New programme introduced to equip low-income workers with financial literacy skills

Non-profit organisation Injaz Al-Arab has partnered with HSBC to unveil Saving for Good, an initiative to equip 1,950 low-income workers in the UAE, Bahrain, Qatar, Kuwait and Egypt with financial literacy skills.

The programme aims to improve the financial resilience of low-income workers during crises, such as the Covid-19 pandemic, by teaching them how to open bank accounts, budget and manage their savings.

“The initiative aims at upskilling low-income workers with financial literacy skills in the GCC and Egypt,” said Akef Aqrabawi, president and chief executive of Injaz Al-Arab.

“We know that small measures such as routine saving and prudent management of funds can help create a robust buffer during vulnerable times.”

Small measures such as routine saving and prudent management of funds can help create a robust buffer during vulnerable times

Akef Aqrabawi,
president and chief executive, Injaz Al-Arab

Financial literacy skills have become increasingly important during the Covid-19 pandemic, including knowing about the importance of having a cash buffer of at least six to nine months' worth of expenses to protect against job loss or salary reduction.

According to a 2019 financial literacy survey by Visa, 43 per cent of respondents in the UAE aged between 16 and 24 admitted they were not ready to manage their own money. A separate Charles Schwab Financial Literacy Survey conducted last year found that 89 per cent of Americans agreed that a lack of financial education contributed to some of the biggest social issues, including poverty, lack of job opportunities, unemployment and wealth inequality.

Last year, the UAE's Authority of Social Contribution – Ma’an rolled out a new financial literacy programme that aims to educate Emiratis about smart money management. Ghaya (meaning goal in Arabic) is a three-month course that aims to educate and empower UAE citizens in Abu Dhabi on how to manage their finances and become financially independent.

The six-month Saving for Good programme will send between 80 to 100 HSBC volunteers to teach participants financial literacy skills.

It is hoped that at least 35 per cent of them will have opened savings accounts by the end of the course.

The participants have already been identified in the five countries through partnerships with employers.

The project will start next week, when Injaz chapters in the UAE, Bahrain, Qatar, Kuwait and Egypt begin training HSBC volunteers.

Participants in the programme will then begin their training, which includes six two-hour sessions, in September and October.

“Low-income individuals around the world and particularly in the Middle East can be highly vulnerable to social upheaval and economic shocks as many do not have safety nets,” Sabrin Rahman, managing director and head of sustainability for Europe and the Middle East at HSBC, said.

“With the added context of a global pandemic, it’s increasingly important that everyone irrespective of income level, has access to support and education that will strengthen their resilience to future shocks and stresses without compromising their own welfare and ability to take care of their families.”

A number of migrant workers in the GCC have been unable to return home and put on unpaid leave until further notice, and these outcomes can have varied consequences on their families, Dalia Ashhab, regional partnerships and development lead at Injaz Al-Arab, said.

“Saving for Good is a demand-driven programme that will provide low-income workers with self-development opportunities to improve their quality of life,” she added.

VEZEETA PROFILE

Date started: 2012

Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC

War 2

Director: Ayan Mukerji

Stars: Hrithik Roshan, NTR, Kiara Advani, Ashutosh Rana

Rating: 2/5

Conflict, drought, famine

Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.

Band Aid

Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.

On Women's Day

Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action

Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?

Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'

The National Editorial: Is there much to celebrate on International Women's Day 2021?

On Women's Day

Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action

Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?

Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality

The National Editorial: Is there much to celebrate on International Women's Day 2021?

Red flags

Promises of high, fixed or 'guaranteed' returns.
Unregulated structured products or complex investments often used to bypass traditional safeguards.
Lack of clear information, vague language, no access to audited financials.
Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

Key findings of Jenkins report

Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."

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Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.

It was founded in 2018 and originally called the Brexit Party.

Many of its members previously belonged to UKIP or the mainstream Conservatives.

After Brexit took place, the party focused on the reformation of British democracy.

Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.

The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.