DIB fosters smart-money skills with new children's account

Dubai Islamic Bank jumps on the financial literacy bandwagon and unveils the Shaatir Children's Savings account, while HSBC slashes its home loan rate to 3.99%

The Shaatir Children's Savings account is part of DIB's financial literacy campaign.

Dubai Islamic Bank (DIB), the largest Sharia-compliant lender in the UAE, has launched a children's savings account to help encourage financial responsibility from an early age.

The Shaatir Children's Savings account has no minimum balance requirements and no maintenance fees - important elements for young savers on limited allowances. It also offers account holders an ATM card, exclusive offers and discounts at a variety of stores, as well as phone banking and online banking access.

"The next generation is certainly a very important part of the future and we believe that by helping children learn how to manage money early in their lives, we are empowering them to fulfil their potential when they become the adults of our society," says Dr Adnan Chilwan, the deputy chief executive of DIB.

"Shaatir gives children the tools to understand banking and the ability to interact with the bank in a fun manner.

"It will help them manage their accounts themselves and inculcate a saving habit, giving them an enormous sense of achievement when they hit their financial goals and are able to realise a personal dream."

DIB joins other banks in the Emirates that have also recognised the importance of teaching children the foundations of smart-money management and saving.

As part of its financial literacy campaign, Abu Dhabi Islamic Bank launched its Banoon Children's Savings Account in September last year as part of a long-term commitment to help customers and their children learn to manage their personal finances.

Go to www.dib.ae for more information.

HSBC has cut its mortgage rate to 3.99 per cent from 5.49 per cent, becoming the second lender in the UAE to offer home finance below the 4 per cent mark.

United Arab Bank, the Sharjah-based lender headed by Paul Trowbridge, fired the first broadside in the mortgage-rate war earlier this year, when it lowered its home loan rate to 3.99 per cent.

HSBC's offer, which is variable, is available to prospective homebuyers who can afford to put down a deposit of 40 per cent or more. If finance of more than 60 per cent of the home's value is required, then the rate shoots up to 4.49 per cent.

No salary transfer is required, while the maximum tenure is 25 years.

Go to www.hsbc.ae/homeloan for details.