ADIB Amwali sees rapid growth in first year of its operation

ADIB Amwali sees rapid growth in first year of its operation

UAE - Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, reported significant growth achieved by ‘Amwali’ in the first year of its operation. The world’s first Islamic digital bank account gained high traction with 27 per cent month-over-month growth over 12 months.

With over 8,000 total accounts opened since August 2021, ADIB’s Amwali aims to address the gap in a demographic that has been largely underserved in the region. Currently, 74 per cent of customers are Emiratis with a ratio of 61 per cent male, 39 per cent female. In addition, 54 per cent of accounts are in the age group between 15 – 18 years.

When Amwali was first introduced in August 2021, it was intended to empower youth to develop financial management skills early in life. Over the past year, ADIB witnessed that youth are inclined towards acquiring the knowledge and skills to build responsible financial behaviour and make informed financial decisions. Amwali enables them to practice sound money management at a young age while building their financial literacy in the process.

Amwali provides tailored banking experience for target customers’ segments with a plethora of niche features including receiving money from parents and family, tracking balance and spending, creating