Al Rayan Bank launches new Fixed Term Deposit to support Educate A Child International to empower children’s education
Al Rayan Bank, the UK’s largest and most successful Islamic bank, has partnered with Educate A Child International to launch a new Fixed Term Deposit aimed at advancing education for marginalised and vulnerable children and young people.
The partnership will look to address some of the barriers which prevent children from attending school, beginning with a project to support more children in Malawi have access to a quality education.
The move sees Al Rayan Bank introduce the 'Educate A Child International Fixed Term Deposit’ – a 36-month Fixed Term Deposit (FTD) with a 4.5% expected profit rate (EPR). Additionally, the Bank will contribute an amount equal to 0.1% of the balances in every account to the charity.
For instance, a customer investing £100,000 in an Educate A Child International Fixed Term Deposit not only stands to gain an annual expected return of £4,593.98*, but also triggers a donation of £100 from the bank.
In the first year, the contribution will exclusively fund a project supporting education for vulnerable children in Malawi, focusing on providing better opportunities and removing barriers to education by increasing engagement with communities and Government, building schools and accelerated education programmes.
Similar projects supported by Educate A Child International, a UK-based charity with a vision to ensure that every child has access to quality education and a strategic partner of Education Above All Foundation, have demonstrated excellent retention rates.
Al Rayan Bank's Chief People & Sustainability Officer, Harpreet Dhillon, said: "We’re proud to support Educate A Child International on its mission to provide equal access to quality education and help children across Malawi overcome barriers and go to school.
“Contributions generated from the new Educate A Child International Fixed Term Deposit will go directly towards supporting the charity in its vital work and this project to support the programme in Malawi marks the start of a long-term commitment by the Bank to have a positive impact on education globally, working in partnership with Educate A Child International.”
CEO of Educate A Child International, James Shaw-Hamilton, said: "It’s only through partnerships like this that we are able to fund our projects and work towards our joint aim of providing access to education for an additional one million children at primary level each year.
“Educate A Child International supports the hardest-to-reach out of school children around the world facing barriers to education and works to empower young people to change their lives for the better. We are really looking forward to what we can achieve together with Al Rayan Bank."
The charity works with partners to help children and young people denied their right to education in low-income and lower-middle-income countries due to barriers such as poverty, conflict, disaster, disability, and discrimination. It serves as a gateway to many of the UN's Sustainable Development Goals.
Al Rayan Bank, founded in 2004, is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority.
* When profit is reinvested. Where taken as quarterly income the expected return will be £4,500.
