Emirates Islamic, one of the UAE’s leading Shariah-compliant financial institutions, has unveiled its ALPHA Youth Account, a first-of-its-kind initiative aimed at empowering children under 18 with essential money management skills while supporting parents in building their children’s financial future.
This dedicated youth-focused account comes with a custom mobile banking app, allowing young users to monitor their finances, learn responsible spending habits, and take charge of their financial journey—all in a safe, controlled environment. Simultaneously, the account provides parents with full oversight, facilitating easy money transfers and enabling transparent tracking of their child’s spending.
Financial literacy from a young age
The ALPHA Youth Account is designed to instil strong financial habits early on. Account holders receive:
- Complimentary Debit Card
- Zero monthly fees
- Access to exclusive discounts on entertainment, shopping, and dining across the UAE
- Entry into the Kunooz Savings Account daily draw of AED 1,000
Additionally, parents who open an ALPHA Youth Account for their children receive dual benefits:
- Entry into the Kunooz Savings Account’s monthly AED 1 million draw
- Exclusive access to an AED 50,000 draw
- Complimentary membership to the Rewards Plus App, offering discounts at over 2,000 retail and lifestyle destinations across the UAE
Leaders weigh in on youth empowerment through banking
Commenting on the launch, Mohammad Kamran Wajid, Deputy CEO of Emirates Islamic, stated:
“We are delighted to launch the ALPHA Youth Account, which will help parents start saving early for their children while instilling financial literacy from a young age. Financial wellness is key to the nation’s economic growth and wellbeing. As a leading Islamic bank, we are committed to improving financial literacy and helping families achieve long-term financial goals.”
Mohamed Al Hadi, Head of Retail Banking & Wealth Management at Emirates Islamic, added:
“The younger generation is highly digital-savvy and socially aware. With the ALPHA Youth Account, we’ve leveraged cutting-edge technology to give children the tools they need to become financially responsible. Both parents and children benefit from the rewards, including the opportunity to win AED 1 million with our flagship Kunooz Savings Account.”
A new milestone in Islamic banking innovation
The launch of the ALPHA Youth Account reinforces Emirates Islamic’s commitment to financial inclusion, innovation, and community empowerment. It reflects the bank’s vision to lead the next generation toward financial independence, while strengthening the foundations of Islamic banking in the UAE.
