R796P3 Person Making Salary Word On Stacked Coins
Dubai Islamic Bank, the UAE’s largest Shariah-compliant lender, has made the strategic decision to discontinue its widely-used ‘salary in advance’ facility. The move follows a thorough assessment of the bank’s financial product portfolio, with the institution actively exploring alternative solutions for its customers.
Customer Impact and Alternative Solutions
In a statement to Khaleej Times, the Dubai-based bank acknowledged the significance of the service to some customers and assured them that alternative solutions are being actively explored to continue supporting their financial well-being. Many other local banks provide similar facilities, and the cessation of Dubai Islamic Bank’s ‘Salary in Advance’ offering affects residents who have relied on this option during financial challenges.
Transition and Customer Commitment
Customers who utilized the ‘Salary in Advance’ option, available through online banking or ATMs for a fee, will be affected by this strategic shift. Despite the change, the bank affirmed its commitment to providing innovative financial solutions aligned with strategic objectives and regulatory requirements. The institution expressed appreciation for customer understanding during this transition and pledged to keep them informed of any new developments.
Record Profitability Amidst Change
Last year proved exceptional for Dubai Islamic Bank, achieving its highest profitability in history. The bank reported a net profit of Dh7 billion for 2023, reflecting a substantial 26% increase from the previous year. This remarkable financial performance was attributed to rising non-funded income and lower impairment charges, showcasing the bank’s resilience amidst strategic adjustments.
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