The Ministry of Human Resources and Emiratisation (MoHRE) and the Securities and Commodities Authority (SCA) have authorized Lunate and Daman Investments to be the first investment funds to operate under the Voluntary Alternative End-of-Service Benefits Scheme (Savings Scheme). This approval marks a significant step in the implementation of the scheme aimed at enhancing the financial well-being of private sector workers in the UAE.
A joint committee, comprising representatives from MoHRE and SCA, approved the applications of Lunate and Daman Investments after a rigorous compliance check with all necessary regulatory requirements and standards. This authorization allows these companies to launch savings funds for end-of-service benefits that not only protect capital but also comply with Islamic Sharia principles.
Employers can now register their employees in the Savings Scheme through Lunate’s website, by calling 026927213, or via email at eosb@lunate.com. Daman Investments can be contacted through its website, their call centre at 046109666, or via email at damaneos@daman.ae. Additionally, MoHRE has provided a dedicated page on its website with details about the scheme and registration processes.
The Savings Scheme is designed to invest end-of-service benefits in accredited investment funds, thereby growing workers' savings and providing returns on their investments. This initiative aims to enhance the economic impact for both employers and employees, supporting the broader UAE economic ecosystem.
In a joint statement, MoHRE and SCA emphasized the significance of granting final approval to Lunate and Daman Investments, recognizing their expertise in managing investment funds. The joint committee has outlined a streamlined process for implementing the Savings Scheme and evaluating company applications based on stringent regulatory standards.
The scheme ensures workers benefit from their end-of-service gratuity through safe investments, guaranteeing their financial rights and stability. It also aims to improve business operations by allowing employers to focus on development rather than administering end-of-service benefits. The Ministry encourages all private-sector companies to take advantage of the Savings Scheme's benefits and facilities.
News Source: Emirates News Agency
