Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services institution, has signed a partnership agreement with the UAE’s Ministry of Social Affairs to promote financial education.
ADIB will support the “Tejuri” initiative, which is being implemented by the ministry’s Department of Family Development, by taking its message of saving and responsible financial management to schools and colleges. The banks will also offer cash prizes to encourage children to open long-term savings accounts.
The agreement was signed by H.E. Naji Al Hai Mubarak, Acting Undersecretary of the Ministry of Social Affairs, and Nawal Al Bayari, Business Head at ADIB’s Retail Segment.
H.E. Naji Al Hai Mubarak, Acting Undersecretary of the Ministry of Social Affairs, said: “We strongly believe in the importance of strengthening the cooperation between the governmental and the private sector, enabling us to provide the best services to our nation. We are pleased to sign this agreement with ADIB, which will help younger members of society to improve their financial awareness. The Ministry of Social Affairs and ADIB are completely aligned in our aim to educate and instil the habits of saving and responsible spending.”
Nawal Al Bayari, Business Head at ADIB’s Retail Segment, added: “As a leading bank, ADIB has an obligation to help communities improve their financial awareness and implement best financial practices. We believe that providing children with financial literacy will play a key role in their future financial decisions and will build a sense of responsibility. Our partnership with the Ministry of Social Affairs emphasizes our commitment to help citizens enjoy a balanced financial life, which will contribute to a strong national economy.”
Under the agreement, ADIB will offer participants of the “Tejuri” initiative the opportunity to save through the “Banoun” children’s savings account for under 18s, and the “Shabab” account, aimed at young adults of 15 to 25 years.
The partnership is part of ADIB’s broad programme to increase financial literacy in the UAE. ADIB has launched a ‘Smartmoney’ campaign, which includes a booklet, a Website and an app that provide advice and practical tools for budgeting, saving, managing debt and investments, a understanding risks and creating personal wealth.
ADIB’s “banoun” children’s account is a Shari’a compliant savings account that enables parents to save for their children and provides them with a host of unique features and privileges. To appeal to the imagination of children and involve them in this initiative, ADIB has created Darhoom, a mascot in the shape of a UAE Dirham. Children are expected to interact with Darhoom initially through a booklet of tips and stories that explains financials in a simplified manner.