Image: WAM
First Abu Dhabi Bank (FAB) has secured final approval from the Ministry of Human Resources and Emiratisation (MOHRE) and the Securities and Commodities Authority (SCA) to launch its End of Service Benefits Funds (EOSB).
Following this approval, the FAB End of Service Benefits Funds are now available to private sector businesses across the UAE.
Scheme aligns with UAE’s new alternative EOSB scheme
This development is part of the UAE government’s new Alternative EOSB Savings Scheme, which allows businesses to enhance employees’ end-of-service benefits and align with the country’s evolving labor market initiatives.
The first business has already successfully onboarded, marking the beginning of the rollout of this innovative financial product designed to boost employees’ long-term financial security.
By adopting the scheme, businesses can manage and grow EOSB more efficiently, supporting employee retention and attraction in a highly competitive market.
FAB has introduced a digital platform integrated with the UAE Savings Scheme, allowing businesses to manage EOSB contributions and enabling employees to track and monitor their investments in real-time.
The platform, designed with a user-friendly interface, provides seamless access for employers to handle end-of-service contributions while giving employees more control and transparency over their financial future.
FAB has partnered with global leaders including Apex Group for fund administration, Aurem for technology platform development, and Deutsche Bank Securities for custody services to ensure a secure and seamless experience for all users.
The launch of FAB’s End of Service Benefits Funds also aligns with the UAE’s broader financial stability goals, providing a win-win scenario for both employers and employees.
Businesses benefit from streamlined benefit management, while employees gain improved financial outcomes through greater control over their savings.
FAB EOSB Funds offer two capital-protected investment options
- FAB End of Service Benefit Fund with Capital Protection, which invests in money market instruments to ensure stability and liquidity.
- FAB Islamic End of Service Benefit Fund with Capital Protection, which follows the same strategy using Islamic money market instruments.
FAB also plans to introduce additional risk-based investment options in the near future, offering both conventional and Shari’ah-compliant strategies to cater to diverse financial goals.
The funds are managed by FAB Asset Management, one of the largest MENA-focused asset managers with over 20 years of regional expertise, serving a wide range of clients, including sovereign wealth funds, pension funds, financial institutions, and individuals.
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