The most prevalent Shariah-compliant lender in the United Arab Emirates, Dubai Islamic Bank, has ended its popular ‘ salary in advance’ service for clients.
In a statement to the Times, the bank stated that it is “actively exploring alternative solutions” and that the decision was made following a “thorough evaluation” of its financial products.
The Dubai-based bank added, “We have decided to discontinue our Salary in Advance facility after giving it considerable thought and evaluating our entire portfolio of financial products.” We are constantly looking into alternate alternatives that will continue to help our client’s financial well-being because we recognize how vital this service is to some of them,” the statement read.
Customers of numerous other nearby banks can also take advantage of this service. The ‘Salary in Advance’ feature offered by DIB was another well-liked offering among residents who wanted to reduce their expenses.
Many UAE citizens choose to utilize this resource when faced with financial difficulties or other pressing personal demands. Customers could apply for advance salary through ATMs or online banking by paying a few hundred dirhams for the service.
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