UAE: Early withdrawal of 50% of wages under bank’s new scheme – News

It will be offered to salaried individuals earning a minimum monthly income of Dh5,000

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A new feature launched by Abu Dhabi Islamic Bank (ADIB) will allow customers to earn up to 50% of their net salary prior to normal payday by using the bank’s dedicated mobile app

The leading Islamic financial institution has announced the launch of its salary advance product “Yusr-ADIB Salary Advance”. As part of its commitment to provide innovative Shariah-compliant products and services, the bank will allow its customers to receive immediate prepaid salary amounts under the Murabaha structure.

The new product ‘ADIB Yusr Salary Advance Finance’, accessible through the mobile banking app, is designed to help existing ADIB Salary Transfer customers, including UAE nationals and expats, manage their finances and meet their short-term funding needs.

The product is designed to facilitate customers and help customers to receive up to 50% of their wages up to Dh50,000 in advance until the next wage transfer.It will be offered to salaried individuals earning a minimum monthly income of Dh5,000

Samih Awadalla, Global Correspondent Head, ADIB Retail Banking Group, commented: “The launch of the ‘ADIB Yuusr Salary Advance Finance’ product is part of our commitment to providing customers with solutions that meet their day-to-day needs and align with the bank’s overall strategy of supporting customers through innovative products and features that take advantage of new Opportunity. We have observed that people sometimes struggle to make up the gap in regular payments before receiving their normal monthly salary. New products are developed to meet the needs of customers, who typically pay for such expenses through a card payment plan or seek other financial support.

The salary advance product is available to existing salaried customers whose salary has been credited to ADIB for at least the past three months. Customers can check if they are eligible to apply for “Yusr” through the mobile app.

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ADIB is widely recognized for its efforts to be at the forefront of innovation in the banking industry. The bank was awarded the Innovator Award by Global Finance Magazine. Over the past year, the bank has launched Amwali, the UAE’s first digital banking platform aimed at empowering young people.