Emirates Islamic Bank launches “EIB Payroll Card” addressed to unbanked staff of business clients

Emirates Islamic Bank, one of the leading Islamic financial institutions in the UAE, today announced the launch of the “Payroll Card”. This is a new debit card from MasterCard, which the bank is offering to the unbanked low-income staff of its commercial clients who benefit from Emirates Islamic Bank Payroll packages. The new card is available to employees who earn less than AED 3,000 per month, while those employees with salaries above AED 3,000 per month will be offered normal account services. 

The “EIB Payroll Card” provides companies with a smart alternative to manage staff payrolls. Companies will benefit from using a secure electronic salary management system with which to manage payroll processing and payment disbursement instructions through trusted banking channels and networks. Additionally, employees, who use the “EIB Payroll Cards”, can make free cash withdrawals from the combined ATM estate of Emirates Islamic Bank and Emirates NBD, 800 of which are located across the UAE. Furthermore, the cards are embedded with a Chip-and-Pin technology, making it more secure. 

"As a leading Islamic financial institution in the UAE, Emirates Islamic Bank strives relentlessly to develop and introduce the most innovative, Sharia-compliant products and solutions which meet the changing lifestyle demands of our retail and business customers,” said Faisal Aqil, Deputy CEO - Consumer Wealth Management, Emirates Islamic Bank. “The ‘EIB Payroll Card’ will not only provide unbanked, low-income staff with unprecedented convenience by providing access to a wide network of ATMs and card-based retail transactions, it will save time and money for the employers who will cut costs on producing paper cheques, as well as the costs of reconciliation and special disbursement. By offering this innovative product, we are extremely delighted to reach out to this specific segment of our society, which cannot be addressed by a traditional banking proposition.”