National Bank of Fujairah Launches ‘Ajyal’, a Bespoke Banking Service for Young Emiratis

Press release
Published October 16th, 2018 - 10:24 GMT
During the event
During the event

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.

Background Information

National Bank of Fujairah

As one of the most well-respected corporate banks in the UAE, National Bank of Fujairah is renowned for its award-winning services, unrivalled understanding of local markets and unwavering commitment to its customers. As the UAE’s bank of choice for over 30 years, it just makes good business sense to bank with National Bank of Fujairah.

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Zahraa Hachem
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