ADJD launches new digital money order system

The Abu Dhabi Judicial Department (ADJD) has announced that it launched a digital money order system for the disbursement of amounts held in deposit.

All the disbursement process has been automated starting from the deposit system until remittance in the beneficiaries’ accounts. This wholly electronic process was made possible by linking the ADJD systems with the servers of the Islamic Bank of Abu Dhabi (ADIB).

The innovation is likely to speed up the bank transfers and expedite remittance of their dues to the court users in an easy and simple way.

Youssef Saeed Al Abri, Under-Secretary of the Abu Dhabi Judicial Department, explained that the commissioning of the deposit digital transfer project comes in support of the efforts being undertaken by the ADJD in terms of digital transformation pursuant to the directives of Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs, and President of the Abu Dhabi Judicial Department, by harnessing the modern technical capabilities to ensure that services are provided with the required speed, especially those related to the disbursement of deposits and dues.

The project offers the possibility to follow up the bank transfers all along the electronic stages and verify their status at any time and immediate notifications are sent in the event of any problem in the transfer process to take the necessary remedy actions, the Undersecretary said. In addition to ensuring the complete confidentiality of the transfers and the court users’ data, it guarantees the accuracy of the settlements made with the bank, the integrity of the financial statements of the litigants and the accuracy of the bank transfer statements, Al-Abri added.

ADJD Under-Secretary added that this step is complementary to the efforts made in various sectors to improve the quality of the judicial services provided in accordance with the highest international standards, in particular with the implementation of the remote litigation system.

Meanwhile  total assets of the 18 listed national banks rose to around Dhs3 trillion in H1, 2020, up 8.2 per cent, compared to the comparable period of 2019, reflecting the strong financial profile boasted by the Emirati banks, according to data released on their websites.

The sector’s activity is highlighted by the profitability of the banks, as deposits increased around 13 per cent to around Dhs1.942 trillion during the first half of the year, from around Dhs1.72 trillion in the same period last year. Loans also witnessed growth, climbing 8 per cent from Dhs1.509 billion to Dhs1.629 billion during the reference period.

In more detail, the total assets of 11 ADX-listed national banks amounted to Dhs1.643 trillion against Dhs1.575 trillion. In DFM, seven listed banks saw their total assets increasing from Dhs1.069 trillion to Dhs1.347 trillion. FAB is the best performer with asset worth Dhs866 billion, accounting for 28.8 per cent of the total assets of all listed national lenders. Emirates NBD comes second with Dhs694.3 billion, or 23.1 per cent, followed by ADCB, Dhs406 billion, Dubai Islamic Bank, Dhs295 billion, and Abu Dhabi Islamic Bank, Dhs124 billion.

Upbeat sentiments continue to be felt at Abu Dhabi Securities Exchange (ADX), which saw last Thursday a total of 3,448 deals worth Dhs500 million over 187 million shares. Cashing on in the positive development, the Abu Dhabi Securities Market General Index was up 0.94 per cent to 4,542 points, driven by gains secured by some of the blue chips, specially FAB which closed high at Dhs11.40 following trades to the tune of Dhs109 million. It was followed by ADCB, which rose to Dhs5.75, after trades worth Dhs53 million, and ADIB, which closed at Dhs4.

The ADX General Index is a free float market capitalisation weighted index of stocks listed on the Abu Dhabi Securities Exchange. For an equity to be a member of the index it must have five trading days since it was listed.

There are six financial and investment firms listed on the Abu Dhabi Securities Exchange and five on the Dubai Financial Market, with the latter having seen its firms record net Q2 profits of Dhs575 million, a growth of 323.4 per cent over the same period last year. Six companies listed on ADX reported Dhs310 million during the same period.

The growth secured by these companies is driven by the steady performance witnessed by the local stock markets which factored into boosting the returns of the investment and financial services sector in general.

WAM