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.
pf@thenational.ae
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- Data-driven supply chain management professional: Dh30,000 to Dh50,000
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Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
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RACE SCHEDULE
All times UAE ( 4 GMT)
Friday, September 29
First practice: 7am - 8.30am
Second practice: 11am - 12.30pm
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Qualifying: 1pm - 2pm
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The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.