Abu Dhabi – Mubasher: Abu Dhabi Islamic Bank (ADIB) has introduced the world's first Islamic digital bank targeting youth aged between 8 to 18, Amwali.
Co-created with the Founders Club, Amwali will offer young customers banking products and innovative technology to deploy paperless, signatureless, and branchless banking services, according to a press release on Monday.
Hence, the all-in-one banking solution will enable young customers to have access to digital banking services, financial knowledge, and personalised offers, achieve their saving goals, and send money to friends and family, all under parental control.
Parents will be able to open an Amwali account through the ADIB mobile app for their children who can then download the Amwali app and activate their banking accounts.
The Global Head of Retail Banking at ADIB, Philip King, said: "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."
Meanwhile, the Head of Youth Banking at ADIB, Raweya Al Qader, commented: "Our research shows that many 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, especially as we progress towards a more technology-led and cashless society."
