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Abu Dhabi Islamic Bank (ADIB), a top-tier Islamic financial services group, announced the launch of its ‘Banoun’ Children’s Account, a Shari’a compliant savings account that enables parents to save for their children and provides them with a host of unique features and privileges. The aim of this new initiative is to instill the habit of saving in parents and demonstrates ADIB’s commitment to promote the culture of saving in the UAE.
The Mudarabah1 based Banoun Children’s Account is an innovative banking service which gives parents the opportunity to save money for their children while benefiting from the same terms and conditions as a normal saving account. Under the terms of this account, ADIB will deduct an agreed monthly amount from the parents’ ADIB account and transfer it to the Banoun account with the possibility to increase this amount later on. This will help parents determine the type of financial support their children will get for achieving their dreams and aspirations.
To appeal to the imagination of children and involve them in this initiative, ADIB has created Darhoom, a mascot in shape of a UAE Dirham. Children are expected to interact with Darhoom initially through a booklet of tips and stories that explains financials in a simplified manner. It will feature stories on how Darhoom saves and how he manages his allowance, in addition to an interactive activity booklet that will be distributed to children. A coin box in the shape of Darhoom will also be provided to children to help them save money. They will also get a 500 Dirham voucher from “Toys R Us” on opening a Banoun account. In addition, and as part of ADIB’s commitment to the community, a donation of AED 100 will be made by ADIB, on behalf of each child holding a Banoun account, to UAE Red Crescent to support Scholar’s Assistance Aids.
The Banoun account is also differentiated by Takaful Protection provided by Abu Dhabi Takaful Company. By paying only one Dirham per day, children can benefit from financial support of AED 100,000 in case of a parent’s demise or disabling injury.
Maryam Talib, Head of New Product Development at ADIB said: “Economic uncertainty has taught us to be prudent and have a low-risk financial plan for the future. It is more important than ever to encourage money management skills and the savings habit amongst our children for which more promotions and offers will be provided by ADIB to Banoun customers. We believe this will go a long way to help them make responsible spending decisions later in life. We are pleased to help children build their future while they experience a service that exemplifies banking as it should be.”
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