Dubai Islamic Bank (DIB) has announced that some residents with loans will not have to pay their July instalments. This decision follows a system glitch that prevented employees from withdrawing their June salaries on time.
According to a Khaleej Times report, the bank clarified that the system errors occurred during an upgrade to a more secure cloud technology system.
In a recent statement, DIB confirmed that the deferment of July loan instalments would come at no additional cost for the affected employees. The bank assured that this measure would not negatively impact the credit ratings of those involved.
“This initiative is part of the bank’s efforts to support the financial stability of its customers, ensuring they are not burdened with paying two instalments in one month,” the statement said. DIB will inform all affected customers about the deferment.
The bank also aims to help customers manage their cash flows more efficiently and address any immediate financial challenges. In addition, DIB previously announced that it would waive any late payment fees or other charges related to the system glitch. Impacted customers will be compensated with Walaa rewards, the bank’s loyalty programme, which can be redeemed against various offers.