UAE MOF unveils e-guarantee cards

The UAE Ministry of Finance and Industry (MoFI) has joined hands with Mashreq bank to introduce an e-guarantee smart card that will help to streamline the recruitment process in the country.

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By  Vijaya Cherian Published  April 27, 2003

The UAE Ministry of Finance and Industry (MoFI) has joined hands with Mashreq bank to introduce an e-guarantee smart card that will help streamline the recruitment process in the country while keeping track of the existing workforce and ensuring employee rights.

“We are delighted to have partnered with the Ministry of Finance and Industry and the Ministry of Labour to help bring this project to fruition,” says Abdul Aziz Al Ghurair, CEO of Mashreqbank. “Over the past few years, the UAE has made tremendous strides in adopting the latest technology and, in keeping with our commitment to total quality management, we are proud to play our part in the overall development of the country for the good of all,” he adds.

Initially, e-guarantee will only be available in two locations, namely Mashreqbank counters at the Ministry of Labour offices in Abu Dhabi and Dubai. Labour approval letters issued by the MoL for renewing or issuing new visas will be bar coded with all the relevant information for issuing the guarantee electronically. All ministries will eventually be encouraged to use the pre-paid Government Client Cards (GCCs) to issue guarantees digitally.

Any MoL-approved company holding a GCC card may also utilise the e-guarantee procedure. Walk-in customers can purchase the e-guarantee card from Mashreq bank counters by paying an additional AED100, which is less than payment rendered for written letters of guarantee. “In addition to easing the procedures for issuing the labour guarantees, the Ministry of Labour has standardised the fee for issuing the guarantee at Dh100 per guarantee issued, which represents a significant saving,” says Shazly.

The new procedure is also flexible in that it allows partial or complete refunds of the guarantees upon the instructions of the MoL. “The e-guarantee system has been fully beta-tested and can be utilised now,” says His Excellency Khalid Ali Al Bustani, assistant undersecretary for Revenue and Budget, Ministry of Finance & Industry. “We anticipate that 30 per cent of employee guarantees will be made via GCC cards within a year [and these] will soon fully replace written letters of guarantee.”

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