Riyadh: – The newly merged Alawwal bank and SABB have teamed up with Alnahda Society to support women as part of a Kingdom-wide strategy to improve financial literacy.
The bank will provide SAR 650,000 to fund Alnahda’s ‘Khazna’ project, a series of workshops for low income Saudi women to learn essential money management skills. The workshops will cover topics such as creating a healthy savings plan, managing a family budget and acquiring positive spending and saving habits. The workshops will extend to male members of the families to ensure a cohesive approach to managing their family financial needs.
Rasha Alturki, CEO of Al Nahda, said: “Alnahda continues to support women as their participation in society expands. Our goal is to help as many women as possible while establishing best practices, so finding support from organizations that share our vision of a better society is essential. Training women on low incomes to manage their money contributes to sustainable development; it enables women to improve their current financial status as well as model more constructive financial habits to their children. We are honored the bank is supporting our efforts to make financial literacy a core skill for more Saudi families.”
Alnahda is a nonprofit organization established in 1963, dedicated to empowering women socially and economically through numerous successful programs. In June 2019, Alnahda was officially granted consultative status by the UN Economic and Social Council.
Soren Nikolajsen, Deputy Managing Director at SABB, said: “As women’s role in the workplace and society grows, so do their financial responsibilities. Equipping women with the financial know-how to manage their money and plan for the future has never been more important. Financial literacy skills are critical to so many across the Kingdom and working with a well-established organization like Alnahda is a great way to help address this issue.”
About Alawwal bank and SABB
SABB and Alawwal bank legally completed their historic merger on 16 June 2019 with the ambition of building the best bank in the Kingdom. The combined bank is the Kingdom’s third largest bank in the Kingdom. Alawwal bank and SABB share a long and successful history supporting individuals, businesses and communities across the Kingdom.
© Press Release 2019