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Lunate, Daman Investments first investment funds authorised under voluntary Savings Scheme

Lunate, Daman Investments first investment funds authorised under voluntary Savings Scheme
4 July 2024 19:10


The Ministry of Human Resources and Emiratisation (MoHRE) and the Securities and Commodities Authority (SCA) have authorised Lunate and Daman Investments to be the first investment funds to operate under the Voluntary Alternative End-of-Service Benefits Scheme (Savings Scheme).

The joint committee, which includes representatives of MoHRE and SCA, approved the two companies’ applications after ensuring their compliance with all documents, regulatory requirements, standards, and conditions.

This authorisation allows the companies to launch two savings funds for end-of-service benefits offering alternatives that protect capital and comply with Islamic Sharia. They will also be authorised to sign agreements with employers and accept voluntary subscriptions, in accordance with a strict set of standards and obligations.

Companies can apply to register their employees in the Savings Scheme by contacting Lunate through its website, by calling 026927213, or via email at

Meanwhile, Daman Investments can be reached through its website at, call centre at 046109666 or via email at

MoHRE has also created a dedicated, regularly updated page for the Savings Scheme on its website, featuring details about all authorised savings funds and registration processes.

The Savings Scheme aims to invest financial sums allocated for end-of-service benefits for private sector workers in investment funds accredited by the Ministry of Human Resources and Emiratisation and the Securities and Commodities Authority, with the aim of growing workers’ savings and allowing them to benefit from return on their end-of-service investments, which, in turn, strengthens employers’ and employees’ economic impact and supports the UAE’s economic ecosystem.

In a joint statement issued on Thursday, the Ministry and the Authority said: “Lunate and Daman Investments have been granted final approval to launch the End-of-Service Programme for workers in the UAE, in recognition of their role as leading financial institutions with an impeccable reputation and extensive experience in managing investment funds. This, in turn, serves to enhance efficiency in implementing the Savings Scheme, offering notable benefits for workers and improving their financial situation.”

The statement explained that “the joint committee has set a specific process to expedite the implementation of the Voluntary Alternative End-of-Service Benefits Scheme, and assess requests from companies interested in establishing investment funds dedicated to the new scheme, based on credible regulatory standards and requirements that help ensure efficiency, reliability, and integrity in service provision.”


The statement goes on to note that the joint mechanism requires companies to submit their applications, obtain accreditation or preliminary approval from MoHRE, and then proceed with the process to obtain the final licence for the Savings Scheme from SCA, provided they include the necessary documents and meet the conditions and standards for establishing end-of-service benefits investment funds.

“The Committee sought to ensure applicants’ preparedness, financial capacity, and experience before approving them for the Savings Scheme,” the statement continued, noting that “this enhances efficiency in the Scheme’s implementation and highlights the sustainable economic impact it achieves for service providers, underlining the advanced levels of social responsibility in the UAE.”

The Savings System serves to ensure that workers benefit from investing their end-of-service gratuity, generating additional financial gains through the safe investment of their savings, which helps guarantee their rights and ensure stability for their families. The Scheme supports activities that enhance the ease of doing business, in addition to attracting and retaining talent. It also leverages the robust infrastructure of investment funds and licensed service providers to manage workers’ end-of-service entitlements. 

The Scheme enables employers to focus on business activities, development, and capital building, instead of operational processes related to administering and disbursing end-of-service benefits, which boosts employee loyalty, satisfaction rates, and productivity by safeguarding their interests and financial entitlements.

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