23/10/2017 08:56 AST
AFS, the region’s leading FinTech enabler, and payment services provider, and Al Salam Bank-Bahrain, one of the pioneering Shari’a-compliant banks in the Kingdom, signed an MOU to roll out a Digital Payroll Program benefiting both the employers and employees in Bahrain. Mr. Anwar Murad, Deputy Group CEO of Banking at Al Salam Bank and Mr. B Chandrasekhar, CEO of AFS signed on behalf of the two institutions at Al Salam Bank headquarters in Bahrain.
Mr. Anwar Murad, Deputy Group CEO of Banking at Al Salam Bank-Bahrain said at the signing ceremony, “We are pleased to enter into a strategic partnership with AFS to introduce a much-needed and first of its kind digital payroll solution in the Kingdom of Bahrain. The program has been specifically designed to facilitate a large number of employers with a more convenient, automated and secured payment solution to credit employee salaries directly in their prepaid accounts. Employees will also enjoy the benefits of withdrawing cash from ATMs in Bahrain or abroad, point-of-sale (POS) purchases at retail outlets, online shopping purchases and outward remittance.”
Mr. Anwar Murad further added, “This is in line with our continuous commitment to bring our diverse clients with dynamic and innovative products and services. AFS collaboration with Al Salam Bank is a stellar example of our capability to work with industry leaders to develop unique payment solutions that offer customers a convenient, flexible and secure option for conducting payment transactions.”
B Chandrasekhar, CEO of AFS added, “Our Partnership with Al Salam Bank is a great opportunity to provide a cost-efficient and secure digital payroll program. It also has the added unique feature to send remittances.
This is another step on Bahrain’s path towards a cashless society and financial inclusion.”
He added, “This will be particularly helpful for employees, empowering them with access to financial services, and control over their expenses, and security to access their funds. As they will get paid electronically, they will have access to statements and multi-lingual customer support.
“For the employer, the payroll program simplifies and streamlines the payroll calculation, administration and disbursement, making it easier, faster and more accurate. It is a state-of-the art system that will help in reducing operational and administrative overhead, including security costs, and those associated with avoiding fraud, bank fees and transportation. It provides easy employee onboarding with 24/7 customer care, and interactive dashboards. “
Caption: Al Salam Bank Deputy Group CEO of Banking Mr. Anwar Murad, and AFS CEO Mr. B Chandrasekhar sign MOU for the Payroll Program solution at Al Salam headquarters.
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