automatically eligible to participate in the exciting al Mazyona draws, offering daily, monthly and jackpot prizes. Special annual scholarships worth 10,000 Omani riyals are also available for customers opting for a Themaar plan of five years or more.
It's hoped that over 50 per cent of the country's population, who are under 19 years of age, will benefit from the scheme. "In many cases, students are unable to pursue higher education due to limited government scholarships and financial constraints," pointed out Al Harthy.
"With employment prospects directly linked to corresponding educational qualifications, Omani youth are increasingly pursuing higher education to achieve their career ambitions. Given the challenging situation, many parents are unable to help children pursue higher education," the senior banker added.
"The Themaar higher education savings plan ensures that when the day comes, parents can let their children's ambition soar by sending them to universities of their choice," he added. "Besides guaranteeing a secure future, Themaar helps to strengthen family relations as children will always acknowledge and be grateful to parents for thinking about their future. Just by saving a little every month, Themaar assures a bright future for our future generations."
