- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 05:30 06:49 12:14 15:11 17:33 18:52
Under the directives of Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum, Dubai banks have come together to offer a comprehensive relief package to help their customers ease financial pressures in the current economic environment caused by the coronavirus (COVID-19) outbreak.
The measures announced by the banks seek to support the UAE Government and the UAE Central Bank six-month economic stimulus package and the Dubai Government three-month economic stimulus package to support the business sector in the UAE and Dubai. Leading Dubai banks that have joined the effort to provide relief to their customers include Emirates NBD, Dubai Islamic Bank, Emirates Islamic, Mashreq and Commercial Bank of Dubai.
Measures by Commercial Banks with effect from 1 April to 30 June, 2020
(Emirates NBD, Mashreq and Commercial Bank of Dubai)
Small Business Customers:
Business Banking Customers:
Wholesale Banking Clients:
Measures by Islamic Banks with effect from 1 April to 30 June, 2020 (Dubai Islamic Bank and Emirates Islamic)
Individual Customers and Cardholders:
Customers with Existing and New Finance Facilities:
Priority Banking Customers:
Business Banking Customers:
Wholesale Banking customers:
His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of Emirates NBD said: “Emirates NBD’s measures support the plans that have already been put in place by our nation’s wise and visionary leadership to keep the UAE safe and prosperous. The health, safety and economic well-being of our customers and the community are our highest priority. Our measures to support and protect our stakeholders, as part of our Group-wide business resilience and continuity plans, are aligned with the directives of the Dubai leadership to develop solutions for defusing any obstacle that can potentially hinder our progress. We recognise the need to protect those most vulnerable and are committed to lending a helping hand during this uncertain time.”
HH Sheikh Ahmed further said: “These are exceptional times and we have gathered together the combined strength of our leadership, management teams and our employees to create unprecedented and additional measures to support those affected. We were among the first to recognise the needs of our customers, and the measures we are announcing today will supplement the reduced fees and charges we already put in place for Corporate Banking customers two weeks ago.”
“Our leaders have led the way with unity, strength and compassion and I firmly believe that this situation will bring us all closer together. We would like to reassure our customers that they can continue to bank with us safely through our pioneering digital banking solutions. I am confident that the measures we have put in place, combined with our proven expertise in digital banking, financial strength and liquidity will help us continue delivering on our promise of superior customer service during this extraordinary time,” he concluded.
His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank, said: “In these unprecedented times, strong and decisive actions are critical to sustain the economy. Led by the example set by the leadership of the UAE, and the timely and precise financial relief package unveiled by the regulator, we, at DIB are prepared to act quickly and effectively to ensure that our customers are fully supported in this period and the economic burden created by the COVID-19 outbreak is minimised as far as possible. In this respect, we have taken steps to ensure both physical and financial health and security of our entire client base and assure everyone that we remain committed to the UAE and all its residents as a trusted and reliable financial partner.”
His Excellency Hesham Abdulla Al Qassim, Chairman of Emirates Islamic said: “We are grateful for the trust our clients and teams place in us during this exceptional situation. Emirates Islamic is ready to continue to serve our customers with the full strength of our organisation’s dedicated leadership, management and wider team, and we will continue to create meaningful additional measures to support those affected. We remain proactive through this rapidly evolving period and are among the first in the Islamic banking sector to recognise the needs of our customers”
“Emirates Islamic’s relief measures reinforce the plans that have already been put in place by our nation’s wise leadership to keep the UAE safe and prosperous. The incredible guidance and example set by our leaders show us the way forward with unity, strength and compassion. I am certain this challenge will encourage us all to support one another. We would also like to reassure our customers that they can continue to bank with us safely through our convenient digital banking solutions. Our proactive measures, combined with our digital banking expertise, financial strength and liquidity, give us confidence to continue serving you with the same high standards you are accustomed to from us,” added Al Qassim.
Chairman of Commercial Bank of Dubai His Excellency Humaid Al Qutami, stated: “In these challenging times, like in the past 50 years, CBD stands by its customers. Our measures, which are fully aligned with the guidance of the government and the Central Bank of the UAE, will ensure our clients will continue to operate successfully. The combination of deferring payments, reducing or waiving selected fees, and supporting those whose jobs have been affected will enable corporations and individuals throughout the UAE to weather these unprecedented challenges. We encourage our customers to reach out to us, preferably through our award-winning digital channels, to utilise the measures implemented today.”
Specific measures announced by Commercial Bank of Dubai include providing easy instalment plans for school fees and other essential expenditure at no fees; facilitating home buyers by reducing the required down payment and waiving select fees; and offering SME accounts with no requirement for a minimum balance at no additional fees.
His Excellency Abdul Aziz Al Ghurair, Chairman of Mashreq Bank said: “Mashreq Bank is pleased to be part of the consortium leading this important and significant initiative supporting the UAE’s businesses, consumers and communities and aimed at alleviating some of the financial pressure and potential negative impact resulting from the COVID-19 situation.
“As one of the UAE’s oldest banks, we have a proud legacy of supporting the nation and those who live and do business here. We fully recognize the importance of assisting our customers, businesses and communities in these challenging times through these relief measures and we place the highest priority on ensuring the welfare and happiness of the society and all those living in the country.”
“In accordance with this announcement, banks will show more flexibility to stressed customers during this difficult time and support its retail, SME and corporate customers through several specific initiatives targeted at reducing their financial burdens. This is also in line with the UAE’s leadership and their efforts to support the UAE banking sector which in turn will have far reaching positive impact on various sectors that underpin the economy. This relief package will also reduce the risk many customers face of being exposed to temporary cash flow shortfalls during this trying period.”
“Our key priority is the safety and well-being of our people, our customers and our community. Mashreq is operating according to the highest safety and security standard to keep our clients’ businesses running smoothly and without unnecessary disruptions globally - whether our employees are operating from home or other office locations. We are ready to cater to the financial needs of our customers and partners with the same superior levels of quality and service we have always provided across our available channels,” Al Ghurair added.
The Dubai banks have also announced that all their branches continue to remain open to serve customers. The banks have undertaken precautionary measures across their branch network, ATM & cash deposit machine locations, including additional deep cleaning and sterilisation protocols. Furthermore, they have implemented training on safety guidelines, social interaction and preventative hygiene practices for all frontline staff.
The banks are also encouraging customers to bank safely via their digital banking platforms. Customers practicing social distancing can carry out everyday transactions such as making transfers, remitting funds or paying bills conveniently via the Mobile Banking Apps or Online Banking platforms.
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