The Abu Dhabi Islamic Bank (ADIB) has introduced a new feature that allows customers to withdraw up to 50% of their net salary before their usual payday
ADIB, the leading Islamic financial institution, announced the launch of its salary advance product, Yusr-ADIB Salary Advance. As part of its commitment to providing innovative Sharia-compliant products and services, the bank will allow its customers to avail an advance salary amount instantly based on Murabaha structure.
ADIB Yusr Salary Advance Finance can be accessed through ADIB's mobile banking app and aims to help existing salary transfer customers, both UAE nationals and expatriates, manage their finances and meet their short-term financing needs.
Customers can access up to 50% of their salaries, with a maximum amount of Dh50,000, in advance till the next salary transfer. It will be offered to salaried individuals with a minimum income of Dh5,000 per month
In her statement, Samih Awadalla, Acting Global Head of Retail Banking Group at ADIB, said: “Introducing ADIB Yusr Salary Advance Finance” Product is a result of our commitment to providing our customers with innovative digital products that cater to their everyday needs and aligns with the bank’s overall strategy of leveraging new opportunities through innovative products and services. We have observed that people sometimes face difficulty in bridging the gaps for their regular payments prior to receiving their regular monthly salary. The new product is developed in response to customers’ needs who normally pay such expenses through either card payment plans or seek alternate financial support.
Salary advance products are available to salaried customers whose salaries have been credited to ADIB for at least three months. Customers can check their eligibility to apply for ‘Yusr’ through the mobile app.
It is widely recognized that ADIB has been at the forefront of banking innovation for many years. The bank was awarded innovator Award by Global Finance Magazine. Over the past year the bank has launched Amwali, the UAE’s first digital banking platform designed to empower young people.