ABSA ISLAMIC BANKING TEACHES SOUTH AFRICA’S CHILDREN TO SAVE
Absa Islamic Banking today joins hands with the national Teach a Child to Save South Africa (TCTS SA) campaign, the initiative to equip South Africa’s children with basic financial literacy skills.
The Islamic chapter of TCTS SA will be launched today at the Central Islamic School in Laudium, west of Pretoria. Absa Islamic Banking will also visit two schools in Lenasia , the Al Aqsa Primary School in Sirkon Avenue and the Al Aqsa Primary School in Duck Avenue.
TCTS SA is an initiative of the Banking Association of South Africa, as well as the South African Savings Institute, and it is supported by the Department of Basic Education. Since 2008, it has coincided with Savings Month in July.
Absa Islamic Banking is involved with the Islamic chapter of TCTS SA, which rolls out nationwide between today and 10 August, shortly before the Holy month of Ramadaan, a month of contemplation, self-sacrifice and fasting for Muslims the world over. The Islamic chapter lesson plan has been structured specifically to reflect the concept of money in Islam, and incorporates the following teachings:
• Money (or resources) is the bounty of Allah
• Money has no intrinsic value, and is merely a means of trade
• Ownership of money ultimately belongs to Allah, and its use has been entrusted to us
• Hoarding and wasting of money is prohibited
• It must be lawfully earned and spent
• Paying of Zakah (obligatory religious levy if one is eligible), in which a portion of one’s wealth is given to the poor, which represents the third pillar of Islam. Zakah purifies one’s money and uplifts the community
• Sadaqah and Lillah donations (voluntary charity) safeguard one from calamities and misfortunes
“We expect to reach at least 10 000 children with our Islamic chapter lesson plan this year, which is aimed at learners in Grades 4-7. By teaching our children to save money, we are investing in the future by equipping the next generation to prudently handle their finances and not fall into debt,” says Absa Islamic Banking managing director, Amman Muhammad.
“The lesson will teach children to learn the difference between needs and wants – and to identify which is more important, what it means to save money, where and how to open a bank account, how to draw up a budget and how to start a savings plan. Learning all of these aspects of saving will provide them with a solid foundation for their future financial wellbeing.”
Absa Islamic Banking’s participation in the TCTS SA campaign is one of the ways that it can serve the communities in which it operates, says Muhammad.
“Our faith advocates charity, and this initiative is a valuable contribution that we can make to the communities that have helped to make our bank a success. In addition, Muslim employees of Absa will also be approaching schools in communities all over South Africa as part of the TCTS SA campaign. We are proud to be associated with TCTS SA, and to play a role in securing the financial future of our children.”
ENDS
Issued by Marcus Brewster Publicity on behalf of Absa Islamic Banking.
Contact:
Zubeir Shah
Tel No: 011 022 9711
