Noor Islamic Bank PJSC 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 WPS payroll solution falls under the bank’s gobal transaction services (GTS) suite of offerings for corporate entities. It assures companies and workers in the UAE efficient financial management procedures and on-time transfer of salaries.
Noor Islamic Bank has also launched 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 22m locations worldwide and competitive remittance services.
Galal Kulaib, CEO of 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 positioned to provide end-to-end account services beyond the parameters of the WPS regulation, taking into account the different needs of both the employee and the employer.