Emirates Islamic and Community Development Authority collaborate to foster financial literacy among students

Dubai, 17 March 2025: Emirates Islamic, one of the leading Islamic financial institutions in the UAE, in association with Community Development Authority (CDA), organised a two-day event for students at Zayed University in an effort to spread awareness and educate students on the importance of being financially responsible.

Titled ‘MoneyWise’, the event offered an opportunity for Emirates Islamic and CDA to educate students on Islamic banking concepts, raise awareness on fraudulent banking practices, budgeting and investing – all in a gamified, fun environment, themed around an Escape Room. Students were tested on their knowledge of basic aspects of banking, with a view to foster financial literacy and advance their financial well-being.

The event was held as part of the Memorandum of Understanding (MoU) signed by Emirates Islamic and the CDA in 2024 to support financial literacy initiatives for the UAE National community. It also aligns with the ‘Year of Community’ declared by the President of the UAE His Highness Sheikh Mohamed bin Zayed Al Nahyan to foster collaboration, belonging and shared experiences to contribute to progress.

H.E. Hessa Bu Humaid, DG of Community Development Authority said: "Financial stability is a cornerstone of individual well-being and a fundamental pillar in building a cohesive and sustainable society. Our collaboration with Emirates Islamic reflects our shared commitment to equipping youth with the necessary financial knowledge and skills to make informed decisions that contribute to their long-term stability and success. By educating students on essential financial concepts, we are empowering them to navigate their financial future with confidence and responsibility. This initiative is closely aligned with the Dubai Social Agenda 33, which prioritises individual empowerment and social protection as key drivers for sustainable development."

Farid AlMulla, Chief Executive Officer of Emirates Islamic, said: “We are pleased to once again join hands with the Community Development Authority and Zayed University under a common goal of empowering youth and enhancing their financial awareness. We are also proud of this initiative that aims to educate students on financial management and planning strategies for a more stable future. This is in line with the Dubai Social Agenda 33, which aims to keep pace with Dubai's future ambitions and enhance its social protection and empowerment initiatives.”

He added: “We are glad to see a successful outcome to our two-day event, which utilised an innovative, fun and relatable concept to encourage and inspire students to learn. Thorough our collaboration, we hope to continue to bring positive impact and bolster financial literacy in the region.”

Prof. Michael Allen, Acting Vice President of Zayed University, said: “Financial literacy is a crucial life skill that every student should master. The “MoneyWise” initiative provides our students with an engaging and immersive way to develop these skills. We’re delighted to work with Emirates Islamic and the Community Development Authority on this unique, interactive experience that will prepare our students not just for academic success, but for lifelong financial well-being.”