Latest news with #WageProtectionSystem
Filipino Times
31-05-2025
- Business
- Filipino Times
30 domestic worker agencies penalized in UAE for refund, salary violations
The Ministry of Human Resources and Emiratisation (MOHRE) has taken legal action against 30 domestic worker recruitment agencies in the UAE during the first quarter of 2025. These agencies were found to have violated labor rules meant to protect employers and workers. A total of 89 violations were recorded. Of these, 86 cases involved agencies failing to refund all or part of recruitment fees to employers within the legal deadline. This refund is required when the recruitment service fails or is canceled. Other violations included one agency not clearly showing the approved pricing of service packages, and two agencies not using the Wage Protection System (WPS) properly to pay salaries or commissions to their employees. MOHRE reminded the public to only deal with licensed domestic worker agencies to ensure their rights are protected. A complete list of approved agencies is available on the MOHRE website: Anyone with complaints about refund delays or violations can contact MOHRE at 80040. The ministry assured the public that all feedback is taken seriously and action will be taken if laws are broken.
Times of Oman
24-05-2025
- Business
- Times of Oman
Know Oman: Oman's new Wage Protection Law guarantees timely salaries for private sector workers
Muscat: In a significant move to protect workers' rights and bring greater transparency to their salary payments, Oman has introduced a new mandatory system for all private sector employers. Speaking to the Times of Oman, a representative of Mohammed Ibrahim Law Firm, a leading law office in Oman, explained 'how the new Wage Protection System (WPS) will impact both companies and employees across the Sultanate. The system aims to ensure that every worker in the private sector is paid on time. Employers are now required to pay salaries directly into employees' bank accounts within 03 days after the wage period ends. This amount must match exactly what has been agreed in the employment contract,' said Dr. Mohammed Ibrahim Al Zadjali, Chairman of Mohammed Ibrahim Law Firm. Under the new system, 'the Ministry of Labour will maintain a digital record of all salary payments and monitor employer compliance. The system will not only prevent delays and the manipulation of wages but also strengthen trust between workers and their employers,' the chairman said. He added, however, not all workers are immediately included in the system, for example, if a worker has been newly hired and is still within the first 30 days of employment or if they are on unpaid leave, the employer is temporarily exempted from transferring their wage through the system. 'Similar exemptions apply to workers involved in unresolved disputes or those who have been suspended for reasons beyond the employer's control,' Al Zadjali said. Another spokesperson of the law firm said that 'to deal with unique situations not already covered, a Special Committee will be formed to assess exemption requests from companies on a case-by-case basis. Also, employers who do not follow the new wage payment rules face strict administrative penalties.' 'The introduction of WPS is a strong signal to promote fair labour practices and ensuring all workers are treated with dignity,' the spokesperson said. 'The goal is to create a workplace culture where wages are not just a number but a right that must be respected, protected, and delivered without delay.' the message is clear. In Oman, every wage matters. And now, with WPS, every payment will be watched, recorded and delivered as promised, the expert said.
Qatar Tribune
15-05-2025
- Business
- Qatar Tribune
CB launches new corporate banking app
Tribune News Network Doha Commercial Bank, a leader in innovative digital banking solutions, has unveiled its all-new Corporate Mobile Banking App, setting a new standard for business banking in the region. This state-of-the-art mobile app has been redesigned to transform how corporate clients manage their financial operations by delivering unprecedented speed, security, and convenience through their smartphones. Commercial Bank has consistently pioneered innovative banking solutions, with this new app representing the latest milestone in this journey. The application enables businesses to execute all critical banking operations remotely, from initiating and approving single and bulk transfers to managing corporate cards and generating official bank letters, all protected by advanced biometric authentication. The Corporate Mobile Banking App's revolutionary features deliver complete banking autonomy to corporate clients. Businesses can now approve high-volume transactions, process Wage Protection System payments, settle utility and tax payments to the General Tax Authority, generate critical bank documents, and execute instant transfers through Fawran, all through an intuitive mobile interface. Security being a priority, the app also incorporates biometric login protocols and CB Safe ID verification. Commenting on the launch, Fahad Badar, EGM, chief wholesale and international banking officer of Commercial Bank, said: 'Qatar's dynamic business environment demands banking solutions that keep pace with commercial needs while maintaining rigorous security standards. This app effectively transforms mobile devices into a comprehensive financial tool, by combining cutting-edge technology with user-centric design to empower businesses to conduct operations with unprecedented efficiency.'
