Abu Dhabi Islamic Bank comes up with salary advance scheme to help with immediate cash needs
ADIB offers salary advances through new app-based ‘Yusr’ feature
Dubai: Falling a bit short on cash ahead of payday? Or has your salary been delayed?
Abu Dhabi’s ADIB has a solution – Yusr. The salary advance scheme will allow its clients to take out up to 50 per cent of their monthly salary ‘instantly’. The upper limit of the advance is set at Dh50,000.
To qualify, existing customers must have had their salary credited to ADIB for at least the last three months. Customers can check their eligibility to apply for Yusr through the app.
Salary advances have been a feature of the US and other markets, and some versions of it already exist in the UAE. The ADIB programme is structured under Murabaha, a Sharia financial process.
“We have observed that people sometimes face difficulty in bridging the gaps for their regular payments prior to receiving their regular monthly salary,” said Samih Awadalla, Acting Global Head of Retail Banking Group at ADIB. “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.”