Dubai bank postpones loan instalments for July after glitch caused salary delays

Through this initiative, affected customers won't have to pay two instalments in one month

Web Desk

Published: Sat 27 Jul 2024, 1:21 PM

Last updated: Sat 27 Jul 2024, 9:58 PM

Some residents who have loans with Dubai Islamic Bank (DIB) won't have to pay their July instalments this month. It will be deferred for employees who weren't able to withdraw their salaries on time back in June due to a glitch in the bank's systems.

The system errors happened as DIB was upgrading its platform to "a more secure, safe and reliable cloud technology system", the bank clarified in a previous statement.

In its latest announcement, DIB said the loan instalment deferment for July will be done at no extra cost for affected employees.

Advertising

Stay up to date with the latest news. Follow KT on WhatsApp Channels.

"This means it will not have any negative impact on the credit rating of the transactors," it added.

"This initiative comes as part of the bank's efforts to support the financial stability of customers. This would make sure they would not have to bear the burden of having to pay two instalments in one month," it said.

DIB would ensure all affected customers would be informed of the initiative.

"This step also aims to address any immediate challenges customers may face, and provide them with the opportunity to manage their cash flows more efficiently and conveniently," the bank said.

Acknowledging the inconvenience that the glitch had caused its customers, DIB earlier announced that it was waiving late payment fees or other charges that were linked to the errors.

Those impacted would also be “compensated with Walaa rewards”, the bank’s loyalty programme that can be redeemed against a list of offers.

ALSO READ: