Banks form panel to ratify new loan rules

The Emirates Banks Association, in cooperation with banks operating in the UAE, have formed a committee made up of 10 local and foreign banks, to reach a final version of models for personal loans and financial services.
Abdullah Ghubash, Chairman of the Technical Committee of the association, was quoted in Al Ittihad as saying, “The Central Bank has requested that this task be completed within a month. The banks and the association will deliver the required forms during the given period.”
He added, “After the committee’s adoption of the unified models it will be referred to the Board of Directors and following its adoption it will be sent to the Central Bank, which can make its own amendments. Then it will be binding on all banks operating in the country.”
Fatahi Sakik, General Manager of the Banking Association, said, “There are some inquiries from banks about the terms of the mechanism and the new system announced by the Central Bank related to personal loans, that need to be clarified.”

He added: “The newly-formed committee is currently receiving feedback from all the banks.”

Some of the new fees for bank transactions are as follows:

For opening new account – none

If balance is less than the minimum “monthly” - Dh25

Non-arrival of salary - none

Closure of account (if closed within one year of opening) - Dh100

Lack of sufficient credit in the account - Dh25

Issuing certificate of account balance - Dh50

Issuing clearance certificate - Dh50

Non-moving accounts - no charges

Teller transactions at branch (6 transactions monthly free) - Dh10 for each additional transactions

For cash withdrawal or deposit - none

Postpone the payment of the loan – Dh100 for each time

Loan restructuring - Dh250

Bounced cheques - Dh100

Periodic statement of account - Dh25 outside period agreed on 

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