World’s First Islamic Digital Bank Account for Youth

Since its inception in 1997, Abu Dhabi Islamic Bank has established itself as one of the most prominent Islamic banks in the UAE and around the world. The bank commenced its services with a paid-up capital of AED 1 billion and is listed on the Abu Dhabi Securities Market. In addition to sharia-compliant banking solutions, ADIB is well known for its innovative and customer-friendly products that focus on meeting their financial needs. The bank recently launched the ‘Amwali’ digital bank account, targeting the youths of the United Arab Emirates. 

ADIB Amwali digital bank account is developed to empower the Emirati youth, offering a dedicated digital banking experience with personalised offers and access to financial knowledge, all under parental control. Parents can easily apply for a bank account using ADIB mobile application and activate it for their children. The article below dives into the details of the Amwali digital bank account. 

What is ADIB Amwali Account and How does it Work?

As a custodian and existing ADIB customer, the parents can open an ADIB Amwali bank account on behalf of their children between the age of 8 to 18 years. The account is specifically an ADIB savings account that aims at introducing financial management to the Emirati youths while their accounts are in complete control of their parents. 

ADIB digital bank account is quick and convenient to operate. The parents can apply for the Amwali account by providing all the necessary details of their children and activate it on their phone. Later, they can transfer funds, access the account for making purchases and saving funds to understand the functionality of the bank account. Amwali children’s bank account is one of a kind and the first Islamic digital bank account for kids in the world. 

What are the benefits of an ADIB Amwali digital bank account?

ADIB Bank Amwali children account comes with a unique set of benefits. It offers children a financial understanding of banking operations like payments, purchases, savings and much more while providing the parents’ full authority over the account. Below are the advantages of an Amwali children account. 

• The account aims at empowering the youth financially with an innovative and advanced approach. 
• The children can receive money from their parents, track expenses, pay their friends and set aside savings in their account. 
• ADIB also offers a debit card to access funds, make online payments, and use it for everyday shopping. 
• The children get access to exclusive offers on electronics, games, fashion, entertainment and online shopping. 
• Parents can transfer funds as allowances through one-off or regular payments. 
• The parental control feature allows complete control over children’s expenses including account monitoring and setting debit card limits. 
• The account allows task-based allowances if the child fulfils the tasks set by their parents. 

What are the key features of an ADIB Amwali digital bank account?

Amwali children’s bank account offers distinctive features like full parental control, easy fund transfers including debit cards for the kids to withdraw funds. Some of the key features are mentioned below.

• Parental Control - Amwali children’s bank account offers complete parental control via ADIB Bank mobile application. The parents can monitor and track their children’s expenses and freeze, unfreeze and block access to certain transactions easily with the mobile app. 
• Debit Card Facility - ADIB offers a debit card facility for quick fund access and online purchases with a daily withdrawal limit of AED 500 and a purchase limit of AED 10,000. 
• Access to Exclusive Offers and Rewards - With the ADIB Amwali account, kids can access various offers on games, electronics, entertainment and online shopping. Additionally, two lucky account holders can win AED 50,000 each if they register before the 50th National Day. 
• Easy Account Opening Process - The existing customers of ADIB can simply open the Amwali digital bank account using the ADIB mobile application. 

Who is eligible to open an ADIB Amwali children’s bank account?

Amwali digital bank account is available to existing ADIB customers. The parents can open a bank account for their children subject to the following criteria - 

• The bank account is available to children between the age of 8 to 18 years.
• The parents must hold an account in ADIB. 
• The parents need to submit their child’s Emirates ID, passport and resident visa (if applicable).

How to open an ADIB Amwali Digital Bank Account?

The application process for opening an Amwali bank account is completely online and the parents need to apply for the bank account on their kid’s behalf. Given below are the steps to open an Amwali children’s bank account. 

1. The parents need to open ADIB mobile application and apply for the Amwali account. 
2. Subsequently, they will have to enter the child’s mobile number and submit his/her Emirates ID, passport and resident visa details. 
3. The bank will verify your child’s account, activate it and send a welcome pack to your address. 
4. Later, you need to install ADIB Amwali App on your child’s mobile.  
5. Then, scan the QR code from your ADIB Mobile App on your kid’s ADIB Amwali app to authorise his/her app registration. 
6. Amwali digital account is now activated and your child can use the application for making payments and tracking expenses. 

Frequently Asked Questions 

Q1: Do I need to have an account in ADIB to open an Amwali bank account for my child?

Ans: Yes, a parent needs to be an ADIB existing account holder to open an Amwali bank account. If they are not an existing customer, they can first open an ADIB bank account and then apply for the children digital bank account. 

Q2: Can I open an ADIB Amwali bank account for my other children?

Ans: Yes, you can open an account for other children using ADIB mobile application by simply clicking on the Open New Account button. 

Q3: Why do I need to fill form W-8 or W-9 for an ADIB Amwali account?

Ans: In compliance with the reporting rules of US Internal Revenue Services, all financial institutions need the account holders to fill W-8 or W-9 forms to track their US tax payments. Hence, to report the correct information, each applicant needs to fill the forms. 

Q4: Can I limit transactions in my child’s ADIB Amwali account? 

Ans: Yes, the parents can control the debit card transactions and online usage including transfers and ATM withdrawals via the ADIB Mobile app.

Q5: Can I limit daily withdrawals for my child in ADIB Amwali digital account?

Ans: The debit card already has a daily ATM withdrawal limit of AED 500 and a purchase limit of AED 10,000 per day. However, you can block, unblock and limit the account anywhere and anytime using the mobile app.