“The initiative is an excellent vehicle that complements corporate efforts to ensure employee welfare” – Al Mutawa
Dubai-UAE: May 15, 2013 – ‘My Savings', a new initiative announced by the Government of Dubai in collaboration with National Bonds Corporation, the unique UAE leader in Sharia compliant savings and investment schemes, drew an all-embracing response from the Dubai Public Prosecution during the introductory session on the goals and mechanism of the initiative.
Attended by senior officials, human resource directors and employees from Dubai Public Prosecution, National Bonds elaborated on the benefits and advantages of the employee savings program, which include consolidating the financial security of all employees and their families. The presentation was delivered by Loay Ragheb, Professional Financial Planner from National Bonds Corporation.
Confirming his support, His Excellency Chancellor Yousef Hassan Al Mutawa, Dubai Public Prosecution, said: “As an organization that takes employee welfare very seriously, we believe ‘My Savings' is an excellent vehicle that complements our efforts to promote the wellbeing of our staff. The scheme will reinforce the savings culture among our employees and enable them to keep a close watch over their expenditure patterns. Such a habit would stand anyone in good stead in the long term.”
Dubai Public Prosecution employees who opt to participate in the Shari'a compliant ‘My Savings' program will specify a fixed amount to be set aside from their salaries every month as part of their savings and Takaful plan with National Bonds Corporation. Moreover, they will have the opportunity to win prizes through periodic draws, in addition to the monthly mega attraction of one million dirhams. The initiative also offers employees a 10 per cent discount on Takaful family coverage programs, as well access to free consultations pertaining to income management and financial planning.
Her Excellency Amal Mohammed Bin Adi, Director General for Dubai Government Human Resources Department, said; “We are pleased to be the first government department to subscribe to “My Savings”. Our gesture is fully aligned to our human resources strategy. We believe that the program with National Bonds will reinforce the importance of saving for employees and contribute to the emirate's economic and social development. We also look forward to building avenues of collaboration between the government sector and national financial organizations such as National Bonds through this initiative.”
Mohammed Qasim Al Ali, CEO of National Bonds Corporation, said: 'The government and private institutions today play a key role in managing the lives of individuals and encouraging them to follow financially viable lifestyles. Human resources departments are no longer just involved with basic functions such as hiring staff or payroll management. Responsibilities are now expanding in scope to include more involvement in all aspects of employee life. We are happy to partner with Dubai Public Prosecution as they go the extra mile in helping their employees organize their financial affairs. This initiative and through direct salary deduction, will help spreading the saving culture which will certainly reflect positively on the economic health of the emirate.'
National Bonds Corporation, which is licensed and regulated by the UAE Central Bank, provides UAE nationals, as well as residents and non-residents with a credible and safe savings opportunity. Minors can also own National Bonds provided the bonds are purchased by the parent/guardian. Each bond costs AED10, with a minimum purchase of AED100.