In a bid to capture the digital savvy youth of the UAE, Abu Dhabi Islamic Bank (ADIB) has launched Amwali, a mobile app designed specifically for individuals between the ages of eight and 18 years old.
The app, said to be the first of its kind from an Islamic bank, was co-created by the Founders Club, a cohort of Emirati youth and their parents. The platform provides young users with a dedicated banking experience, access to financial knowledge and personalized offers, all under the supervision of their parents.
The app, which can be downloaded and used once a youth account is opened by parents through the ADIB mobile app, integrates literacy, budget control and banking services. It allows young customers to receive allowance, transfer money as well as create savings goals and access financial tools and knowledge resources. Parents will have full access to their child’s account as well as be able to manage and set controls on spending and cash withdrawals through real-time notifications.
“Our research shows that many UAE millennials and Gen Zs 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 toward 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,” ADIB’s head of youth banking, Raweya Al Qader, said.
The focus on the younger generation is no surprise – it is a segment that the Islamic bank has been building 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,” shared Philip King, the global head of retail banking at ADIB.
The ADIB team will continue to enhance the Amwali app. Immediate plans include integrating new features such as provisions allowing the child to earn extra allowances by completing tasks set by parents. The bank also plans to introduce bite-sized videos and gamify the financial learning process to make learning fun. Other features include intelligent financial planning and monitoring.