Enhanced Noor system to support wage scheme

Noor Islamic Bank yesterday announced it has enhanced its existing payroll solution to support the federal government's decree on wage protection system (WPS) that was launched earlier this year as a joint initiative by the Ministry of Labour and the UAE Central Bank.

The bank's convenient end-to-end electronic payroll solution assures companies and workers in the UAE efficient financial management procedures and on-time transfer of salaries.

Noor Islamic Bank has also announced comprehensive banking services for low-income employees, qualifying them to hold multi-feature individual accounts with flexible minimum balance requirements, international debit cards that are accepted at more than 22 million locations worldwide, and competitive remittance services.

Noor Islamic Bank's WPS payroll solution falls under the bank's global transaction services suite of offerings for corporate entities. The bank has successfully implemented various cash management and trade solutions that are fully Shariah-compliant and add value across the entire working capital cycle of corporations operating in multiple sectors.

Galal Kulaib, CEO, Noor Islamic Bank, said: "The government's latest initiative is aimed at further safeguarding employees' financial rights and reducing wage-related disputes. Noor Islamic Bank is well positioned to provide end-to-end account services beyond the parameters of the WPS regulation, taking into account different needs of both the employee and the employer."

Noor Islamic Bank account holders will also be able to access their funds through the bank's growing distribution network, country-wide ATM locations, as well as SMS and online channels. The bank additionally provides round-the-clock accessibility and convenience to its clients through a 24-7 branch, self-service facilities of internet banking, phone banking, SMS, as well as electronic cash and cheque deposit services.

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