Ministry of Finance and Samba Financial group sign an Agreement to perform the bank guarantees service e-registration using the e-dirham system
Ministry of Finance (MOF) and Samba Financial group signed an Agreement to perform the bank guarantees service e-registration using the e-dirham system. (The service of automatic registration of bank guarantee-E-registration- via E-Dirham system)
The Agreement was signed by Mr. Faisal Ali Al-Mansouri Revenue Administration Director in Ministry of Finance and Mr. Tony Mojabber the general Manager for the Samba Financial group.
Mr. Faisal Ali Al-Mansouri Revenue Administration Director in the Ministry of Finance said that according to this Agreement the Bank Branches operating in the country will issue bank guarantees letters electronically for the Ministry of labor through the e-dirham system managed by the Ministry of Finance.
Mr. Al-Mansouri asserted that the e-registration of the bank guarantees letters has succeeded in removing all the obstacles that faces the clients while finishing the procedures of banking guarantees pertaining to work visas, he pointed out to that this service represent the efforts of the Ministry of Finance to develop performance by implementing the use of modern technology to represent and manage operations and procedures and to simplify and speedup work and to facilitate the use of the service to its clients whether individuals or enterprises.
Since the Ministry of Finance launched its bank guarantees e-registration service in April 2003 in according with its Agreement with the Ministry of Labor, all the procedures relating to payments of bank guarantees are done electronically under the e-dirham system.
This service gives enterprises and companies the ability to obtain the Ministry of Labor guarantees relating to the imported labor by using the e-dirham, whish saves the expenses relating to these guarantees and establishes the desired level of supervision.
It should be mentioned that the e-dirham system which was launched by the Ministry of Finance in the year 2001 has succeeded in few years in presenting a modern alternative for the manual collection methods and to become a secure and modern collection method.
The e-dirham system has expanded to cover all Ministries and Federal Departments, which attracted a big number of local departments and big trade sector companies and other private companies to make use of the advantages this system offers.
It is hoped that the e-dirham system will turn to a general system in the UAE the thing which will have its positive impact in raising the effectiveness of the fiscal system.
