The UAE Central Bank has held that banks operating in the UAE have no right to seize the money of their clients unless they had defaulted on payment of three successive loan instalments. The regulator urged those subjected to freezing of their funds by banks for unjustifiable reasons to file complaints with it.
The statement came in reaction to a complaint by an expatriate who was dismissed from his job at a local department and found that his account had been frozen by his bank. Requesting anonymity, the aggrieved person called on the Central Bank to look into the measures initiated by the bank and to revise them for the general benefit of depositors.
S.S. said he was allowed by his employer to look for another job and given the assurance that his visa would be valid until he had found another job. He said his bank dashed all his hopes when it emptied his funds and imposed a freeze on his account.
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