In its efforts to further enhance the speed and security of transfers, the Central Bank issued a series of updated policies.

Here’s what you need to know:

• As of 30 September 2017, all customers are required to provide a valid reason for the transfer of both local and cross-border payments in AED to allow banks to accept and process payment instructions. Any payment instruction submitted to RAKislamic without a valid reason for the transfer (purpose of payment or transaction type code) may be rejected or delayed. Please note that salaries processed via the Wages Protection System (WPS) do not require a Transaction Type Code.
  
  
• All domestic payment instructions are required to contain an International Bank Account Number (IBAN) in the beneficiary account number field. Any payment instructions, including WPS payments, submitted without an IBAN, with the exception of credit card payments, will be rejected. In addition, all credit to accounts held in banks operating in the UAE will be processed solely based on the beneficiary’s IBAN.
  
  
• If you have standing orders or instructions for processing payments in the future, you are requested to amend the same by providing a valid reason for the transfer. This can be done through RAKislamic’s Digital Banking channel.
  
  
• A valid reason for the transfer should be selected based on the type of customer relationship (individual or business customer) that you hold with RAKislamic and the type of the electronic payment to be made, namely local or cross-border.