Abu Dhabi Islamic Bank (ADIB) has launched Amwali digital bank, the world’s first Islamic digital bank targeting youth between the ages of eight to 18.
Amwali brings together an entire suite of banking products and technology to enable young customers to enjoy a whole new way of banking that is paperless, signatureless and branchless.
“Amwali, meaning ‘my money’ in Arabic, offers a wide range of banking solutions, including a savings account, a personalised debit card, access to financial knowledge, and discounts catered to the youth lifestyle,” said Philip King, global head of retail banking at ADIB.
Facial recognition system, provided by the UAE’s Ministry of Interior, allows for instant identity verification for new account opening
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.
“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,” said King.
Speaking about the UAE youth’s banking needs, Raweya Al Qader, head of youth banking at 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.
“With Amwali, we fill a gap by integrating financial literacy, budget control, and banking services in a simple, convenient, and digitised banking experience.”
Raweya Al Qader, head of youth banking at ADIB.
Account-opening can be done easily and without having to visit an ADIB branch. Parents can open an Amwali account via the ADIB mobile app, and upon activation, the child will need to download the Amwali app and activate their access to the bank account.
They will also need to pick a design for their debit card, which can then be used for regular and online shopping, as well as through Apple Pay and other mobile wallets. Through Amwali, the child will be able to receive regular allowances, and send money to friends and family.
The child will also be able to create saving goals and have access to a wide range of financial tools and knowledge resources. In addition, parents will have full access to their child’s account, as well as the ability to manage and set controls on spending and cash withdrawals through real-time notifications.
“Users will also be able to seamlessly transition to an ADIB account once they reach the age of 18, giving them access to a full suite of ADIB’s services,” added King.
Philip King, global head of retail banking at ADIB.
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.
To make learning fun and easy, 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.
The Amwali app will also be equipped with an intelligent financial planning and monitoring feature that helps young customers be smarter about their money.