|03 April, 2019

Al Salam Bank-Bahrain and AFS offering "Al Rateb" - the first cashless payment service in the Kingdom for blue collar workers.

Al Rateb meets all the requirements of the wage protection system.

Al Salam Bank-Bahrain and AFS offering ldquo;Al Ratebrdquo; ndash; the first cashless payment service in the Kingdom for blue collar workers

Al Salam Bank-Bahrain and AFS offering “Al Rateb” – the first cashless payment service in the Kingdom for blue collar workers

Manama: Al Salam Bank-Bahrain (ASBB), the pioneering Shari’a-compliant bank in the Kingdom and Arab Financial Services (AFS), the region’s leading FinTech enabler and payment services provider, have welcomed a Government Decree that forces companies to pay workers digitally, instead of in cash.

Anticipating this move, Al Salam Bank-Bahrain and AFS had already rolled out the Kingdom’s first digital payroll solution, Al Rateb for the unbanked community. It is a convenient and simple wage protection system that enables employers to pay wages digitally to those of their employees who do not have a bank account.

The service allows employers to securely upload wages and benefits onto payroll cards through an online portal which is configured with their own payroll system. Cardholders can withdraw funds at any ATM and can also use Point of Sale terminals locally or abroad. Cardholders can also access financial services including statements, interactive dashboards, 24/7 customer care and multi-lingual customer support.

Employers will save significant time and money as Al Rateb helps to improve employers’ internal efficiencies and operations via innovative technology integrations that further streamline payroll calculation, administration and disbursement processes, making it easier, faster and more accurate. Additionally, cardholders can use their cards in all ASBB ATMs for free and use their cards for cash withdrawal through the dedicated Al Rateb mobile ATM van which regularly moves between various locations or through the Benefit ATM network in the Kingdom. Al Rateb cards also offer a remittance solution at competitive FOREX rates to many destinations including but not limited to India, Pakistan, Philippines, Nepal, Bangladesh, Egypt and Sri Lanka.

Mr. Anwar Murad, Deputy CEO of ASBB said: “I am delighted that the Shura Council has taken this important initiative, in line with Al Rateb proposition, giving unbanked workers a secure access to their wages, bundled with withdrawals and remittance solutions. The Bank’s forward approach underlines the commitment we give to our stakeholders in line with our policy of giving the best offering to the community and our valued customers. As of date, we are pleased to announce that Al Rateb has, since inception, attracted a substantial interest and is currently servicing over 3,000 customers.”

Mr. B Chandrasekhar, CEO of AFS, said: “AFS’ strategic collaboration with Al Salam Bank-Bahrain to embed innovative technologies in the Kingdom’s financial landscape is boosting Bahrain’s transition to a cashless economy and is bringing us closer to 100 per cent financial inclusion. There is a significant number of unbanked workers in Bahrain and Al Rateb was designed specifically for employers to bring these people into the financial community. As the region’s leading FinTech enabler we are proud to support the development of financial inclusion and efficiency, in line with the Government’s greater vision.”

Thousands of workers already have their wages paid through Al Rateb and corporate enrolment in the solution is steadily increasing. With the new Decree every employer in Bahrain must now pay their workforce digitally and Al Rateb solution is available to all employers, regardless of their workforce size.

-Ends-

Contact:

For further information visit www.afs.com.bh  and www.alsalambahrain.com 

Media enquiries about AFS and its subsidiary companies can be directed to:
Name: Azza Mubarak Matar
Title: Head of Corporate Communications
Email: pr@afs.com.bh
Telephone: +973 1729 9711 / 3840 7611
Media enquiries about Al Salam Bank:
Name: Ghizlane Rahali
Title: Head of Marketing and Communications
Email: g.rahali@alsalambahrain.com
Telephone: +973 171333424 / +97339300399

© Press Release 2019

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases