Emirates NBD has launched a pension product to help companies across the GCC region to attract and retain expatriate staff.
The service includes provident schemes, employee share option plans and deferred compensation.
Jamal bin Ghalita, General Manager of Consumer Banking and Wealth Management, said the Kanzi solutions were intended to make up for the lack of pensions for expatriates in the region. Existing pension schemes cover only national employees. "As domestic job markets liberalise it is not just hard to acquire the people that make a business grow – it is harder to retain them. Most enterprises in the GCC do not, on the whole, have any form of employee remuneration beyond the agreed compensation package.
"We created these funds to help organisations in the region retain their staff by offering investment benefits for their retirement or the end of their contracts. We have three levels of funds including provident schemes, employee share option plans and deferred compensation. Participation in these solutions can vary through three periods – five, 10 or 15 years.
"Participating firms will pay monthly installments to cover their staff. Employees can improve their benefits through increasing the installments. This is a double retirement and saving solution for the expatriate labour force in the region."
Emirates NBD is offering both Shariah-compliant and conventional versions of the retirement schemes. Bin Ghalita said the scheme would be offered to the bank's employees.
Julie Azharian, Private Bank Director at Emirates NBD, said the scheme had been introduced after a year-long study of the pension market in the GCC.
Syndicated term loan
Russia's OJSC Bank Uralsib has appointed Bayerische Landesbank, Credit Suisse, Emirates NBD, ING Bank and National Bank of Oman initial mandated lead arrangers for $150 million (Dh551m) trade related syndicated term loan facility, said a press statement yesterday.
The facility will pay a margin of one per cent per annum and has a maturity of 364 days. OJSC Bank will use proceeds to finance trade-related transactions of its clients.