- 20% monthly growth since launch last year
Dubai, UAE, 23rd June 2020: The Labor-Saving Program (Tharaa) is an initiative launched last year by National Bonds, the leading Sharia-compliant savings and investment company in UAE, in cooperation with the Ministry of Human Resources & Emiratization (MOHRE). It aims to enrich the lives of those workers who don’t have access to financial advice and has become increasingly popular, despite the current challenging conditions caused by COVID19.
According to the figures published by the Company, the number of regular savers who have subscribed to the initiative have transacted more than 20,000 times. More than 21% of those transactions have been done by women.
The highest number of the subscribers are Indian nationals (60%) followed by nationals of Philippines (13%) and Pakistan (11%). Nationals of Nepal and Bangladesh rank fourth and fifth (16% together).
The program underscores MOHRE’s efforts to safeguard labor rights and provide low-income workers and their families with the best livelihoods. These efforts are in line with UAE’s Leadership efforts to enhance worker’s job satisfaction, convenience and access to leading savings tools and programs.
Tharaa is aimed at enabling these workers to build a financially stable future through monthly fixed deductions directly from their Wage Protection System (WPS). It is based on voluntary contributions by the laborer on a monthly basis during his/her stay in the country. The subscribers to this program also enjoy several benefits like annual profits, micro-financing facilities through third party tie-ups and entry into the National Bond’s generous rewards program. This gives them multiple chances to win several prizes, which include a AED 1 million prize every quarter.
“The initiative’s outcomes are promising, and it will be further built upon by enhancing these workers’ interest in the savings program through introducing features aimed at building the financial security of the subscriber,” said Saqib Mahmood, Chief Commercial Officer at National Bonds.
“The importance of such programs stems from the subscribers’ conviction in the importance of saving and in having a financial safety net that secures their future and supports them at the time of need,” he added. “This helps in achieving social wellbeing and raises the levels of happiness in the UAE – a key target set by the Leadership.”
“National Bonds will continue to work with strategic partners to launch programs and initiatives that encourage saving because it strongly believes in the pivotal role of savings for the economy” he added.