Mid East Info
14-05-2025
- Business
- Mid East Info
Al Ansari Financial Services' net profit after tax surges 10% to AED 109 million underpinned by strong operating income and robust performance across all business lines
Financial and Operational Highlights: 7% YoY increase in Operating Income to AED 294 million attributed to an increase across all business lines. Operating Income 13% YoY increase in EBITDA to AED 138 million with an EBITDA Margin of 46.8% due to increase in operating income. EBITDA Net profit after tax increased by 10% YoY to AED 109 million due to notable increase in operating income. Total Transactions increased by 1% YoY to 12.5 million transactions. Bank Notes value of transactions reported a 6% increase YoY to AED 22 billion. Wage Protection System (WPS) number of salary disbursals saw a growth of 27% YoY reaching 2.5 million . . Digital channels reported an increase of 16% YoY in the number of transactions conducted across the Group's digital platforms, accounting for 24% of the overall outward remittances. Expansion in line with the Group's strategy and ambition, solidifying its market leadership position and regional plans. Al Ansari Exchange's total number of physical branches reached 270 by Q1'25. Al Ansari Financial Services closed the acquisition of BFC Group Holdings W.L.L. The figures will be consolidated in Q2'25. Al Ansari Exchange in Kuwait will be acquired by Al Ansari Financial Services by Q2'25, with synergies to be realised by Q3'25. Al Ansari Digital Wallet is set to be launched in Q2'25. Dubai, UAE – May 2025: Al Ansari Financial Services PJSC (DFM: ALANSARI) ('the Group'), the largest non-banking financial services provider in the GCC and parent company of Al Ansari Exchange, has delivered an outstanding performance in the first quarter of 2025 ('Q1'25'), reporting a 7% year-on-year (YoY) surge in operating income to AED 294 million. This impressive growth, achieved despite persistent geopolitical headwinds, reinforces the Group's resilience, market leadership and the success of its long-term strategy to drive sustainable growth by capitalising on the UAE's and wider GCC's robust economic momentum. Financial Highlights: In AED thousands (unless otherwise stated) Q1'25 Q1'24 % change (YoY) Operating Income 294,204 274,726 7% EBITDA 137,666 122,415 13% EBITDA Margin (%) 46.8% 44.6% Net Profit after Tax 108,854 98,744 10% Earnings per Share 0.0145 0.0132 10% Free Cash Flow (FCF) 132,577 114,838 15% Operational Highlights Q1'25 Q1'24 Change (unit) (YoY) No. of physical branches in UAE 270 259 11 new branches since Q1'24 Total No. of transactions 12.5 mn 12.0 mn 1% Digital Channels – No. of transactions 1.3 mn 1.1 mn 16% Q1'25 FINANCIAL PERFORMANCE COMMENTARY Strong performance across all revenue streams and efficient cost management has led to a Net Profit after tax of AED 109 million, representing a 10% YoY growth. EBITDA margin witnessed an increase to 46.8% in line with the rise in operating income despite a complex operating environment characterised by increased costs and geopolitical tensions in the region. The Group's strategic focus on digital transformation and optimised branch network expansion resulted in a 33% reduction in Capital Expenditure (CAPEX) for Q1'25, with a Free Cash Flow of AED 133 million and a 96% EBITDA to cash conversion rate. Q1'25 OPERATIONAL PERFORMANCE COMMENTARY The total number of transactions for Q1'25 grew by 1% compared to the same period last year, reaching a 12.5 million transactions. Improved conditions across key remittance corridors have strengthened the operating environment; however, the market continues to navigate pressures from certain fintech practices and ongoing geopolitical tensions, which have weighed on remittance income. Despite these headwinds, Remittance Operating Income rose by 4% YoY to AED 171 million, reflecting the Group's robust fundamentals and market adaptability. Although geopolitical tensions in certain markets have exerted pressure on the banknotes business, the Group maintained a resilient performance in this segment during Q1'25 reporting an increase in Banknotes Operating income by 7% YoY to AED 93 million. Strategic partnerships, strong performance and increased demand on our prepaid cards, and the UAE's surge in tourism enabled us to navigate disruptions and continue meeting and exceeding customer demand. The Group's Wage Protection System (WPS) Other Products & Services business delivered stable growth in Q1'25, with operating income increasing by 26% YoY to reach AED 30 million. This growth was driven by the UAE's expanding labour market and ongoing infrastructure and development projects. As more employers prioritise compliance and timely salary disbursements, demand for secure, efficient payroll solutions remains strong. Our robust digital payroll offerings and extensive branch network have enabled us to deepen client relationships and support the evolving needs of businesses across sectors. This steady performance reaffirms our strategic role in facilitating financial inclusion and supporting the UAE's economic momentum. The Group's continued investment in digital innovation is yielding strong results, with a notable 16% YoY increase in the number of transactions conducted through our digital channels