Abu Dhabi Islamic Bank (ADIB) has launched Amwali, the world’s first Islamic digital bank for young people, according to an announcement.

The UAE-based Islamic financial institution unveiled a suite of banking products and technology under the Amwali digital bank, for youth between the age of 8 to 18. The paperless, signature-less and branchless bank has been co-created with the Founders Club, an association of Emirati youth and parents.

Amwali, which is Arabic for ‘my money’, is an “all-in-one banking solution” that offers its customers a dedicated digital banking experience, access to financial knowledge, and personalised offers, under parental control.

With Amwali, ADIB is aiming to integrate financial literacy, budget control, and banking services through a digitised banking solution, Raweya Al Qader, Head of Youth Banking, ADIB, said.

“Our research shows that many UAE millennials and Gen Zs 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, especially as we progress towards a more technology-led and cashless society.

 

Likewise, parents in the UAE are looking for ways to help their children manage their money as they take charge of their financial future,”

Al Qader explained.

More features to be added to Amwali, including gamified financial education

Amwali accounts can be opened by parents through the ADIB mobile app. Upon activation, young users will have access to their new accounts through the Amwali app. Accounts come with a debit card that is mobile wallet-enabled, and also allows bank transfers. The app also gives access to financial tools and knowledge resources, the statement said.

Parents will have complete access to these accounts, and will be able to manage spending and cash withdrawals through real-time notifications. The app will also come with an intelligent financial planning and monitoring feature, the statement added.
ADIB has plans to introduce more to the Amwali app, including task-based allowances, gamified financial education, and short-form videos.

“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,”

Philip King, Global Head of Retail Banking, at ADIB, noted.

Featured image credit: ADIB