UAE-based bank Emirates Islamic has rolled out its new Child Savings Account, a free saving product especially designed for kids, as part of the bank’s on-going strategy to encourage savings culture in the country.
The new account, which comes with Hassala, and a complimentary pre-paid card, also offers AED100 ($27.22) credit, for a limited period.
Parents, who open the account on behalf of their kids, will be allowed to avail of the Takaful cover of AED120,000 ($32,670) per account, which is free for the first two months.
Emirates Islamic consumer wealth management deputy CEO, Faisal Aqil, said, "At Emirates Islamic we recognise the importance of ensuring future financial stability through long-term planning and saving.
"Understanding the significance of financial well-being and security starts at a young age, which is why we have launched this new child-friendly account to encourage children to start saving."