Al Hilal Bank plans to be the first UAE lender to allow customers to use their Emirates ID cards to make cash withdrawals from its ATM machines.
The Abu Dhabi-based bank said yesterday it was conducting final tests of the scheme in conjunction with the Emirates ID Authority, and hoped that the service would be launched “within the next two to three months”, according to a bank spokeswoman.
However, customers will not initially be able to ditch their current bank cards, as the service will not be available for use in other banks’ machines, or at retail outlets.
Dependent on the success of the scheme, Al Hilal plans to expand the initiative to enable customers to use their ID cards in other banks’ ATM machines, as well as at retail outlets in the UAE, effectively acting as a credit or debit card, the spokeswoman said.
She declined to say when the scheme would be expanded.
According to the Central Bank, some 10.4 million debit and credit cards were in circulation in the country in 2012.
The project is the second major outcome stemming from a strategic partnership agreement signed between Al Hilal and Emirates ID Authority in January of last year.
The partnership agreement saw Al Hilal install e-readers for Emirates ID cards across its branch network, as a means of streamlining the customer identification process.
“We were the first bank to approach EIDA with the unique idea of using their card’s stored information to simplify and streamline the bank account opening process,” said the bank’s group chief executive Mohamed Jamil Berro.“[Now] we will be the first bank to allow the use of Emirates IDs for ATM withdrawals,” he said.
The spokeswoman said that Al Hilal had received the necessary approvals for the move from the Central Bank, but officials there declined to comment.
EIDA’s director general Ali Al Khouri said in January that it was trialling a scheme in conjunction with local financial institutions for using Emirates ID cards in ATMs and credit card terminals.
The authority was also exploring ID authentication services with Visa and MasterCard to enable ID cards to be used for transactions globally. Results of the trial are due to be announced in the second quarter of 2014, he said.
Ala'a Eraiqat, the chief executive of Abu Dhabi Commercial Bank, last week told delegates at the Government Summit in Dubai that banks were well placed to integrate Emirates ID cards to be able to offer smart services.
Despite such sentiments, other banks have been muted thus far in their response to Al Hilal’s announcement, downplaying suggestions that they will follow suit in the near future.
Mashreq and National Bank of Abu Dhabi said they had no immediate plans to offer similar services that make use of Emirates ID cards for banking services, but that they did not rule out doing so in the future.
An ADCB spokesman declined to comment on the bank’s plans regarding Emirates ID cards, while Emirates NBD and FGB did not respond to requests for comment.
Abu Dhabi Education Council announced on Sunday that children attending public schools could be registered via their ID cards and a proof of residence, a change that it claimed would cut the registration time to three to five minutes from 28 to 32 minutes previously.
The Telecommunications Regulatory Authority announced last week that it was working with EIDA and the Central Bank on a scheme that will enable residents to use their smartphones as a means of identity by May.
jeverington@thenational.ae
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
Specs – Taycan 4S
Engine: Electric
Transmission: 2-speed auto
Power: 571bhp
Torque: 650Nm
Price: Dh431,800
Specs – Panamera
Engine: 3-litre V6 with 100kW electric motor
Transmission: 2-speed auto
Power: 455bhp
Torque: 700Nm
Price: from Dh431,800
AL%20BOOM
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COMPANY%20PROFILE
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
The struggle is on for active managers
David Einhorn closed out 2018 with his biggest annual loss ever for the 22-year-old Greenlight Capital.
The firm’s main hedge fund fell 9 per cent in December, extending this year’s decline to 34 percent, according to an investor update viewed by Bloomberg.
Greenlight posted some of the industry’s best returns in its early years, but has stumbled since losing more than 20 per cent in 2015.
Other value-investing managers have also struggled, as a decade of historically low interest rates and the rise of passive investing and quant trading pushed growth stocks past their inexpensive brethren. Three Bays Capital and SPO Partners & Co., which sought to make wagers on undervalued stocks, closed in 2018. Mr Einhorn has repeatedly expressed his frustration with the poor performance this year, while remaining steadfast in his commitment to value investing.
Greenlight, which posted gains only in May and October, underperformed both the broader market and its peers in 2018. The S&P 500 Index dropped 4.4 per cent, including dividends, while the HFRX Global Hedge Fund Index, an early indicator of industry performance, fell 7 per cent through December. 28.
At the start of the year, Greenlight managed $6.3 billion in assets, according to a regulatory filing. By May, the firm was down to $5.5bn.
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
THE%20FLASH
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Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
'O'
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Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
