It may not be considered a deal of the week, but this week's announcement that the UAE will next month introduce the International Bank Account Number (IBAN) as standard for all bank accounts in the country is noteworthy.
The Central Bank on Monday said that IBAN would be effective from November 19 and was applicable to all account categories, WAM reported.
The UAE joins about 50 other countries, including Kuwait, Lebanon, Saudi Arabia and Tunisia, as well as the European Union, that have adopted the IBAN standard.
IBAN was developed by the European Union to enhance cross-border payments. The Central Bank says the account system is aimed at enhancing efficiency and security for local and international electronic payments.
"Introduction of the IBAN is a strategic initiative that will further align the UAE banking system with the standards applied in other global banking systems," the Central Bank adds.
"The adoption of IBAN is a step in the right direction towards increasing the efficiency of electronic payments in the UAE, while further strengthening the country's status as a global financial centre."
As part of the transition to the new system, all bank account holders in the UAE will be provided with a unique 23-digit account number for their transactions. The Central Bank says all banks are responsible for the distribution of the IBAN to account holders.
"We are confident that this extensive analysis will enable us to successfully transition to the new system without any disruption of banking services and with minimal impact to customer requests.
"The implementation of IBAN will allow electronic payments to be sent and received seamlessly between banks in the UAE and in those countries where IBAN has been adopted. For all other banks, the traditional account number along with bank and branch identifiers must be specified in the transaction record."
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Abu Dhabi Islamic Bank (ADIB), the country's second-largest Sharia-compliant lender, has launched a new Takaful (insurance) cancer plan for its Dana women banking customers.
ADIB, a participant in Health Authority - Abu Dhabi's breast health campaign this year, says the Dana Female Care Cover plan is a voluntary scheme that covers medical expenses in the event of breast cancer diagnosis.
"We aim to provide a voluntary medical cover for our female customers for this common and dreaded disease," says Nawal Al Bayari, the head of women's banking at ADIB.
"With its growing awareness among ladies in the Middle East, such a cover would be very relevant and cost effective for concerned women."
Dana customers will have to pass the first 90 days after subscribing to the scheme without any cancer to be eligible for the cover. Subscribers will be entitled to cash compensation if they are diagnosed with breast cancer. A medical examination is not required.
For more information, visit www.adib.ae.
