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 send money to friends and family.
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.