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Saturday, January 22, 2022

How money works?: Qatar students delve into financial literacy


The ‘How Money Works’ program explores techniques to earn money and manage it by budgeting, saving and investing.

Qatar’s youth are learning about best practices related to earning money, budgeting, planning saving, investments and banking. 

In an effort to improve financial literacy in the younger population, Qatar Islamic Bank’s ‘How money works’ program graduated 515 secondary school and university students from more than 70 institutions in Qatar in the first semester of Academic Year 2020/2021. 

‘How Money Works?’ is a three-year innovative financial literacy programme by QIB, in collaboration with Injaz Qatar and aims to educate the young generation in Qatar on elementary notions and practices related to finance and business.

The program was held virtually in September and October 2020 due to COVID-19 restrictions, and over the course of three sessions saw record attendance. Since its launch in 2018, the programme has benefited more than 1,300 students. 

“We look forward to kicking off the last semester of the program in February 2021, and to continue contributing to educating future leaders and empowering the youth of Qatar to make informed decisions in their everyday life,” said Mashaal Abdulaziz al-Derham, assistant general manager, head of corporate communications & quality assurance at QIB.

According to the Union of Arab Bankers, 2 out of 3 adults in the world are financially illiterate – in other words, most people around the world lack an understanding of basic financial concepts.

Researchers link positive credit outcomes as adults to participation in youth financial literacy courses. Recent studies have demonstrated the effectiveness of the private sector, governments, and civil society organisations’ collaboration on financial education for high-school students. 

The project is also part of one of the core objectives of Qatar’s Second Strategic Plan for the financial sector 2017-2022, which is designed to promote financial inclusion and financial literacy within the country.

The plan which was launched by Qatar Central Bank (QCB), Qatar Financial Center Regulatory Authority (QFCRA) and Qatar Financial Markets Authority (QFMA) constitutes an important building block for achieving the Qatar National Vision 2030.

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