JEDDAH: An elementary school in Al-Kharj has set up an in-house bank to help students learn about the financial system, and has even started to provide real money to help students buy computers.

The director of the Salahudeen Elementary School, Ali bin Abdulaziz Al-Khudair, told an online publication recently that the “Student Bank” initially designed checks of SR1 to SR5, which were made out to outstanding students.

The financial transactions are supervised by the manager of the bank, a student in this case, and three other students working as tellers. “The operations take place during the two study breaks. The school or student bank is a very creative initiative that has encouraged competition among students,” said Al-Khudair.

Mohammad Abdullah Al-Rabiah, the student working as the bank manager, said: “My work involves checking the signatures and referring the checks to the tellers (students) to be paid. Last year I was a teller but I have been promoted this year to the position of bank manager.”

The teacher supervising the school’s page on Facebook, Mohammad Al-Qur’ani, said the initiative was started to help students learn, especially those lagging behind in their studies.

“The bank has its own rules and work hours. It opens its doors on Monday and Wednesday during the second study break. The bank has recently launched a loan and transfer services for students who want to buy new educational aids such as computers,” said the teacher.

Another idea the student bank is considering currently involves offering money as an advance for those who forgot to bring their allowances to buy food during breaks. Students must repay the advance within a week of taking the money. The bank also offers money to needy students.