Abu Dhabi bank allows withdrawal of 50% salary in advance

Abu Dhabi: Abu Dhabi Islamic Bank (ADIB), one of the Emirate’s leading Islamic financial institutions, has launched a new feature that allows customers to withdraw up to 50 per cent of salary before the usual payday.

Abu Dhabi bank 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 withdraw an advance salary amount instantly based on Murabaha structure, according to the press release.

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This product aims to provide convenience and help customers to access up to 50 per cent of their salary, up to a maximum of 50,000 Dirham, up front until the next salary transfer. It will be offered to individuals who earn a minimum salary of 5000 Dirhams per month.

The offered salary product is available to existing customers whose salaries have been deposited with ADIB for a minimum period of three months.

Customers can access the new service through the bank’s mobile banking application, and check their eligibility to apply for Yusr.

“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,” ADIB’s acting global dead of retail banking group Samih Awadalla said.

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