Dubai Islamic Bank offers compensation, discounts after system update disruptions
No fees will be charged for late payments or bounced cheques resulting from system errors
Dubai: Dubai Islamic Bank (DIB) has announced a series of compensatory measures for customers impacted by recent issues following a major system update.
The upgrade, aimed at enhancing the bank's core banking systems with more secure and advanced technology, has led to some service disruptions, prompting the bank to address customer concerns directly.
In a circular issued to its customers, DIB acknowledged the problems faced during the transition and assured customers of their commitment to resolving these issues promptly.
The bank's statement read: "Dear customer, as you know, after continuous work over the past month to strengthen our core banking systems, we recently completed the upgrade of our banking platform to a more secure and trusted technology system."
The bank emphasized the necessity of the update to meet modern technology and security standards and expressed gratitude for the customers' patience and support during the transition.
To compensate for any inconvenience caused, DIB announced the following measures:
- No fees will be charged for late payments or bounced cheques resulting from system errors.
- Any profits due from finance settlements will be refunded.
- Fees for issuing letters of credit will be waived, and a discount of up to 25% will be offered on early settlement fees.
- The AECB credit score will not be impacted by any issues related to the system update.
Additionally, affected customers will receive loyalty rewards usable across various transaction types as part of the compensation package.
The bank concluded the circular by apologizing for the inconvenience and reaffirming its commitment to providing high-quality service. The statement highlighted that DIB is currently in the stabilization phase of the new system and continues to work on improving and facilitating its services.