According to a baseline study done in 2017, the financial industry collectively spent RM 133,000,000 annually on CSR. However, more than 80% of this was spent on one-off activities. FINCO works with the Financial Industry to create initiatives with long-term, systemic impact. Whilst FINCO delivers this through its flagship programmes, we also assist individual organisations to carry out their CSR efforts in a more sustainable and impactful manner.
In 2018, FINCO identified an urgent need to address illiteracy in English amongst Form 1 students and Bank Muamalat came forward to tackle this challenge with MYReaders. They sponsored a literacy programme in SMK Pulau Gaya (Sabah) and, this year have expanded their support to SK Bagan Jermal (Penang) under the FINCO shared programme banner.
As part of Bank Muamalat’s shared programme, MYReaders implemented a structured reading programme specifically designed to help students become better readers to prevent them from falling behind in class. They do this by training the more proficient students as reading mentors and also equip teachers with the skills to facilitate the reading sessions. This ensures better sustainability as schools don’t need to rely on external trainers for support. It also means that there can be a lasting impact beyond the current programme.
Bank Muamalat’s sponsorship includes sets of books designed for children who are illiterate and literacy toolkits for the teachers to use. Tracking the progress of students is a key element of the programme. Student mentors document their peers’ reading progress at the end of each session. This simple approach means that student mentors develop leadership skills and empathy, their peers develop English Proficiency, the teachers learn new skills and the Bank fulfils its CSR and reporting needs!
Another simple solution to financial institutions looking to run financial literacy programmes but don’t want to develop their own programme from scratch is to borrow one! Organisations such as Prudential Assurance are open to discussing potential partnerships with banks to run their Cha-Ching financial literacy programme.
If you want to get connected to a programme or share a programme with others, get in touch with us at [email protected]