Dubai Islamic Bank – the biggest Shariah-compliant lender in the UAE – has ceased to offer its ‘salary in advance’ facility for customers due to a comprehensive examination of its financial products and it is actively searching for other options.
According to Dubai Islamic Bank, the decision made with due consideration and thorough evaluation of the bank’s portfolio. The bank added that it knows the value of the service for some customers and it is presently looking into alternatives that will ensure the customers’ financial health.
While some other local banks offer similar facilities, the ‘Salary in Advance’ offered by Dubai Islamic Bank (DIB) was popular among the residents who looked for financial relief, and they could apply online or via ATMs by paying a nominal fee for the service.
Dubai Islamic Bank (DIB) aims at developing cutting-edge financial services which meet the strategic objectives and satisfy the regulatory requirements. Although the facility is no longer in operation, the bank promises its customers to make customer service better and keep them informed of any new developments,
It is pertinent to mention that DIB hit its highest profitability in its history last year, with a net income of Dh7 billion in 2023, pushed by higher non-funded income and lower impairment charges.
