UAE: No freeze of funds |
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Banks in the UAE have refuted reports that they will freeze the bank accounts of people who have not obtained their ID cards by the end of the year deadline.
Bank officials have told 7DAYS that unless specifically instructed by the Central Bank of the UAECentral Bank of the UAE
to do so, bank accounts will remain open to customers as normal. No communication stipulating such a ruling has been received, they say, and so are not considering freezing any accounts.
"So far we have not had any specific instructions from the Central Bank of the UAECentral Bank of the UAE
to freeze the accounts of people for not having an ID card," said Saad Hakim, Public Relations Manager of Mashreq BankMashreq Bank reacting to a news report published in an English language daily. "We have checked with the central bank on this matter and they have not issued any such notice. "Bank accounts are not frozen unless courts ask us to do this. Such cases are very rare. All banks are bound to follow the instructions of the central bank of the UAE on any official matter," he said, adding that they are still following the old procedures for opening an account, such as checking the passport, labour card or driving licence.
Citibank also denied the report and said it is not considering any such measures. HSBC said it has no plans to freeze bank accounts of anyone who misses the deadline for the new ID cards.
Any expatriate professionals holding a bachelors degree are required to have an ID card by year's end to avoid problems with the banks or the government departments.
But people are facing difficulty getting the card because of the lengthy queues at the Emirates Identity Authority (EIDA) centres.
Nearly 600,000 expatriate professionals are yet to apply for a national ID card.
EIDA has so far ruled out the extension of the deadline after December 31.
© 7Days 2008
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Mr. Zarouni, Chairman of EIDA, has been quoted in a few publications as saying that the EIDA is in talks with banks to freeze accounts and that the move is fully supported by banks. Please double check this! [Report Abuse | Email to a Friend | Reply to this Comment]