In 2003, AAIB launched an annual, nationwide banking competition for university undergraduates to design innovative banking products or services or enhance existing ones for the Egyptian banking sector. The three winning projects receive financial prizes and all entries gain non-financial benefits through their participation.
The program included material awards and more importantly non-material benefits in the form of intensive training for students given by bank executives and external experts on retail, corporate and investment as well as marketing, financial analysis, presentation skills and report writing.
6th Annual AAIB Award 2009
After five successful years, the 6th Annual AAIB Award showed great progress with 180 participants. For the first time since the launch of the competition, the Modern Sciences and Arts University (MSA) won first place and received EGP 50,000. British University in Egypt (BUE) was came in second, receiving EGP 25,000 and The American University in Cairo (AUC) was third, winning EGP 15,000.
The success of the AAIB Award has led to the expansion of the competition scope and an expansion in the number of participating universities to eight in 2009: AUC, MSA, Cairo University, The German University in Cairo (GUC), the Arab Academy for Science and Technology and Maritime Transport (AAST), Misr International University (MIU) and for the first time Alexandria University and the BUE.
Why do students want to participate in the AAIB Award?
Competition is a fact of life wherever there is ambition and motivation to become the best. It can be a positive motivator to work harder to reach ones goals. The AAIB Award helps in creating that kind of positive attitude and atmosphere by learning to work as part of a team, managing success and disappointment, gaining knowledge about responsibility and time management by balancing training and other activities. Moreover, students get an early feel for finance and training in banking, which is an introduction to how business works in practice. They also learn to think outside the box and be innovative to differentiate themselves from others.