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Partnership with CYFI
Background
Bank Asia is offering a school banking product named Smart Junior Saver from its Islamic Banking unit. The product is designed for the children / students who are under 18 years of age with a bundle of benefits including higher Income Sharing Ratio (ISR), Gift & Financial Aid for Bright students. The product was launched in November 2011.
Partnership with CYFI
With a view to expanding the arena of banking service and contributing to the next generation, the management of the Bank decided to establish partnership with Child and Youth Finance International (CYFI) in October 2012.
About CYFI
Child and Youth Finance International (CYFI) is a global multi-stakeholder network established in July 2011
CYFI has been established as a not-for-profit Dutch foundation with a two-tier board governance structure and a Partners Assembly.
CYFI is working for increasing financial protection and empowerment of children and youth around the world.
CYFI supports high quality financial education and safe & reliable financial inclusion for children & youth.
Secretariat of CYFI is situated at Amsterdam, Netherlands.
Objectives of the Partnership with CYFI
Short Term:
Familiarize young generation and their families with financial knowledge & services
Educate the children how to spend and save thus create financial awareness
Expand social awareness of savings habit & Islamic values in the children.
Encourage the kids to score bright result through rewarding brilliant students
Long Term
Bring the children and students under the umbrella of our banking service
Ensure financial inclusion of future clients from fresh generation with superior mentality.
Target of Bank Asia through Partnership
To reach 1,00,000 children & students through financials inclusion and Knowledge Sharing on financial system by 2015.
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