KUALA LUMPUR: Bank Islam Malaysia Bhd (Bank Islam) and Yayasan Didik Negara (YDN) recently signed a memorandum of understanding (MoU) to support the ministry of education's (MoE) role in meeting the nation's educational needs.

Bank Islam chief executive officer Mohd Muazzam Mohamed said the bank has collaborated with the MoE through YDN in directing contributions and assistance towards the targeted group, including students, teachers, schools, and education institutions, under the ministry to enhance educational access and quality.

Starting this year, the partnership will enable Bank Islam to pioneer a cashless community project nationwide at ten selected Malaysian Institutes of Teacher Education (IPGM).

The cashless community project is part of the bank's effort to promote the use of cashless or QR code payment transactions and is projected to help over 113,000 IPGM employees and students. 

The initiative is anticipated to spread to the remaining 17 IPGM, attempting to make cashless payments available to all.

"The effort aligns with Bank Islam's role in encouraging and supporting the nation's aspirations to create a cashless society," said Mohd Muazzam in a statement. 

Education Minister Fadhlina Sidek witnessed the signing of an agreement between Mohd Muazzam and YDN chief executive officer Hardian Hadir.

Bank Islam gave donations worth RM10,000 to 100 orphans around Seremban.

This first collaboration with YDN allows Bank Islam to actively support Malaysia's ambition to improve its education system.

https://www.nst.com.my/business/2023/04/895744/bank-islam-inks-mou-ydn-direct-contributions-assistance-targeted-group