Digital Banking for Young Clients to be Offered by Abu Dhabi Islamic Bank or ADIB

Abu Dhabi Islamic Bank (ADIB), an Islamic financial institution, reveals that it has introduced “Amwali,” which is an Islamic digital proposition meant for youth between the ages of 8 to 18.

Amwali is described as a unique proposition that aims to bring together a suite of banking solutions and the latest tech to enable young clients to experience a completely new way of banking that’s  branchless, paperless, and “signatureless.”

Co-created with assistance from the Founders Club, a group of Emirati youth and their parents, the comprehensive banking service has been specifically developed to empower younger clients with a seamless virtual banking experience, access to relevant financial information, and  personalized offers that suit their lifestyle requirements, all offered via parental controls.

Philip King, Global Head of Retail Banking, at ADIB, stated:

“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 personalized and safe financial products and services as well as to empower them to establish a disciplined culture with regards to managing their finances. We are proud that Amwali proposition is answering this through unique end to end banking proposition, unique financial content powered by advanced technology.”

Raweya Al Qader, Head of Youth Banking, ADIB, remarked:

“We are putting a lot of emphasis on youth at ADIB as they form such a strong part of the future of this country as well as the future of ADIB. we are excited to present a program to financially empower the generation that will shape the UAE’s next 50 years. 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.”

Raweya added that they’ve become accustomed to fast-paced, digital interactions that provide both  convenience and mobility, which is important as we move towards a more technology-enabled and cashless society.

Raweya further noted that parents in the United Arab Emirates (UAE) are “looking for ways to help their children manage their money as they take charge of their financial future.”

Raweya added that they “listened to their feedback.” She explained that with Amwali, they “fill this gap by integrating financial literacy, budget control, and banking services in a simple, convenient, and digitised banking experience.” She pointed out that “through this innovative solution, we hope to empower the UAE’s next generation at an early age.

As noted in the announcement, account-opening may be done in a straightforward and seamless manner. Parents are able to open an Amwali account from their smartphones via the ADIB mobile app.

After activation is complete, the child just has to download the Amwali app and activate their access to their bank account. They will also be choosing a debit card design that may be used for making offline and online purchases. Transactions can be carried out via Apple Pay and various other mobile wallets.

Through Amwali, the young clients may accept allowances and send funds to friends and family members. The clients can specify their saving goals and access various financial tools and knowledge resources.

Additionally, parents will get complete access to their child’s account and be able to manage and set controls on spending and cash withdrawals via real-time notifications.

ADIB said that it plans to introduce other features via the app such as provisions enabling the child to earn additional allowances by finishing certain tasks set by their parents. ADIB also intends to provide short videos and plans to gamify the financial learning.

The Amwali app will feature intelligent financial planning and also provide a monitoring feature that assists younger clients with making smarter decisions about their money.

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