CBD is committed to continuously develop greater levels of financial understanding among its customers and the greater community. ‘Budget and Track’ is the Bank’s latest personal financial management tool recently launched on the online banking platform. This unique feature gives customers the ability to fully monitor their saving and spending habits, set financial goals and get advice on how to best manage their finances in a way that best fits their needs.
CBD’s ‘Budget and Track’ helps customers analyze and fully understand their financial transactions, allowing them to better control their finances and enabling them to make more informed financial choices. The tool gives complete visibility of spending, income and budget through a number of informative graphs and reports. It can also advise customers if they are spending too much relative to their income, as well as how they are spending and saving compared to other individuals earning a similar income. Equipped with an online dashboard, customers can closely monitor any overspending, and quickly get back on track toward their financial goals. Timely notifications and alerts can also be personalized, reminding customers of their financial commitments.
SmartMoney is a program designed by Abu Dhabi Islamic Bank (ADIB) to serve as a comprehensive financial guide for its customers. SmartMoney addresses all aspects of an individual’s financial literacy by providing professional advice on income management and savings as well as crucial insights on investment, Takaful insurance, and other financial matters. SmartMoney is part of a series of initiatives launched by ADIB that aims to enhance its patrons’ personal wealth management skills and empower them to make informed and responsible financial decisions. It is an unbiased platform that does not promote any particular brand or product, but rather focuses on equipping people with basic money management skills and providing them with a thorough understanding of the financial planning process. The program features instructions on personal budgeting formats, money management, debt cycle, risk assessment and savings planning. More details here.
Mashreqbank actively promotes financial literacy by collaborating with educational bodies such as the Higher Colleges of Technology (HCT) and conducting interactive workshops and seminars on money management in schools, colleges and universities across the region. These initiatives are integral to creating a new generation that is fully equipped with the relevant fiscal knowledge to improve their financial situation. They also empower young entrepreneurs as they enter the job market and establish new businesses that will positively contribute to the Gulf’s economic well-being. In addition, Mashreqbank grants scholarships to outstanding students who are struggling with limited financial resources. A committee has been organized to identify areas of improvement throughout the academic landscape, and assess charitable organizations and educational institutions that can serve as key partners in the implementation and execution of decisive programs.
Citigroup has pledged USD 200 million over the next 10 years to support and promote key initiatives in the field of financial education. The assistance was activated in the 100 countries that Citigroup operates in. The UAE is a beneficiary of this program as Citigroup actively supports local financial education, particularly the Islamic Banking Diploma course delivered by the Emirates Institute for Banking and Financial Studies (EIBFS).
HSBC’s Financial Literacy Program was developed to foster responsible money management skills among the public, particularly youth between the ages of 16 to 25 and women entrepreneurs. In 2005, the program was launched across 27 countries along with a USD 3 million pledge spread out over three years. The initiative was developed by the Bank's Global Banking and Markets division customer group in conjunction with the HSBC Global Education Trust and Students in Free Enterprise (SIFE). In a study following its initial launch, SIFE estimates that more than 2,850 students were involved and nearly 170,000 individuals benefited directly from the financial literacy program.
Standard Chartered Bank (SCB) aims to cultivate positive financial behavior among the UAE’s youth, which is why financial education serves as a top priority in its roster of local community engagement programs. SCB’s Financial Education for Youth program targets teenagers from 12 to 17 years of age, and features a wide range of modules that discusses how to manage money, start a business and invest in the future. Launched in December 2013, the program has garnered positive feedback, reaching over 2,000 students in the UAE.