• FAB selected as a strategic partner to deliver new government end of service benefits savings scheme with the MOHRE and the SCA
  • Initiative supports UAE government vision to create a more competitive labour market

Abu Dhabi – First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has received initial approval to make FAB End of Service Benefits Funds available to UAE-based companies, giving employees the opportunity to grow their end of service benefits* through the new government Alternative EOSB Savings Scheme (Savings Scheme).

Participating employers pay monthly basic and voluntary contributions on behalf of their employees into FAB End of Service Benefits Funds, which are tailored to individual needs, values and risk appetites.

Supporting the UAE government’s ambition to foster a more competitive labour market, the Savings Scheme is part of a Ministry of Human Resources and Emiratisation (MOHRE) initiative and has been approved by the Securities and Commodities Authority (SCA).

The scheme is being launched under UAE Cabinet Resolution No. (96) of 2023 and Ministerial Resolution No.668 of 2023, which introduced an alternative voluntary savings scheme for private sector employers and employees in the UAE, including those incorporated within free zones.

Investment options with FAB End of Service Benefits Funds

FAB End of Service Benefits Funds offer a variety of investment options, including:

  • Shari’ah-compliant funds
  • Capital protected funds, for unskilled workers
  • Range of other investment funds that carry varying levels of risk

The new scheme will boost the attractiveness and flexibility of the UAE for current and potential expatriate employees, further attracting top global talent. It also facilitates investment into various economic activities in the country, which will aid the further growth and development of the economy.

FAB Asset Management has been selected as a strategic partner by the MOHRE and the SCA to deliver the government’s new Savings Scheme. Providing investment options including professionally managed conventional and Shari’ah-compliant funds, and the expert guidance of qualified investment professionals, FAB will help businesses to promote financial security among employees, while optimising operational efficiency.

To participate, companies can register with FAB to benefit from the bank’s top-tier investment management capabilities, as well as access the full suite of FAB financial services to meet a comprehensive range of business and employee requirements. Participating businesses will have access to all employee end of service benefits information through the bank’s user-friendly FAB EOSB online portal, while employees can easily view and monitor their investments using the FAB EOSB app.

Boasting over two decades of regional experience, FAB Asset Management is one of the largest MENA-focused managers, with investment expertise across various asset classes and diverse client base, which includes sovereign wealth funds, pension funds, foundations, financial institutions, family offices, insurance companies and individuals.

For more information, please visit FAB End of Service Benefits Funds, call +971 02 692 0609 or email FABEOSB@bankfab.com.

Notes: *End-of-service benefits are the final payments that businesses provide to employees when their employment contract ends. These are based on monthly contributions by employers and include a lump sum payment. They may also extend to other benefits, such as unused annual leave and allowances.

ABOUT FIRST ABU DHABI BANK

Headquartered in the United Arab Emirates, First Abu Dhabi Bank (FAB) is one of the world’s largest and safest financial institutions, with total assets of AED 1.2 trillion (USD 335 billion) as of end-September 2024 and a credit rating of Aa3/AA-/AA- from Moody’s, S&P and Fitch respectively, with a stable outlook.

FAB provides financial services and expertise across five business units – Investment Banking, Corporate and Commercial Banking, Consumer Banking, Private Banking, and Global Markets – through an international network that covers 20 markets worldwide.

Listed on the Abu Dhabi Securities Exchange (ADX), FAB is a leading Islamic finance provider and a pioneer in sukuk issuance offering comprehensive Shari’ah-compliant products. FAB is also a regional leader in sustainability, with an MSCI ESG rating of ‘A’ and ranked among the top 10% of banks globally according to Refinitiv’s ESG scores – leading in the MENA region. The bank also received a regional-best Low ESG Risk evaluation from Sustainalytics, and the highest CDP score among UAE banks. FAB currently chairs the Net-Zero Banking Alliance (NZBA) Steering Group and was the first UAE and GCC bank to join the UN-convened organisation in 2021.

For more information, visit: www.bankfab.com

For investor-related queries, please contact the FAB Investor Relations team on ir@bankfab.com.

For PR and media-related queries, please contact PRandmedia@bankfab.com.