Faizel Patel, Radio Islam News – 20-11-2017
The Al–Aqsa Primary School in Lenasia has won R 250,000 in the Absa’s Islamic Banking youth competition aimed at promoting financial literacy among Islamic youth in South Africa.
The competition, which ran between 24 July and 15 November, saw about 70 Muslim schools across the country to compete with each other to open the highest number of Absa Islamic Banking Youth Accounts relative to the number of learners at the school.
Al–Aqsa managed to open over a hundred Shari’ah-compliant Islamic Banking Youth accounts.
Head of Islamic Banking at Absa Uwaiz Jassat says the campaign was aimed at teaching youth the value of money, and to have the ability to make well informed Islamic and financially educated decisions from an early age.
“We wanted you to remember, that you need to stay away from interest. Because we know that Allah has forbid us as Muslims from using or giving and paying interest. So we wanted you to start that journey to make sure that your first account is an Islamic account.”
Al Aqsa Principal Shahana Sujee says winning the competition will allow current and future learners at the school to excel into future leaders.
“This phenomenal amount of money, will allow the little human seedlings to grow, to be nurtured and to finally develop into those trees around us that can whether any storm the world will throw at them.”
Absa also handed out money savings boxes to all learners while Al Aqsa planted a tree in memory of the school and the momentous occasion.
South Africa has high debt levels and the lowest personal savings rate in the world – with research by debt management firm Debt Rescue showing that more than 11 million South Africans are over-indebted, and 77 percent of people have no disposable income to allocate to savings.
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