Dhofar Islamic’s Children Account: A Secure Path to Financial Responsibility and Future Savings

Dhofar Islamic offers Children Account aimed at introducing children to Shariah compliant financial services, the basics of banking, financial responsibility as well as  to help families save and invest for short-term or long-term goals such as education. The Children Account is rooted in the Islamic concept of Mudarabah and promotes savings habit via its attractive profit rates.

This Account is available for children up to the age of 13, ensuring that even the youngest members of society can begin their journey towards financial literacy. With no minimum balance required to open the account, it is accessible to a wide range of families, making it an ideal option for those looking to create a secure savings plan for their children’s future.

A key feature of the account is the monthly distribution of profits, calculated on the average monthly balance. This means that every deposit made in the account is earning a return, helping the savings grow over time. Moreover, the account facilitates the seamless integration of monthly social protection program benefits, ensuring that children receive essential financial assistance directly.

Highlighting the significance of the Children Account, Amor Said Al Amri ,DGM & Head of Dhofar Islamic Retail Banking stated: “This Account is designed to empower parents to start saving for their children’s future while simultaneously fostering financial responsibility from a young age. It serves as a solid foundation for important milestones, like education, while also introducing children to the concepts of money management, saving, and financial planning.”

While the account is managed by the parent or guardian, who can deposit and withdraw funds at any time, Dhofar Islamic offers the convenience of an instant debit card issued in the guardian’s name. This feature ensures easy access to funds while maintaining parental control.

For those looking to open the account, the process is straightforward. Parents or legal guardians can easily open an account with just a few documents, such as the child's passport or national ID, the guardian's ID, proof of address, and additional documents for non-Omani residents.

Dhofar Islamic remains committed to supporting families and the future of children in Oman, ensuring that every child has the opportunity to achieve their financial aspirations and goals. Through this initiative, the bank is not only securing a child’s future but also empowering parents to take control of their financial journey.