Abu Dhabi’s ADIB unveils Islamic digital bank for Generation Z

UAE’s financial lender Abu Dhabi Islamic Bank (ADIB) unveiled ‘Amwali’, the world’s first Islamic digital bank targeting youth between the ages of 8 to 18.

The banking solution is designed to empower young customers with a dedicated digital banking experience, access to financial knowledge, and personalised offers – all under the parental control.

Parents can open an Amwali account from their mobile phones through the ADIB mobile app. Upon activation, the child can download the Amwali app and activate access to their bank account. 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 and also send money to friends and family.

The child will also be able to create his or her saving goals and have access to a range of financial tools and knowledge resources. In addition, parents will have full access to their child’s account as well as manage and set controls on spending and cash withdrawals through real-time notifications, a statement said.

ADIB aims to introduce additional features to the app including provisions allowing the child to earn extra allowances by completing tasks set by parents. 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. There will be an additional provision for parents to reward their child for each course they complete.

The Amwali app will be equipped with a financial planning and monitoring feature that helps young customers be smarter about their money, the statement added.

Philip King, global head of retail banking, at ADIB, said: “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. We are proud that Amwali proposition is answering this through unique end to end banking proposition, unique financial content powered by advanced technology.”

“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,” notes Raweya Al Qader, head of youth banking, ADIB. “We are excited to present a programme 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. 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. And we listened to their feedback. With Amwali, we fill this gap by integrating financial literacy, budget control, and banking services in a simple, convenient, and digitised banking experience. Through this innovative solution, we hope to empower the UAE’s next generation at an early age.”