Dubai Islamic Bank Discontinues 'Salary in Advance' Service
- Publish date: Thursday، 22 February 2024 | Last update: Tuesday، 10 December 2024
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Dubai Islamic Bank (DIB), the UAE's largest Shariah-compliant lender, has stopped its widely-used 'salary in advance' service for customers. The decision was made following the bank's comprehensive review of its financial products and its active exploration of alternative solutions for customers.
Impact on Residents
DIB's 'Salary in Advance' service was popular among UAE residents seeking financial relief during urgent times of need. The option, which allowed customers to apply for advance salary via online banking or ATMs for a nominal fee, was a crucial lifeline for many.
Customer Assurance
Acknowledging the impact of this major decision on customers, the bank assured ongoing communication regarding any new developments. DIB also notes that many other local banks are offering a salary in advance service.
Read More: Average Salaries in Sharjah
Financial Performance
Despite discontinuing the service, Dubai Islamic Bank reported record profitability in the preceding year. The Dubai Islamic Bank Group announced a net profit of AED 7 billion for 2023, marking a 26% increase from the previous year, which is attributed to heightened non-funded income and reduced impairment charges.
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