First Abu Dhabi Bank (FAB) has received initial approval to make FAB End of Service Benefits Funds available to UAE-based companies, giving employees the opportunity to grow their end of service benefits* through the new government Alternative EOSB Savings Scheme (Savings Scheme).
Participating employers pay monthly basic and voluntary contributions on behalf of their employees into FAB End of Service Benefits Funds, which are tailored to individual needs, values and risk appetites.
Supporting the UAE government’s ambition to foster a more competitive labour market, the Savings Scheme is part of a Ministry of Human Resources and Emiratisation (MOHRE) initiative and has been approved by the Securities and Commodities Authority (SCA).
The scheme is being launched under UAE Cabinet Resolution No. (96) of 2023 and Ministerial Resolution No.668 of 2023, which introduced an alternative voluntary savings scheme for private sector employers and employees in the UAE, including those incorporated within free zones.
Investment options with FAB End of Service Benefits Funds
FAB End of Service Benefits Funds offer a variety of investment options, including:
- Shari’ah-compliant funds
- Capital protected funds, for unskilled workers
- Range of other investment funds that carry varying levels of risk
The new scheme will boost the attractiveness and flexibility of the UAE for current and potential expatriate employees, further attracting top global talent. It also facilitates investment into various economic activities in the country, which will aid the further growth and development of the economy.
FAB Asset Management has been selected as a strategic partner by the MOHRE and the SCA to deliver the government’s new Savings Scheme. Providing investment options including professionally managed conventional and Shari’ah-compliant funds, and the expert guidance of qualified investment professionals, FAB will help businesses to promote financial security among employees, while optimising operational efficiency.
To participate, companies can register with FAB to benefit from the bank’s top-tier investment management capabilities, as well as access the full suite of FAB financial services to meet a comprehensive range of business and employee requirements. Participating businesses will have access to all employee end of service benefits information through the bank’s user-friendly FAB EOSB online portal, while employees can easily view and monitor their investments using the FAB EOSB app.
Boasting over two decades of regional experience, FAB Asset Management is one of the largest MENA-focused managers, with investment expertise across various asset classes and diverse client base, which includes sovereign wealth funds, pension funds, foundations, financial institutions, family offices, insurance companies and individuals.
