Noor Islamic Bank said  it has enhanced its existing ‘Payroll Solution’ to support the federal government’s decree on Wage Protection System (WPS) launched earlier this year as a joint initiative by the Ministry of Labour and the UAE Central Bank.

The bank’s convenient end-to-end electronic payroll solution assures companies and workers in the UAE efficient financial management procedures and the on-time transfer of salaries, the bank said in a statement.

Noor Islamic Bank has also announced comprehensive banking services for low income employees, qualifying them to hold multi-feature individual accounts with flexible minimum balance requirements, international debit cards that are accepted at more than 22 million locations worldwide, and competitive remittance services.

Noor Islamic Bank’s WPS payroll solution falls under the bank’s Global Transaction Services (GTS) suite of offerings for corporate entities.

The bank has successfully implemented various cash management and Trade solutions that are fully Sharia’a-compliant and add value across the entire working capital cycle of corporations operating in multiple sectors, said a top official.

Galal Kulaib, CEO of Noor Islamic Bank, said: “The government’s latest initiative is aimed at further safeguarding employees’ financial rights and reducing wage-related disputes.

'Noor Islamic Bank is well positioned to provide end-to-end account services beyond the parameters of the WPS regulation, taking into account the different needs of both the employee and the employer,' he added.-TradeArabia News Service