Abu Dhabi, Jan 23rd, 2006 (WAM) - The Ministry of Finance andIndustry (MOFI) announced today the signing of an agreement withthe Ministry of Labour and Social Affairs (MOLSA) and Abu DhabiCommercial Bank (ADCB). The agreement will enable entitled UAEnationals to obtain their social benefits through the AutomatedTeller Machine (ATM) cards.
MOFI has signed the agreement with the objective of facilitatingsocial benefits disbursement and to provide access to ADCB latesttechnologies including the electronic services, according toa press release.
Jassem Rashid Al Shamsi, Undersecretary for Accounting &Audit division, said: "The idea of implementing this system wasfirst developed in 2003, when several meetings were held betweenMOFI, MOLSA and ADCB in order to set up a convenient social benefitsdisbursement method".
"This system will reduce load on social care centers and banks.
It will also reflect the support and social care extended toentitled UAE nationals, through creating a smooth process thatallow them to get their benefits. Furthermore, the system willenable entitled persons to use their ATM cards for purchase ofgoods within the limits of their cards", Al Shamsi noted."According to the agreement, MOFI will open an account withADCB and will fund it on a monthly basis. The ministry will depositthe amount of the benefits of entitled UAE nationals who havebenefit accounts in ADCB", he added.
As for the Ministry of Labour and Social Affairs (MOLSA), itwill provide ADCB with a CD including a database of entitledUAE nationals names aiming at opening accounts in ADCB. It willalso look at every entitled national condition to identify anyfinancial or social changes.
