The UAE Central Bank has taken a number of measures to help citizens solve their financial burdens, signing Memoranda of Understanding with four banks to take the number of financial institutions and companies joining the government’s initiative to settle citizens’ cheque defaulting issues to 17.
Abdullah Al Hamiz, Central Bank of the UAE assistant governor for banking supervision, told Gulf News that Sharjah Islamic Bank, HSBC, Noor Islamic Bank and the Arab Bank for Investment and Foreign Trade were the latest to join the list.
“Banks should shoulder a social responsibility and should contribute to the community by alleviating the suffering of those defaulted clients,” said Al Hamiz.
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