Maldives Islamic Bank reports significant success for children’s ‘Bingaa’ service in two years

Maldives Islamic Bank (MIB) has announced that its “Bingaa” service, introduced specifically for children, has achieved significant success. According to MIB, “Bingaa,” an account launched two years ago specifically for children, was introduced with the objective of financially preparing children in the country and teaching them good habits of saving money. The bank states that this Sharia-compliant account has brought economic and social change to the country’s banking sector by informing families and children about the importance of saving money from a young age and spending responsibly. According to MIB, a distinctive feature of this service is its robust structure, which includes three types of accounts tailored to children’s ages and financial needs. These include the “Bingaa TRX” account dedicated to daily expenses, the “Bingaa Save” account for developing the habit of saving money for specific purposes, and the “Bingaa Invest” account, which allows for long-term growth of funds. Additionally, MIB noted that when debit cards began being issued to children aged seven and above, children gained experience in using money themselves. According to MIB, a major reason why the Bingaa service has garnered significant trust from parents is the assurance of security and complete control provided by the bank. Even though cards are issued to children, parents have the option to set limits for ATM, POS, and online transactions. Furthermore, parents receive SMS alerts for every transaction instantly, allowing them to monitor their child’s financial activities securely. MIB stated that it has facilitated this opportunity for parents to keep their children’s financial activities secure. In addition, the bank explained that the ease of opening a Bingaa account within seconds at home via the Appily No Portal with e-Fas security is an important factor that has expanded the service and paved the way for many families to connect with it. The bank highlighted that while the number of children using Bingaa accounts increases day by day, this is not just about opening bank accounts but is also the most successful effort made to increase financial awareness in Maldivian society.