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Abu Dhabi’s bank launches world’s first Islamic digital bank targeting GenZ

The corporate logo of Abu Dhabi Islamic Bank is seen in Dubai, United Arab Emirates, December 31, 2018. — Reuters/File

ABU DHABI: Abu Dhabi Islamic Bank (ADIB) on Monday launched “Amwali” — the world’s first Islamic digital proposition targeting youth between the age of 8 to 18.

“Amwali is a ground-breaking proposition that brings together an entire suite of banking products and innovative technology to enable young customers to enjoy a whole new way of banking that is paperless, signatureless, and branchless,” the bank said in a statement, according to a report by Khaleej Times.

Co-created with the Founders Club the all-in-one banking solution is designed to empower young customers with a dedicated digital banking experience, access to financial knowledge, and personalised offers that fit their lifestyle, all under parental control, the statement said.

“ADIB has been building up its youth banking segment over the last decade,” Global Head of Retail Banking at ADIB, Philip King, said.

The bank has 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, the King said.

Account-opening can be done easily and effortlessly.

Parents can open an Amwali account from their mobile phones through the ADIB mobile app. Upon activation, the child will simply download the Amwali app and activate their access to their bank account.

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They will also pick a debit card design that can 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, send money to friends and family. The child will be able to create his or her saving goals and have access to a wide range of financial tools and knowledge resources.

In addition, parents will have the ability to have full access to their child’s account as well as manage and set controls on spending and cash withdrawals through real-time notifications.

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