The first digital payroll solution in the Kingdom of Bahrain, enabling employers to pay wages to unbanked workers digitally, in line with the recent Shura Council endorsement on the proposed law that mandates companies to pay workers through secure wage protection solutions.
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 marked the official launch of the first digital payroll solution ‘Al Rateb’ at an event held at the Jumeirah Royal Saray, Bahrain on 17th April 2019.
Attended by prominent government officials, dignitaries and the media, the reception was an opportunity for decision makers to have a hands-on experience of the Al Rateb wage protection solution. Guests witnessed the unveiling of the exclusive first Al Rateb mobile ATM van, which will be moving between various locations across the Kingdom of Bahrain to service employees and facilitate access to an ATM machine.
ASBB and AFS officials commemorated the following corporate clients of Al Rateb with trophies; Lanterns Restaurant Co. W.L.L, Al-Namal Contracting & Trading Co. W.L.L, Dream Group W.L.L, V.K. Universal Property Management Co. (S.P.C), Al Edrisi United Contracting, Mohammed Noor Bukhari Restaurant and Almoayyed Contracting Group W.L.L.
On this occasion, Rafik Nayed, Group CEO of Al Salam Bank-Bahrain said: “I am pleased to announce today 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”.
He added, “Today through Al Rateb, we embarked in a significant milestone bringing both the corporate companies and their respective employees who do not have bank accounts in the Kingdom of Bahrain 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. We are delighted with our partnership with AFS to deliver such a significant product to our valued clients.”
Mr. B Chandrasekhar, CEO of AFS, said: “AFS is proud to partner with Al Salam Bank-Bahrain to bring this innovative product to the Kingdom of 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 of the Kingdom of Bahrain 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. 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.
Cardholders can withdraw funds at any ATM, transfer of funds (remittance solutions) and can use Point of Sale (POS) terminals locally or abroad. Cardholders can also access financial services including statements, interactive dashboards, 24/7 customer care and multi-lingual customer support.