Abu dhabi: The Abu Dhabi Department of Community Development (DCD) has announced the signing of a Memorandum of Understanding with Al Maryah Community Bank (Mbank) aimed at enhancing the financial well-being of individuals and families, supporting social stability, and contributing to improved quality of life across the emirate.

According to Emirates News Agency, the agreement establishes a clear platform for cooperation on the design and development of initiatives that enhance financial wellbeing. The MoU will also seek to raise awareness and embed such practices to enable long-term financial stability for families and the wider community. The partnership focuses on aligning efforts for the exchange of expertise, supporting the development of sustainable, measurable initiatives.

DCD will be responsible for designing the initiatives, ensuring their inclusivity and alignment with applicable legislation and policies in the Emirate. This includes developing a comprehensive framework for monitoring, evaluating, and reporting on the social impact of these initiatives. Additionally, the partnership encompasses knowledge exchange and capacity building in line with community needs and the Emirate's priorities.

Mbank's contribution will extend to providing resources and technical expertise required to jointly design financial wellbeing programmes. The bank will lead awareness campaigns and community activities to encourage participation in financial empowerment initiatives, providing supportive financial tools such as budgeting tools, savings products, and financial literacy learning modules.

Both Mohamed Helal Al Balooshi, Executive Director of the Community Engagement and Empowerment Sector at DCD, and Mohammed Wassim Khayata, CEO of Mbank, expressed their commitment to strengthening community empowerment and financial wellbeing, highlighting the role of financial awareness and planning as strategic enablers for family stability and community prosperity.