in Q1'25, with Digital Channels contributing to 24% of the total outward remittance transactions. This growth reflects the accelerating adoption of our digital platforms, as more customers choose the convenience, speed, and reliability of our online and mobile services. The uptick in usage is a direct outcome of our commitment to delivering a seamless and intuitive customer experience — one that builds trust and encourages long-term digital engagement. As we advance our digital transformation strategy, these early adoption trends position us well for scalable growth and deeper customer connectivity in the quarters ahead. Commenting on the results, Rashed A. Al Ansari, Group CEO of Al Ansari Financial Services, said: 'We began 2025 with strong momentum, and our first-quarter results are a testament to the strength of our business model, the trust of our customers, and our commitment to delivering accessible, technology-driven financial solutions. Despite ongoing geopolitical challenges and fierce competition, we achieved solid growth across our core segments through disciplined execution and an unwavering focus on customer experience. We successfully maintained our customer base and market share, underscoring the resilience of our brand. The continued growth in digital transactions reflects our successful efforts to drive innovation and expand access to essential financial services. Our performance across remittances, WPS, and banknotes reinforces our central role in advancing financial inclusion and supporting the diverse needs of individuals and businesses in the UAE and beyond. We delivered on our promise, expanding in line with our strategy and doubling the number of countries in which we operate. Our strategic growth initiatives and recent acquisition are designed to future-proof the company, positioning us for sustained success in an evolving financial landscape. In addition, we have begun integrating AI into our systems, and the early results have been both promising and exceeding expectations . As we look ahead, we remain deeply aligned with the UAE's vision for a digitally empowered, inclusive economy. We will continue investing in technology, deepening customer engagement, and pursuing sustainable growth that delivers long-term value to our shareholders, customers, and the communities we serve.' Mohammad Bitar Deputy Group CEO of Al Ansari Financial Services, added: 'Q1 2025 was defined by strong operational execution across the Group, as we focused on driving efficiency, strengthening service delivery, and preparing for future growth. We achieved notable improvements in process optimisation and customer engagement across both physical and digital touchpoints. A key milestone was the successful closing of the BFC acquisition, which marks a major step forward in our regional growth strategy. Integration efforts are progressing smoothly, and we expect to begin reflecting the impact of this consolidation in Q2 2025. This acquisition not only expands our geographic reach but also enhances our ability to serve a broader customer base with greater scale and capability. We are also on the verge of launching our much-anticipated digital wallet—a market-changing innovation that promises to revolutionise the way our customers manage their finances. Designed with accessibility and ease-of-use in mind, the wallet will empower customers to store, send, and spend money more conveniently and securely than ever before. We remain focused on seamless integration, operational excellence, and unlocking synergies that will reinforce our leadership in the non-banking financial services sector.
Hi Dubai
14-05-2025
- Business
- Hi Dubai
Al Ansari Financial Services Posts 10% Profit Rise as Digital and Regional Expansion Gains Pace
Al Ansari Financial Services PJSC has delivered a strong performance in Q1 2025, reporting a 10 percent year-on-year rise in net profit to AED109 million, driven by higher operating income and strong growth in digital and regional operations. Operating income climbed 7 percent to AED294 million, while EBITDA rose 13 percent to AED138 million, maintaining a healthy EBITDA margin of 46.8 percent. The company also saw a modest 1 percent increase in total transactions, reaching 12.5 million in the first quarter. Growth was especially notable in digital channels, which recorded a 16 percent rise in transaction volume and now account for nearly a quarter of all outward remittances. Banknote transaction values rose 6 percent to AED22 billion, and salary disbursals through the Wage Protection System surged 27 percent to 2.5 million. Group CEO Rashed A. Al Ansari credited the results to disciplined execution and a sharp focus on customer experience, despite a challenging geopolitical and competitive landscape. Deputy Group CEO Mohammad Bitar highlighted the completion of the BFC acquisition as a key milestone in the company's regional growth strategy. He also announced the launch of a new digital wallet, which is expected to reshape how customers manage their finances and further solidify Al Ansari's position in the fintech space. The Q1 results reflect the company's continued emphasis on digital innovation and regional expansion, setting a positive tone for the rest of the year. News Source: Emirates News Agency
