Emirates Islamic Bank, one of the leading Islamic financial institutions in the UAE, has announced the launch of the “Payroll Card” yesterday.
This feature is a Mastercard debit facility, which offers the unbanked lower to middle income staff its commercial clients who benefit from Emirates Islamic Bank Payroll packages.
Payroll cards draw on the user’s wages instead of a deposit account.
Using this easy card, the users are able to access their money from an ATM or cash-back machine.
The brand new card has been made available to employees who earn less than AED 3,000 or USD 816.79 per month, while those employees with salaries above AED 3,000 per month will be offered a conventional account service.
The “EIB Payroll Card” provides companies with a smart alternative to manage the usual transactions of staff payrolls.
It is stated that most companies can benefit from using a secure electronic salary management system with which to manage payroll processing and payment disbursement instructions through trusted banking channels and networks.
Additionally, employees who use the “EIB Payroll Cards”, can make free cash withdrawals from the combined ATM estate of Emirates Islamic Bank and Emirates NBD, 800 of which are located across the UAE.
Apart from that, the cards are embedded with a Chip-and-Pin technology, making it more secure.
“As a leading Islamic financial institution in the UAE, Emirates Islamic Bank strives relentlessly to develop and introduce the most innovative, Sharia-compliant products and solutions which meet the changing lifestyle demands of our retail and business customers,” said Faisal Aqil, Deputy CEO – Consumer Wealth Management, Emirates Islamic Bank. “The ‘EIB Payroll Card’ will not only provide unbanked, low-income staff with unprecedented convenience by providing access to a wide network of ATMs and card-based retail transactions, it will save time and money for the employers who will cut costs on producing paper cheques, as well as the costs of reconciliation and special disbursement.
By offering this innovative product, we are extremely delighted to reach out to this specific segment of our society, which cannot be addressed by a traditional banking proposition.”