Dubai Islamic Bank, the largest Shariah-compliant lender in the UAE, has ceased its popular ‘salary in advance’ service for customers. The decision, announced through a statement to Khaleej Times, comes after a comprehensive evaluation of the bank’s financial products, with the institution actively seeking alternative solutions.
In its statement, the Dubai-based bank highlighted the meticulous consideration behind the move, emphasizing the importance of aligning its product portfolio with strategic objectives and regulatory standards. Despite recognizing the significance of the service to some customers, the bank assured its commitment to exploring alternative avenues to support their financial well-being.
The ‘Salary in Advance’ facility was a favored option among residents seeking to alleviate financial burdens, commonly utilized during periods of economic strain or for urgent personal needs. Customers could access advance salary applications through online banking or ATMs, albeit with a nominal fee.
While acknowledging the understanding of its customers during this transition, the bank reiterated its dedication to providing innovative financial solutions tailored to evolving needs. This decision follows a remarkable financial performance in 2023, marked by Dubai Islamic Bank Group’s record-breaking net profit of Dh7 billion, a 26 percent increase from the previous year.
