Dubai Islamic Bank suspends ‘salary in advance’ service
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Many residents opt for it in times of financial crisis and other urgent personal needs.
Dubai Islamic BankThe UAE’s largest Shariah-compliant lender, has discontinued its popular “salary in advance” service for customers.
The bank said the decision was made after a “thorough evaluation” of its financial products and that it is “actively exploring alternative solutions.”
“This decision to discontinue our Salary in Advance service was made after careful consideration and thorough evaluation of our financial product portfolio.”
the Dubai-based bank said in the statement.
“We understand the importance of this service to some of our customers and are actively exploring alternative solutions that will continue to support their financial well-being.”
the statement said.
Many other local banks also offer this service to their customers. DIB‘s’Advance salary‘ The facility was also a popular product among residents looking to ease their financial burden.
Many UAE residents opt for this facility in times of financial crisis and other urgent personal needs. Customers had the option of requesting a salary advance through online banking or ATMs by paying a couple of hundred dirhams as a setup fee.
“We are committed to providing our clients with innovative financial solutions designed to meet their changing needs. As part of our ongoing efforts to improve our service offering, we periodically evaluate our products and services to ensure they align with our strategic objectives and regulatory requirements.”
He said.
“We appreciate our customers’ understanding during this transition and will keep them informed of any developments.”
said the lender.
Last year was an exceptional year for the bank as it achieved the highest profitability in its history. Dubai Islamic Bank Group Last month it announced a net profit of Dh7 billion for 2023, a 26 percent year-on-year increase from a year earlier, driven by rising unfunded income and lower impairment charges.
News Source: Khaleej Times
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