Dubai: Thanks to technology, it’s now possible to withdraw not just gold coins and bars from a machine in the UAE, but bond certificates as well.
National Bonds Corporation announced on Wednesday that savers in the country can now top up on bond certificates without walking up to the teller of a bank or money exchange house.
The company has installed 1,000 quick payment machines across the UAE to enable residents to buy bond certificates at their convenience. Called “Sukuk Express,” the new service allows customers to deposit up to Dh20,000 daily in their accounts.
The machines work like an ATM. Once the money is deposited, it instantly releases a certificate and the money will be credited to the bondholder’s account.
The machines have been ready for use since two months ago, but National Bonds announced the new service only on Tuesday. They are mostly located in grocery stores, hypermarkets and shopping centres in Dubai, Ajman and Sharjah, among many other areas.
The new technology has been made possible by MBME (The Cube), which provides kiosk and self-service payment solutions.
Hani Hussein, chief operating officer at National Bonds Corporation, said the machines are user-friendly and will likely encourage more people to stick to their savings habit.
“The quick payment machines are efficient, safe, easy to use and enable customers to deposit up to Dh20,000 daily in their National Bonds accounts,” Hussein said.
“We are keen to provide our customers with access to smart services that save them time and effort and help them put in place a regular financial saving process regardless of where they are located,” added Ahmed Bibars, executive director of Retail and Distribution at National Bonds.
National Bonds, however, clarified that only existing savers can use the machines to buy certificates. The machines can also be used to make payments for utility bills.
