Abu Dhabi bank allows withdrawal of 50% of salary in advance
Abu Dhabi: The Islamic Bank of Abu Dhabi (ADIB), one of the leading Islamic financial institutions in the emirate, has launched a new feature that allows customers to withdraw up to 50% of their salary before the usual payday.
Abu Dhabi Bank has announced the launch of its “Yusr-ADIB Salary Advance” salary advance product, as part of its commitment to providing innovative Sharia-compliant products and services.
The bank will allow its customers to instantly withdraw an advance salary amount based on the Murabaha structure, according to the press release.
This product aims to provide more convenience and help customers access up to 50% of their salary, up to a maximum of 50,000 dirhams, until the next salary transfer. It will be offered to people who earn a minimum wage of 5000 Dirhams per month.
The proposed salary product is available to existing clients whose salaries have been deposited with the ADIB for a minimum period of three months.
Customers can access the new service through the bank’s mobile banking app and check their eligibility to apply for Yusr.
“We have observed that people sometimes find it difficult to fill in the gaps in their regular payments before receiving their regular monthly salary. The new product is being developed in response to the needs of customers who normally pay for these expenses through card payment plans or who are looking for other financial support,” said Samih Awadalla, Acting Global Head of Retail Banking Group at ADIB.