Dubai: Abu Dhabi Islamic Bank (ADIB) has launched ‘Amwali’ as the world’s first Islamic digital bank and targeting young consumers. Amwali will bring together a suite of banking products and supporting technology to enable young customers to enjoy a whole new way to do banking that is paperless, signature-less and branch-less.
Amwali digital bank was co-created with Founders Club, a cohort of Emirati youth and their parents, with an aim to 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.
"We now have over 100,000 customers under the age of 24 banking with us and our goal is to expand youth access to personalized and safe financial products and services," said Philip King, Global Head of Retail Banking, at ADIB
Raweya Al Qader, Head of Youth Banking, ADIB, said, “UAE millennials and Gen Z’s are looking for a dedicated digital channel that truly delivers their banking needs and financial goals. They have grown accustomed to fast-paced and digital interactions that offer convenience and mobility.
"Likewise, parents in the UAE are looking for ways to help their children manage their money as they take charge of their financial future. With Amwali, we fill this gap by integrating financial literacy, budget control, and banking services in a simple, convenient, and digitised banking experience.”
How to open an account?
Parents can open an Amwali account from their mobile phones through the ADIB mobile app. On activation, the son or daughter can download the Amwali app and activate 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.
Through Amwali, the user will be able to receive regular allowances and send money to friends and family. The child will be able to create his or her saving goals and have access to a wide range of financial tools. In addition, parents will have the ability to have full access to their child’s account as well as manage and set controls on spending and cash withdrawals through real-time notifications.
ADIB aims to roll out more features to the app, including provisions allowing the child to earn extra allowances by completing tasks set by parents. ADIB also plans to add bite-sized videos and gamify the financial learning process that will allow the child to earn points as they complete courses. There will be an additional provision for parents to reward their child for each course they complete.