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eDirham News & Events
Ministry of Finance and Industry to launch E-Registration of Bank Guarantees in May 2004
Dubai March 27th, 2004: The Ministry of Finance and Industry announced today its intention to launch an E-Registration system as early as May 1st, 2004. The announcement came during a seminar organized at the Ministry in Dubai. The new system targets the bank guarantees that businesses and private institutions need to provide as part of the procedures of the Ministry of Labor and Social Affairs. Bank guarantees aim to protect the rights of employees against their sponsors.
H.E. Khalid Al Bustani, Undersecretary for Resources and Budget at the Ministry of Finance and Industry, said: “ Through this new system, all banking institutions will become partners with the Ministry of Finance and Industry and the Ministry of Labor and Social Affairs in that all banks will accept and register only the bank guarantees coming through the new electronic system.”
“E-Registration initiative is indicative of the ministry’s ongoing efforts to improve its systems and be a role model for the region. Introducing state of the art technologies to the federal transactions is an important step to organize revenue collection and simplify procedures,” he added.
Through this new system, the Ministry of Labor and Social Affairs will issue an electronic request for a bank guarantee, which will be received and electronically processed by the bank through the E-registration system. After verification of all the documents the bank registers the value of the guarantee and all related information, and then electronically issue a bank guarantee letter that is also received electronically and instantly by the Ministry of Labor and Social Affairs at the final stage of processing transactions.
Al Jaohari explained that the new E-Registration system could be considered as a progression of the E-Dirham system, which is a significant strategic tool that is used in transactions pertaining to e-government applications that is electronically encrypted for added safety.
The UAE Ministry of Finance and Industry launches new E-dirham design - Innovative visuals reflecting UAE’s modern approach
Dubai, September 18, 2003: The Ministry of Finance and Industry (MOFI) has recently launched a new design of the UAE E-dirham for the denominations of 100, 200, 300, 500, 1,000, 3,000 and 5,000 Dirham. The innovative new visuals reflect not only the country’s traditions and cultural heritage but also the modern face of the UAE and the drive towards greater economic efficiency. The design will be changed periodically to reflect the dynamism of the country’s development process.
“The efforts made in changing the design of the e-dirham where a result of the desire to reflect the changing and modernizing face of economic development in the UAE,” said H.E. Mr. Khalid Ali Al Bustani, Under Secretary for Revenues and Budgets at MOFI. “The new design has been developed in line with the country’s constant endeavors towards creating a forward thinking environment, without forfeiting all of the UAE’s cultural wealth and history.”
The UAE E-dirham, which was introduced in 2001 to replace traditional methods of fees collection for government services, is an integral part of MOFI’s overall efforts to automate public sector financial transactions. It provides real time information and allows Ministries to more effectively undertake and record payment transactions, in addition to providing a modern and secure payment system for customers. The automation of payment transactions also allows for more accurate information about government fee payments and facilitates policy decision-making.
“The introduction of the E-dirham has led to increased levels of efficiency and productivity of government departments”, said Mr Al Bustani. “Our focus on the provision of higher levels of service offered by governments departments for the residents of the UAE is more effectively realized with the implementation of modern techniques, promoting our efforts towards international best practice standards.
The card is rechargeable to suit the user’s personal requirements and has added security features that prevent misuse and forgery. In case of loss or theft, it can be deactivated in by a 24 hours/7 days a week Tele E-dirham Service that can be used for balance enquiries, change of PIN, as well as many other electronic transactions. E-dirhams are now offered through 10 banks and their 115 branches nationwide. Clients can also use the Internet e-Dirham service for these transactions at: www.e-dirham.gov.ae.
The UAE Ministry of Finance and Industry to launch new E-dirham design - Modern visuals to reflect UAE’s modernization process
Dubai, July 26, 2003: The Ministry of Finance and Industry (MOFI) today announced that it is to launch a new design for the UAE E-dirham for the denominations of 100, 200, 300, 500, 1,000, 3,000 and 5,000 dirhams. The attractive new visuals reflect not only the country’s traditions and cultural heritage but also the modern face of the UAE and the drive towards greater economic efficiency. The design will be changed periodically to reflect the dynamism of the country’s development process.
“The decision to change the design of the e-dirham was a result of the desire to reflect the changing and modernizing face of economic development in the UAE,” said H.E. Mr. Khalid Ali Al Bustani, Under Secretary for Revenues and Budgets at MOFI. “We are very proud of our cultural wealth and history and we are also proud of the what we have so far achieved in building a modern state with high quality state-of-the-art infrastructure and services”.
The UAE E-Dirham, which was introduced in 2001 to replace traditional methods of fees collection for government services, is an integral part of MOFI’s overall efforts to automate public sector financial transactions. It provides real time information and allows Ministries to more effectively undertake and record payment transactions, in addition to providing a modern and secure payment system for customers. The automation of payment transactions also allows for more accurate information about government fee payments and facilitates policy decision-making.
“The introduction of the E-Dirham has allowed us to raise the efficiency and productivity levels of government departments”, said Mr Al Bustani. “Government institutions are now able to free up their time to focus on the provision of services, rather than the collection of fees. This reflects our policy of aiming to improve public sector service provision in line with international best practice standards. The E-Dirham represents the official payment gateway in undertaking e-government transactions.”
E-Dirhams are now offered through 10 banks and their 115 branches nationwide. The card is rechargeable to suit client requirements and has added security features that prevent misuse and forgery. It can be deactivated in case of loss or theft by a 24 hours/7 days a week Tele e-Dirham Service that can be used for balance enquiries, change of PIN, as well as many other transactions.
