In line with its efforts to raise financial awareness and bolster the saving culture in Kuwait

Kuwait, 19 May 2024: Burgan Bank announced the launch of its latest interest-bearing savings account “awal”, which was developed and tailored specifically for children up to the age of 14. Building on the great success of its predecessor, “BuBa” savings account, awal aims to encourage Burgan’s young customers to adopt the savings culture and learn to manage their spending wisely. This comes as part of Burgan’s commitment to addressing the varying banking needs of its customers, as well as spreading essential financial literacy among members of the community, beginning with children.

In light of the awal account launch, Mr. Nasser Al-Qaisi, General Manager – Retail Banking at Burgan Bank, said: “The ability to manage finances in a sound and sustainable manner is a vital skill that everyone needs; however, like any skill, the earlier one practices it, the sooner they can master it. Today, we are reintroducing the BuBa account as awal, which comes with a wider range of features that enable our young customers to gain a hands-on banking experience in a safe and controlled context, thereby starting them on their journey of financial literacy and management.”

As a committed contributor to the “Let’s Be Aware” (Diraya) banking awareness campaign – which was launched by the Central Bank of Kuwait (CBK) and the Kuwait Banking Association (KBA), along with the support of Kuwaiti banks – Burgan Bank continues to innovate new and engaging means to spreading and instilling the fundamentals of financial literacy across Kuwaiti society. “Today, financial literacy among the younger generations is an important area of action that will have a huge impact on their lives as adults, and we believe that awal has an imperative role to play in encouraging them to adopt the saving culture, setting them up for a future of success and financial independence,” added Al-Qaisi. “Our team continues to study the market and pinpoint gaps that call to be met, to which we instantly respond by developing new innovative products and services that bridge these gaps.”

The newly launched awal account, which can be opened at any of Burgan’s branches across the country, requires a minimum account opening deposit of KD 10, with no minimum amount for the account to start yielding interest. By transferring funds to their awal account, young customers can benefit from a free monthly standing order, as well as exciting year-long promotions. Furthermore, they can apply for the account’s special banking card, which comes in a distinctive design that is fitting for its young card holders.

The awal account follows in the footsteps of several notable Burgan savings accounts that cater to the varying needs of customers across different market segments. Topping these accounts is Kanz, Burgan’s flagship draw and savings account, which owes its wide popularity to its outstanding prizes, including the KD 1,500,000 annual draw prize, the KD 500,000 semi-annual draw prize, and the KD 2,000 draw prize, which goes out to 20 lucky winners every month.