Al Salam Bank has announced the wages payment service for corporates and institutions of all sizes, including small, medium, and large enterprises. This step aligns with the enhanced Wages Protection System (WPS), introduced by the Labour Market Regulatory Authority (LMRA) in collaboration with the Central Bank of Bahrain and other relevant entities.
The WPS is an electronic system designed to enhance transparency and accountability in wages disbursements by requiring employers to process wages through approved financial institutions. The system ensures that wages are delivered securely and on time, while also reducing labour disputes associated with delayed or unpaid wages.
As one of the first banks in Bahrain to adopt and implement this system through its digital platforms, Al Salam Bank enables its corporate clients to fully comply with the new regulatory requirements through a simplified payroll process available via the Bank’s Corporate Digital Banking Portal.
Al Salam Bank offers a comprehensive suite of features tailored to meet the needs of corporates and SMEs. These include full and immediate compliance with the WPS, easy and accessible digital wage transfers via corporate banking channels, enhanced payroll governance and transparency, and increased trust between employers and employees through reliable and secure disbursements. The Bank also provides specialized technical and advisory support to help corporates implement the system efficiently.
On the occasion, Mr. Ahmed Murad, Chief Corporate Banking Officer at Al Salam Bank, said: “We are proud to be among the first financial institutions to offer a fully integrated and compliant solution with the enhanced Wages Protection System, which marks a significant step in modernizing Bahrain’s labour environment. This initiative reaffirms our commitment to supporting our corporate and SME clients in adapting to regulatory developments through secure, flexible digital solutions. The service enhances payroll efficiency and strengthens employer-employee relations, ultimately contributing to the improvement of the local labour landscape and the national economy”.
This initiative falls in line with Al Salam Bank’s digital transformation strategy and continued efforts to deliver innovative and integrated corporate banking solutions that respond to evolving market needs and regulatory frameworks.
For more information, please contact your dedicated Relationship Manager or visit the Bank’s website at www.alsalambank.com.
