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Bank Islam Promotes Savings Habit Amongst Children


Kuala Lumpur, 27 December 2006 – Bank Islam Malaysia Berhad (BIMB), the country’s oldest Islamic bank, today announced the 43 winners of its first ever held Merdeka Coloring Contest for its junior deposit account holders – Wadi Deposit Account which ran from 1 August to 30 September 2006.

At the event held at Cosmo Entertainment Park, Berjaya Times Square, the bank celebrated the top three winners who brought home RM1,000 cash and a holiday package worth RM500; RM600 cash and RM400 cash each respectively. The winners and their family members were also given a fun filled treat at Malaysia’s largest in-door theme park.

Speaking at the event, BIMB Consumer Banking Group’s General Manager, Faizah Khairuddin said that the Merdeka Coloring Contest is just the beginning of many more fun activities to encourage savings habits amongst children. The contest is also in line with Bank Negara’s National Savings Campaign launched in 1997 through its School Adoption Program which BIMB is one of the active players in promoting financial literacy to school children.

“During the contest period, our branch and business managers visited all the 314 schools under our wing to educate school children the value of money and to encourage them to learn and understand the benefits of savings. The contest comes in handy in giving the children a fun way to practice saving using BIMB Wadi product,” she further added.

Wadi-i is BIMB junior deposit account for children below 12 years, based on Mudharabah contract where account holders are promised a return based on an agreed sharing ratio of 50:50. The unique aspect of this product is it comes with cash coverage plan where with minimum balance of more than RM500, upon account holder death or total permanent disablement, the next of kin is entitled to benevolent coverage between RM250 to RM5000 excluding the deposit balance. It is the only one in the market that provides such coverage feature.

Elaborating on the contest, Faizah said that the concept of Merdeka Coloring contest is also part of BIMB’s effort to share with the children the spirit of “merdeka” while encouraging artistic expression of the children. The contest which required a minimum deposit of RM50 to enter saw an encouraging participation of close to 2,000 entries. “The judges had a tough time choosing the best entries as many of them are very creative and beautiful,” added Faizah.

In conjunction with the recent Hari Raya season, Bank Islam has also initiated another savings promotion campaign called “Siapa Cepat Dapat Makan” which started on 6 November and will run through until 31 December 2006. In this campaign, any new or existing Wadi account holders who deposit a minimum of RM500 of their “duit raya” collection are entitled to get a free KFC food voucher worth RM10.

“Our effort to instill positive savings behaviors from young and to influence the parents to encourage savings within the family members will not stop here.  We are planning to introduce not only campaigns but additional innovative Islamic deposit products covers different life stage of a customer.”

ENDS

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