Posted on October 09, 2019

Qatar Islamic Bank (QIB) has kicked off the second year of its three-year financial literacy program, titled “How money works?”, for the 2019/2020 academic school year. In partnership with INJAZ Qatar, QIB’s key Corporate Social Responsibility (CSR) program educates school and university students on financial techniques to manage money sensibly by budgeting, saving and investing.

The first four sessions for this year were recently completed; two at Qatar University, one session held at Qatar Banking Studies and Business Administration School, and another session held at Rawdat Rashied Secondary School for Boys. More than 140 students were in attendance benefiting from the program. Additionally, three more sessions are confirmed to take place at Qatar University by the end of 2019.

QIB’s How Money Works 2 [qatarisbooming.com].jpgCommenting on the program, Mrs. Mashaal Abdulaziz Al Derham, Assistant General Manager, Head of Corporate Communications & Quality Assurance at QIB said: “At QIB we believe in the potential of our youth and therefore we are committed to helping our future leaders acquire and develop the right banking habits that will help them thrive in the future. We know from research that there’s a lack of understanding of basic financial concepts amongst the youth, and therefore we recognise that it is essential to empower them with financial knowledge. We are pleased to be working alongside INJAZ Qatar to give the Qatari youth the necessary skills and tools they need to make sound financial decisions today and in the future.”

“After last year’s successful launch of “How money works”, we are now looking forward to an even more successful second year. We are extremely pleased to have Qatar Islamic Bank (QIB) as our exclusive partner for this impactful program. Financial education is very important because it equips the youth with the knowledge and skills they need to manage money effectively. Without these skills, the financial decisions and the actions students take will lack an informed foundation to maximize their success. I would like to thank QIB and their amazing staff for volunteering and visiting classrooms to deliver the program and share their experience with tomorrow’s leaders. They are role models.” Said Kariman Mahmoud, Programs Manager at INJAZ Qatar.

Commenting on the program, Mustafa Faraj Ali Ibrahim, a Qatar University student, said: “We thank QIB and Injaz for the amazing program, it is informative and entertaining simultaneously. The important information was given in an interactive manner. I wish the program will be given again in the University.”

QIB’s How Money Works 3 [qatarisbooming.com].jpg

QIB and INJAZ Qatar signed an agreement in May 2018 to deliver the financial literacy program to 1,250 students in Qatar. The program targets students across the country aged between 15 to 19 years old. The sessions are delivered by QIB employees who volunteered to share their expertise, along with INJAZ Qatar volunteers who trained QIB employees during orientation sessions on applying modern educational methods to students across Qatar.

During the academic year 2018/2019, "How Money Works?" was successfully delivered to 366 students from six different institutions with the help of dedicated QIB volunteers. A survey conducted by INJAZ before and after the sessions showed a significant increase in financial understanding from students and 100% realization of the importance of financial planning and budgeting. 91% of the program’s students said that “saving” had become one of their core objectives, 90% said that material given during the sessions connects the school to the financial world, and 93% of the students had rated the program and the volunteers as "comprehensive" or above.

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