Aazim Project Combats Financial Extravagance, Promotes Awareness And Sustainability

(MENAFN- The Peninsula) QNA

Doha: As part of its core responsibility, the Ministry of Social Development and Family (MSDF) has launched its ambitious project named "Aazim", identifying it as the financial awareness project that primarily aims to raise awareness among Qatari families and youth on the significance of optimal and prior planning for spending and saving and avoid resorting to borrowing to meet sustenance needs.

Through leveraging pioneering social initiatives, the MSDF strives to empower innovation and provide opportunities for individuals to be part of the positive change in the family society, since these initiatives are effective means of serving the society through laying out beneficial ideas that make change and leave a positive footprint.

Aazim project is being launched to underscore the significance and required intellectual content to make a change, culminating in promoting societal awareness of the essential knowledge for managing personal financial life and empowering individuals to effectively plan their household economy.

Minister of Social Development and Family HE Maryam bint Ali bin Nasser Al Misnad affirmed that the State of Qatar aspires to build financial awareness through MSDF based on the Islamic values in spending, in addition to drawing on models to manage the financial life that become extremely complex with the existence of a myriad of changes in the global economic movement to dissuade youth and families from being indulged in consumption and unnecessary luxuries to build a community that is aware of its ethical duties, in pursuit of ensuring equal opportunities of prosperity and sustainability for the generations to come.

Aazim project intends to transform the entire community members into smart consumers who are aware of their steps to never pursue a multitude of temptations that chiefly target the societies with high income, HE Al Misnad highlighted.

Speaking to Qatar News Agency (QNA), the legal expert at the MSDF Talal Al Emadi underlined the primary objectives of the Aazim project to make the community more productive, affirming that numerous mechanisms and ancillary structures will be set to achieve this objective, primarily workshops and training sessions for families and young individuals, especially the newly married, recent graduates, indebted and those facing financial difficulties with respect to the fundamentals of financial management, including how to prepare a budget, track expenses, and prioritize financial goals.

Leveraging social media platforms would offer countless e-books, pamphlets and videos that outline the concepts of financial planning and saving very simply in a way that can be easily understood, Al Emadi highlighted, emphasizing that the project is set to design smartphone applications that help families and youth track their expenditures and manage them more expeditiously.

He added that financial consultations will be provided through financial advisors to whom families and young individuals can reach out to receive specific advice on how to improve their financial situations, highlighting that consultations can also be offered through regular advisory sessions where families and young individuals discuss financial challenges and receive realistic solutions accordingly.

The new project will offer examples of real success stories for individuals and families who have succeeded in improving their financial situation through proper planning and saving, along with real-life examples of people who have succeeded in managing their expenditures, thus imparting their experiences and advice to families and young people, added Talal Al Emadi.

Al Emadi underlined that by adopting these foremost strategies Aazim project can play a critical role in optimizing the financial capability of the Qatari families and youth and help them pursue perfect spending and plan saving, in addition to pivoting away from the conventional practices of extravagant spending and borrowing for showmanship that will not achieve long-term financial stability for individuals whatsoever.

According to him, the project, in question, targets newly employed individuals and those preparing for marriage and sets its key objectives to eliminate the issue of upcountry indebted. Also, the program seeks to imbue citizens and youth with financial planning skills, representing a road map for achieving financial goals and protecting wealth from extravagance and ultimately charting an overall image of individuals' income and tracks.

He pointed out that the project targets all community segments, including a wide diversity of partners in the project such as the public sector, private sector, civil society institutions, semi-governmental bodies, and academic and professional communities.

Al Emadi highlighted that the project operates with a whole-of-government approach with key participants, namely the Social & Sport Contribution Fund, the Jassim and Hamad Bin Jassim Charitable Foundation, Qatar Charity, Ministry of Justice, Regulatory Authority for Charitable Activities, Qatar Finance and Business Academy and the Doha Institute for Graduate Studies.

According to MSDF, the Project intends to influence society at two levels, the first one entails the behavioral influence and catalyzes individuals in pivoting towards fiscal management that maintains prosperity and optimal utilization of income, with the second influence striving to uphold thoughtful influence and awareness on the financial planning mechanisms and avoid being trapped in extravagance, borrowing and irresponsible consumption.

The program is part of a broader strategy through which MSDF works to transform Qatari society into a productive community that rejects dependency and irresponsible consumption. It also paves the way to prepare future generations to rely on diversified income sources that keep pace with continuous global changes, while preserving the capabilities of families, society, and the state.

Additionally, Aazim can profoundly capitalize on the mechanisms being leveraged by the Planning and Statistics Authority (PSA), such as the Household Income and Expenditure Survey 2023-2024, which PSA is currently carrying out, which includes 5,000 families with the objective of providing a series of data and accurate information from the economic and social perspectives, pertaining to the conditions and living standards in the State of Qatar, along with the tracks of general spending in the country.

Legal Expert at the MSDF Talal Al Emadi pointed out that NAMA Center will embark on conducting training operations and providing technical and administrative support for young entrepreneurs, enabling them to engage in new investment ventures, assisting them in obtaining favorable loans and financial grants for individuals and startups, in addition to encouraging them to initiate and develop their own businesses by showcasing successful and struggling real-life experiences regarding the importance of saving.

Through these mechanisms, Al Emadi highlighted that Aazim can effectively transform the Qatari society into a productive community, thereby enhancing economic and social sustainability. He pointed out the project is extremely interested in preparing the next generations to draw on a wide diversity of income sources in alignment with the global changes through multiple social and economic aspects.

Al Emadi emphasized that the project has an array of dimensions, primarily the social one because awareness-raising mechanisms can eliminate all financial encumberments that broadly hinder the continuation of marriage ending with divorce, asserting that the project can help those who are about to marry manage their expenditures to create families, thus culminating in supporting the families that represent the treasure of homeland.

He outlined that the high percentage of divorce cases is commonly observed during the early period of marriage due to numerous reasons, foremost of which are the financial problems between spouses, therefore, Aazim has determined to design workshops and awareness-raising methods that help these categories and provide them tips of managing their financial life. (QNA)

MENAFN30062024000063011010ID1108390579