Abu Dhabi-based insurance company Hayah has launched a savings plan for UAE residents.
The ‘simple saver plan’ requires a minimum investment of $20 (£15.60, €18.30) per month with the annual management fee decreasing as customers’ savings grow.
Clients will be able to withdraw their savings at any time from a secure online dashboard, as long as they have committed to the plan for at least five years.
Simple saver will allow a customer to save until they are 74 years old and will provide them with clear, trackable investments in a diversified global portfolio managed by BlackRock.
Mohamed Seghir, Hayah chief executive, said: “Simple saver is a testament to our belief in the power of financial inclusion and our commitment to democratizing investment. With simple saver, we are making wealth accumulation a reality for everyone, regardless of their income level.”