Under the patronage of Minister of Social Development and Family H E Maryam bint Ali bin Nasser Al Misnad, the Social Development Center, Nama has organised a seminar to create awareness about the importance of saving culture.

The event entitled ‘Financial Culture between Consumption, Saving, and Investment’ was held within the financial awareness project ‘Aazim’ on the occasion of International Youth Day.

The first session discussed the topic of ‘Consumer Culture between Islamic Sharia and Behavioral Psychology’. A preacher and Imam at Ministry of Awqaf and Islamic Affairs Shaqr Al Shahwani gave a presentation on consumption from the perspective of Islamic law, focusing on the concept of consumption in Islam, its objectives, the ethical principles related to it, and protecting people from unnecessary consumerism.

PhD in Psychology and Director of the Family Research and Policy Department at Doha International Family Institute, Dr. Khalid Al Naama discussed the impact of psychological marketing on consumption, its impact on consumers’ behavior, strategies to reduce the negative impact of marketing, and the balance between profit and social responsibility.

The second session focused on ‘Financial Intelligence between Saving and Investment’ in which Professor of Public Finance at the Community College of Qatar Dr. Mahfouz Al Saadi spoke, on the concept of saving, its historical habits, and how to benefit from it at present.

He also discussed the types of savings, relationship between savings and financial security, and modern means and methods of saving.

In the second part of the session, Professor at the College of Business and Economics at Qatar University Dr. Hitmi Al Hitmi discussed the concept of investment, its principles and types.

He gave a presentation on investment in the local context, how to build an investor’s mentality, and the most prominent mistakes that investors make, while providing advice and practical experiences.

In this context, Director of the Technical Office at the Ministry of Social Development and Family Talal Al Emadi, said: “Through the ‘Aazim’ project, we seek to enhance financial awareness among Qatari youth, and guide them towards making sustainable financial decisions based on strong foundations of saving and responsible investment by providing them with the knowledge and tools that enable them to build a stable financial future for themselves and their families.”

The seminar is part of the strategic initiatives adopted by the ‘Aazim’ project to highlight the importance of optimal financial planning among Qatari families and youth for enhancing community awareness on how to balance consumption, savings, and investment, and avoid borrowing for luxury.

The project also seeks to build a strong and stable society that relies on diverse sources of income in line with global economic changes.

The Aazim programme supports national efforts to maintain financial stability for families, reduce the phenomenon of debtors, and enhance financial sustainability for future generations, in addition to providing tools and resources that enable citizens to manage their financial lives efficiently, which contributes to achieving Qatar National Vision 2030 towards building a sustainable and financially aware society.