Abu Dhabi Bank First, the largest bank in the UAE, has received final approval from the Ministry of Human Resources and Emiratisation, as well as from the Financial Regulator and commodity exchanges for the launch of services from the bank fund for payments upon completion of the labor contract. According to this permission, the fund’s services are now available to all private companies in the UAE for investing and developing workers' rights in these companies, within the framework of an alternative selection system for payments upon completion of the labor contract, launched by the government of the UAE.
The bank stated in its announcement that this initiative is designed to ensure the financial security of employees in the long-term perspective, as it facilitates the coordination of the payment process upon completion of the labor contract.
In this regard, Abu Dhabi Bank First has launched a digital platform, which integrates with an alternative selection system for payments upon completion of the labor contract, providing companies and employees a means to manage all that is related to payments upon completion of the labor contract.
Abu Dhabi Bank First collaborates with several companies to ensure a secure and reliable platform, including the financial company 'Apex' for fund management; the company 'Aurum' for developing a digital platform; and 'Deutsche Bank Securities' for fund management services.
At this time, the bank's fund services for payments upon completion of the labor contract offer two investment options for capital protection: the bank's fund for capital protection, investing in financial market instruments, and Abu Dhabi First Islamic funds for capital protection, investing in financial market instruments, complying with Islamic regulations.
Abu Dhabi Bank First also announced plans in the near future to expand its investment opportunities through the provision of diverse solutions with different risk levels, including traditional strategies and those compliant with Islamic regulations.
