Amwali was founded in collaboration with Founders Club. Credit: Devin Avery on Unsplash.

Abu Dhabi Islamic Bank (ADIB) has launched an Islamic digital bank, called Amwali, for the youth between the age of 8-18.

The digital bank will offer an entire suite of banking products. It has been launched in partnership with Founders Club, a group of Emirati youth and their parents.

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ADIB noted that the newly launched digital bank will offer a paperless, signatureless and branchless experience to the youth while offering them personalised offers and financial knowledge, all of which is will be under parental control.

Amwali accounts can be opened by parents through their ADIB mobile app. Once activated, the child can access the bank account via Amwali app.

Amwali app allows the user to set their saving goals and offers other financial tools as well.

Additionally, it will give parents control over the account and enable them to manage and set controls on spending and cash withdrawals.

ADIB plans to roll out more features to the app including a feature that will allow the child to earn extra allowances by completing tasks set by parents.

ADIB global head of retail banking Philip King said: “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 a unique end to end banking proposition, unique financial content powered by advanced technology.”

Earlier this month, the lender announced that it has started using facial recognition technology to enable the opening of accounts remotely and digitally.