Mashreq Bank’s new package to help expatriates in UAE

July 30th, 2008 - 5:32 pm ICT by IANS  

Dubai, July 30(IANS) The United Arab Emirates (UAE)-based Mashreq Bank Wednesday launched a new product aimed at helping expatriates coming to this country to settle down quickly. Called ‘On Arrival Package’, customers can avail of the product even before their residency visa stamping process is completed, according to a Mashreq Bank statement.

“Through this convenient and innovative package, we are providing financial support and peace of mind to new employees in the UAE,” Douglas Beckett, head of retail banking at Mashreq Bank, said in the statement.

The new package offers newly arrived expatriates an account with a debit card, a month’s salary in advance, a credit card, furniture and rent advance loans and an ‘Easy Saver’ account.

To be eligible for the product, customers should have a salary of 9,000 dirhams ($2,450) or more.

After their residency visa is stamped and submitted to the bank, customers are given a cheque book, enhanced limits on all lending products, a pre-approved auto loan and a pre-approved mortgage, the bank said in the statement.

Those having a monthly salary of 30,000 dirhams ($8,167.7) or more are eligible for Mashreq’s premier banking service, which includes a designated relationship manager and a wide range of additional benefits and services.

“This package will help employers to get their new employees settled faster, giving them greater peace of mind and thereby increasing productivity,” Omar Asghar, head of wealth management at Mashreq, said in the statement.

Of the estimated 4.6 million population of the UAE, around 20 percent comprise nationals while the rest are all non-nationals, making it a country with one of the highest populations of foreign-born residents in the world.

Indians, at 1.5 million, comprise the largest expatriate community in this Gulf nation.

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