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UAE Bank Set to Recover Funds Not Debited During System Upgrade
The Arabian News > Business > UAE Bank Set to Deduct Funds Not Debited During System Upgrade
Business

UAE Bank Set to Deduct Funds Not Debited During System Upgrade

Dubai Islamic Bank clarified that affected account holders were proactively notified about pending transactions.

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UAE Bank Set to Recover Funds Not Debited During System Upgrade
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Dubai Islamic Bank (DIB) has informed its customers via email that it will be deducting funds for transactions processed during a system upgrade earlier this year but were not debited from their accounts at the time.

Last week, several DIB customers received notifications from the bank, explaining that while their transactions had been successfully processed by merchants during the system upgrade, the corresponding amounts were not deducted from their accounts.

“During the system upgrade activity executed mid-2024, certain transactions conducted by customers on their DIB cards were processed by the relevant payment networks but not debited to the account of the customers at the time. Having achieved the required level of system stabilisation, the bank is now in a position to go ahead and recover the amounts from respective customers,” DIB recently stated in an interview.

In June, the UAE’s largest Shariah-compliant bank acknowledged that some customers experienced service issues during the upgrade, which was carried out to improve banking services.

By July, the bank reassured its customers that they would not be penalized with late payment fees or other charges resulting from system errors during the upgrade.

“However, in order to ensure that the customer is informed of any activity being performed on the account, and to keep the customer informed before conducting a debit as well as to allow them adequate time to fund the account or clarify with the bank, a series of messages starting with an email detailing the specific transactions followed by multiple SMSs’ have been initiated for affected customers for the pending transactions which were successfully processed by merchants at the time,” the statement elaborated.

Established in 1975, DIB is the largest Islamic bank in the UAE by assets, employing over 10,000 staff and operating approximately 500 branches across the Middle East, Asia, and Africa. With more than 5 million customers across the group, DIB provides a variety of Shariah-compliant services to retail, corporate, and institutional clients.

The bank clarified that it had proactively informed affected account holders about the outstanding transactions and had taken appropriate measures to minimize any inconvenience.

Customers were advised to ensure sufficient funds in their accounts to cover both the pending transactions and any other financial commitments, such as cheques, direct debits, and standing instructions, to prevent their balances from falling below zero.

“We are committed to resolving any concerns swiftly and transparently, ensuring that all our stakeholders are supported through any changes in our systems. We deeply regret any inconvenience this may have caused, and appreciate the understanding and cooperation of all our customers,” the bank concluded in its statement.

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