Loans paid directly to landlords and educational institutions

Sharjah, UAE: 29 August 2015 - United Arab Bank has launched a range of loans specially designed to help customers meet the rising costs of rent and school fees.

Cash Flow loan paid directly by the bank to the relevant landlord or educational establishments- is available to salary transfer customers at an interest rate of just 3.99%. By comparison, average market rates in the UAE range from 5.49% to 5.99%.

Tony B. Graham, Executive Vice President of Retail Banking at UAB, said: "Cash Flow is the only loan in the UAE that directly address the two largest - and most important - financial obligations most people have in the UAE: rent and school fees.  Neither of these are optional though managing them can be very stressful for people as they are not aligned to the way people receive their salary.  If you're an employee of an approved company, Cash Flow can transform these expenses into manageable monthly installments."

Cash Flow loans are available salary transfer customers of UAB customers who earn at least AED 10,000 per month. The maximum loan amount is the lower of five times' fixed monthly salary or AED 400,000, with a repayment period of up to 12 months.

Any UAE resident who meets the salary and employment requirements and transfers their salary to United Arab Bank can take out a Cash Flow loan regardless of the length of time they have been employed. In addition, the loan can be taken to pay for education outside the UAE.  To facilitate international transfers, customers have a choice of payment in AED or a currency of their choice.

About UAB:
United Arab Bank P.J.S.C ("UAB" or "the Bank") was established in 1975 as a joint venture between UAE investors and Societe Generale. As at 31 March 2015, the bank is operating with a network of 30 branches and offices spread across the UAE with its headquarters in Sharjah. UAB offers a range of financial services in both Corporate and Retail and is acknowledged as a leading solutions provider to the growing commercial and industrial base across the seven Emirates.

Through the provision of a comprehensive range of Corporate Banking, Retail Banking, Trade Finance, SME Banking and Treasury services, UAB is the Bank of choice among major corporate clientele segments in the UAE. With the launch of its 'Sadara' premium banking service, Islamic Banking Services and 'UAB Rewards' loyalty programme, the Bank has grown its retail customer base, aiming to expand further. All these initiatives and consistent year on year performance have positioned UAB as one of the fastest growing banks in the region.

As at 31 December 2014 the Bank was ranked 20th amongst the top listed companies in the UAE and is one of the top 50 banks in the GCC in terms of market capitalization. UAB announced a record Net Profit of AED605m for the year ended 31 December 2014, an increase of 10% over 2013 and the highest annual Net Profit ever reported by the Bank.

In December 2007, UAB became part of a GCC regional banking alliance upon the acquisition of 40% interest by Commercial Bank (Q.S.C.), Qatar's largest private sector bank. UAB's strong financial performance in subsequent years is indicative of the benefits gleaned from its strategic alliance with the Qatari Bank.

Commercial Bank (Q.S.C.) has similar alliances with National Bank of Oman (NBO) and Alternatifbank in Turkey, thus providing a solid platform for all three banks to grow strongly as we move forward.

For further information, please contact:
United Arab Bank
Lina.Shehadeh
Direct Line: +971 6 5075425
Lina.Shehadeh@uab.ae

SAHARA Communications
Maria Tayem
Tel: +971 4 3298996 
Mobile: +971 50 1714347
maria@saharagcc.com

© Press Release 2015