ADIB launches Amwali, the world’s first Islamic Digital Bank targeting GenZ

Abu Dhabi Islamic Bank (ADIB) officially unveiled “Amwali” digital bank, the world’s first Islamic digital bank 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.

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 with a dedicated digital banking experience, access to financial knowledge, and personalised offers that fit their lifestyle, all under the parental control.

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 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, commented: “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. 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.”

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 theirbank 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, 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.

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. There will be an additional provision for parents to reward their child for each course they complete.

The Amwali app will be equipped with an intelligent financial planning and monitoring feature that helps young customers be smarter about their money.