Monday 9 July 2012

gulfnews : Need to revise new banking stipulation

The rule that women cannot open or manage bank accounts for their children under 18 years of age is one that needs to be revisited.
The stipulation has been set by the UAE Central Bank and all banks in the country are obliged to abide by it. This rule stems from the fact that the UAE is a Muslim country and is in keeping with the Sharia provisions, according to the Central Bank.
Surely, there is no questioning when such a rule is applied in some cases, given the reasoning behind it.

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