Abu Dhabi Islamic Bank (ADIB) on Monday officially unveiled "Amwali" digital bank, the world’s first Islamic digital bank targeting youth between the age of 8 to 18.
Co-created with the Founders Club, a cohort of Emirati youth and their parents, the all-in-one banking solution is designed to empower young customers with a dedicated digital banking experience, access to financial knowledge, and personalised offers that fit their lifestyle, all under the parental control.
Philip King, global head of Retail Banking, at ADIB, said: "ADIB has been building up its youth banking segment over the last decade. We now have over 100,000 customers under the age of 24 banking with us and our goal is to expand youth access to personalised and safe financial products and services as well as to empower them to establish a disciplined culture with regards to managing their finances."
Account-opening can be done easily and effortlessly. Parents can open an Amwali account from their mobile phones through the ADIB mobile app. Upon activation, the child will simply download the Amwali app and activate their access to their bank account. They will also pick a debit card design that can be used for regular and online shopping as well as through Apple Pay and other mobile wallets.
The Amwali app will be equipped with an intelligent financial planning and monitoring feature that helps young customers be smarter about their money.
