MANAMA: Al Salam Bank-Bahrain (ASBB), the pioneering Sharia-compliant bank in the kingdom, has joined hands with Arab Financial Services (AFS), the region’s leading fintech enabler and payment services provider, for the official launch of the first digital payroll solution ‘Al Rateb.’
The product was unveiled at a key event held at the Jumeirah Royal Saray, Bahrain in the presence of senior government officials and dignitaries.
The reception was an opportunity for decision makers to have a hands-on experience of the Al Rateb wage protection solution, said an ASBB statement.
Guests witnessed the unveiling of the exclusive first Al Rateb mobile ATM van, which will be moving between various locations across Bahrain to service employees and facilitate access to an ATM.
ASBB and AFS officials commemorated their corporate clients of Al Rateb – Lanterns Restaurant, Al Namal Contracting and Trading Company, Dream Group, VK Universal Property Management Company, Al Edrisi United Contracting, Mohammed Noor Bukhari Restaurant and Almoayyed Contracting Group – with trophies.
Addressing the gathering, ASBB group chief executive Rafik Nayed said: “I am pleased to announce the launch of the first of its kind solution that serves the blue-collar workers with cashless payment service Al Rateb, the wage protection solution system.”
“Through Al Rateb, we embarked on a significant milestone bringing both companies and their employees who do not have bank accounts in the kingdom via an innovative payroll solution that provides tailored banking services with secured access to their wages, and cash withdrawals and remittance solutions to meet and exceed all their requirements,” he stated.
“We are delighted with our partnership with AFS to deliver such a significant product to our valued clients,” he added.
AFS CEO B Chandrasekhar said: “We are proud to partner with Al Salam Bank-Bahrain to bring this innovative product to Bahrain. More innovative fintech solutions will be offered to Al Rateb employees in the next few months.”
“In line with the vision of the government to move towards a digital, cashless society and the recent decree for wage protection, every employer in Bahrain must now pay their workforce digitally. Al Rateb solution is available to all employers, regardless of their workforce size,” he explained.
“The service allows employers to securely upload wages and benefits onto payroll cards through an online portal that is configured with their own payroll system,” said Mr Chandrasekhar.
“Cardholders can withdraw funds at any ATM, transfer of funds (remittance solutions) and can use point of sale terminals locally or abroad. Cardholders can also access financial services including statements, interactive dashboards, 24/7 customer care and multilingual customer support,” he added.
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