National Bank of Fujairah launches ‘Ajyal’, a bespoke banking service for young Emiratis
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Ajyal is a tailor-made banking service aimed at supporting the financial needs and aspirations of the young Emirati generation
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On-the-go online banking will be the key feature of Ajyal service
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NBF study unveils that both Islamic and conventional banking appeal to 65% of Emiratis
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Home ownership is the top financial goal of young UAE Nationals
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Quality customer service is amongst primary motivators for switching banks
National Bank of Fujairah announces the launch of Ajyal, a bespoke banking service tailored for young Emiratis. The very first roadshow promoting the new banking service was conducted at the Youth Hub, where NBF interacted with the target audience showcasing its various benefits and offerings.
The Ajyal service was designed, following an extensive study into the financial needs of young Emiratis as they plan for the future. Conducted in 2018, in partnership with Ipsos, the research exclusively focused on the life ambitions and aspirations of 107 young Emiratis between the ages of 18-25 across the country.
“At NBF, we believe in the importance of the banking sector playing its part in the success of tomorrow’s generation, by providing access to the services that will help unlock their ambitions. To develop Ajyal, we directly engaged with young Emiratis, allowing us to understand the need to accelerate financial awareness, encourage a culture of saving, and help drive financial independence. Our new service is designed to give young people a platform to gain a financial head start, while helping them to prepare for their futures”, said Vince Cook, CEO of NBF.
Ajyal was NBF’s response to an extensive study featuring young UAE Nationals. The survey uncovered that when choosing their banking services partner, a bank’s reputation and zero-balance requirement helps define their decision. Many young nationals will consider a bank switch, for better interest/profit rates and for better customer service. These factors are especially top of mind for young Emiratis that are looking to set up a bank account as soon as they become employed or start university.
While 65% of Emiratis indicated that both conventional and Islamic banking methods appeal to them, 33% of respondents chose Islamic banking as their preference. Designed in line with the evolving needs of Emirati customers, Ajyal allows account holders to select Shari’a compliant products, while also benefitting from attractive interest rates, and up to 2% cashback on every purchase on your credit card. Built with tech-savvy customers in mind, Ajyal will feature an on-the-go digital banking experience through the NBF Direct app, created for the 32% young Emiratis who keep online banking in mind. Through the App, consumers can register and open an account in just three simple steps, which takes less than a minute to complete to become an Ajyal customer.
“We see that young Emiratis are thinking about financial decisions at an early age and already have very strong views about the type of banking partner they want. Having recognised these needs, we are extremely proud to build a service that will help shape the future of the UAE,” added Cook.
At the 2018 edition of the Youth Hub, NBF interacted with the most ambitious minds of today’s generation. During the event, the bank carried out various sessions featuring financial tips and uncovered the ways in which Ajyal can help them achieve their future-oriented goals and aspirations.
Ajyal is exclusively available for any UAE National between the ages of 18-25 including students, new graduates or first-time employees. Applicants can visit www.nbfajyal.ae/ for more details.
About National Bank of Fujairah PJSC:
Incorporated in 1982, National Bank of Fujairah PJSC (NBF) is a full services corporate bank with strong corporate and commercial banking, treasury and trade finance expertise as well as an expanding suite of personal banking options and Shari’a compliant services. Leveraging its deep banking experience and market insight within Fujairah and the UAE, NBF is well-positioned to build lasting relationships with its clients and help them achieve their business goals.NBF’s key shareholders include the Government of Fujairah, Easa Saleh Al Gurg LLC and Investment Corporation of Dubai. Rated Baa1/Prime-2 for deposits and A3 for counterparty risk assessment by Moody’s and BBB+/A-2 by Standard & Poor’s, both with a stable outlook, the bank is listed on the Abu Dhabi Securities Exchange under the symbol “NBF”. It has a branch network of 18 across the UAE.