02 February 2006
ADCB Signs Benefits Disbursal Agreement
The Ministry of finance and Industry (MOFI) signed an agreement with the Ministry of Labour and Social Affairs (MOLSA) and Abu Dhabi Commercial Bank (ADCB) according to which UAE nationals can obtain their social security benefits using Automated Teller Machines (ATM) cards.
MOFI signes the agreement with the objective of facilitating social benefits disbursement and providing access to ADCB's latest technologies including electronic services.
MOFI Undersecretary for Accounting and Audit division Jassem Rashid Al Shamsi said "The idea of implementing this system was first developed in 2003, when several meetings were held between MOFI, MOLSA and ADCB in order to set up a convenient social benefits disbursement method."
He said the system would reduce the load on the social care centres and banks. It would also reflect the support and social care extended to entitled UAE nationals, by developing a smooth process for allowing them to obtain their benefits.
"Furthermore, the system will enable eligible people to use their ATM cards to purchase goods within the limits of their cards."
According to the agreement, MOFI will open an account with ADCB and will fund it on a monthly basis.