Apr 22 2011 |
more articles from
|
UAE central bank rejects extension of personal loans deadline
21 April 2011New retail loan system to be enforced on May 1
The central bank has rejected a request by banks to extend a May 1 deadline to enforce a new retail loan system but promised to consider their demands concerning services to major clients, press reports said Thursday.
The central bank conveyed its position during a meeting with the Emirates Bankers Association on Wednesday held to discuss the new regulations on personal loans and bank services fees, Alkhaleej Arabic language daily said.
" The central bank rejected a request to extend the deadline for the enforcement of the new personal loan rules and stuck to its May 1 deadline," it said.
The paper said representatives of seven key UAE banks attending the meeting presented proposals on services fees but they were not accepted by the central bank. It gave no details of those proposals.
The central bank said it had notified the country's 23 national banks and 28 foreign units that the new system had been published in the official gazette on March 31, which means they must adhere to the new rules on May 1.
The new lending regulations capped personal loans at 20 times a borrower's monthly salary and stipulated the loan must be repaid within 48 months.
The regulations cover all retail loans including personal, car, housing loans and credit credits. They are intended to control lending activity and excessive charges by banks following public complaints about a surge in bank fees.
© Emirates 24|7 2011
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment