A top banker describes the industry's reaction to the implementation this month of Central Bank rules on retail lending as "anger, denial, then grudging acceptance".
Such has been the concern among banks in the UAE the Central Bank has now set up a retail banking committee, formed to consult regularly with the industry over future regulation.
But the gnashing of teeth among lenders has given way to concern, with some banks saying the new regulations will force the most radical shake-up of the industry in years. The initial effect appears to have been to cause credit growth to stall, with personal loans to residents barely budging between February and March, according to the most recent data from the Central Bank.
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