Financial inclusion is having access to formal financial services such as payments, savings, credit, Takaful and more that help meet the financial needs of individuals and firms. Financial Inclusion helps in reducing poverty, Increases economic growth and Promotes stability therefore, the need for financial literacy has become increasingly important to create a more financially literate population in Pakistan. BankIslami has proudly launched National Financial Literacy Program (NFLP II) in collaboration with State Bank of Pakistan across rural and urban areas of the country with the objective of spreading knowledge about Islamic Finance to the wider public.
National Financial Literacy Program intends to engage the public to settle on better and successful choices in regards to the utilization of financial and allied services. In addition, it will make the financial industry more competitive, encourage new ideas, and work more efficiently to provide better financial services to citizens who are financially educated. Through dedicated classroom training sessions, street theaters, and other means, students are taught about a variety of financial topics like budgeting, savings, investments, consumers’ rights and responsibilities, Islamic banking, branchless banking, and currency management. One of the significant motivations why this general population remains unbanked is the absence of familiarity with financial items, how to utilize them and how these can assist them and settle on with bettering financial choices.
Taking benefit of National Financial Literacy Program, BankIslami also additionally onboard audience on Shariah compliant banking and financial solutions as well as create awareness about Riba Free banking.
The key objectives of the program are:
- Imparting knowledge and understanding of, financial concepts, banking/financial products and services.
- Develop skills and attitudes towards budgeting, savings, investment, financial negotiation, rights and obligations, etc.
- Facilitate behavioral changes and practices to improve financial outcomes; including financial wellbeing through increased savings, improved financial management, perceived financial stress or satisfaction.
- Creating awareness about Riba Free banking.