Abu Dhabi Islamic Bank (ADIB) has launched a digital only bank which it says is targeted at the country’s digital-savvy youth population.

Amwali, which means “my money” in Arabic, is aimed at young people aged eight to 18, and will be accessible via an app. The bank said Amwali is the first Islamic digital bank to be targeted at young people.

Parents can set up an Amwali account on their child’s behalf via the ADIB app, and then the young person will be able to access it on their own device through the Amwali app.

The user will be able to receive funds, such as an allowance, and send money to their friends and family.

Savings and financial tools to increase financial knowledge will also be available to the account user.

Philip King, global head of retail banking, ADIB, said the bank already has been working to increase its youth banking segment. “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 to empower them to establish a disciplined culture with regards to managing their finances.”

The bank said it plans to include more features to the app including provisions allowing the child to earn extra allowances by completing tasks set by parents. There will also be bite-sized videos to ‘gamify’ the financial learning process so children can earn points as they complete courses. 

(Writing by Imogen Lillywhite; editing by Brinda Darasha)

Imogen.lillywhite@refinitiv.com

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© ZAWYA 2021