Friday, 30 September 2016

Saudi Students Open an In-House Bank in Al Kharj, Saudi Arabia

Something which I have a strong stance on is the absence of real life education in schools all across the world. What I mean by real life education is, doing taxes, filing proper paperwork, knowing how you do things inside a bank etc. this is something which should be taught at high school level at least so that the children who would soon become legal adults know what to do and how to do it. However it seems that I am not the only one who thinks this way, and one school has gone one step further, creating a milestone and an example for all schools all over the world.

An elementary school located in the Al Kharj region in Saudi Arabia has just set up an in house bank which will help the students learn more about the current financial system and gives them experience on how a normal or regular bank would work. In order to encourage the students, the school has started providing actual money, so that the students may buy computers. Ali Bin AbdulAziz Al Khudair who is the director of the Salahudeen Elementary School has stated to an online media outlet that this “student bank” which has been created by them had originally designed checks which ranged from SAR 1 up to SAR 5, which would be made out to the outstanding students at the elementary schools.

Each and every financial transaction happening at the student bank is closely supervised by the manager of the student bank, who is also a student in the elementary school. The bank staff consists of the manager along with 3 tellers who are also students of the elementary school. The entire operation of the bank takes place during the two study breaks for the students. The student bank is a highly creative initiative which has also in turn encouraged a sense of competition amongst the students of the school.

The manager of the student bank, Mohammad Abdullah Al Rabiah has stated that his personal duties involve the inspection of signatures and also referring the checks to the student-tellers in order to be paid. In the previous year, he states he was a teller and has been promoted this year as the manager of the bank. Mohammad Al Qurani, who is the teacher who is supervising the school’s page on Facebook has stated that this initiative had been started in a bid to help the students learn, especially those facing difficulty in doing so.

The bank has a separate set of rules and working hours. It is open on Mondays as well as Wednesdays during the second study break. This student bank has also recently launched transfer and loan services for the students who are looking to buy new educational aids such as a computer. The student bank is also thinking of offering temporary advance payments for those students who forget to bring in their allowances to purchase snacks and drinks during the breaks. The students must however repay the advance within one week.

Source: Arab News

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