The Abu Dhabi Islamic Bank has unveiled what it said was the first Islamic digital bank targeting youngsters, according to local reports.
Called Amwali, this digital bank is expected to serve those between the ages of eight and 18, said the reports.
It has reportedly been co-created with the Founders Club, a cohort of Emirati youth and their parents.
The apparently all-in-one banking solution is designed to empower young customers with a dedicated digital banking experience, access to financial knowledge, and personalized offers that fit their lifestyle.
However, all of this will happen under parental control, said the local reports.
Parents can open an Amwali account from their mobile phones through the ADIB mobile app.
Upon activation of the account, the child will simply download the Amwali app and activate their 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.
The Amwali app is expected to be equipped with an intelligent financial-planning and monitoring feature to help young customers.
ADIB said in a statement it aims to roll out more features to the app, including provisions allowing children to earn extra allowances by completing tasks set by parents.
The bank said it also plans to add bite-sized videos and to gamify the financial learning process to let children earn points as they complete courses.
There will be an additional provision for parents to reward children for each course they complete, said the statement.
The local reports quoted ADIB global head of retail banking Philip King as saying: “ADIB has been building its youth-banking segment over the last decade.”
He added: “We now have over 100,000 customers under the age of 24 banking with us.”