A federal credit bureau and targeted property tax would curb speculation more effectively than mortgage caps, a top Islamic banking chief said yesterday.
Hussain Al Qemzi, the chief executive of Noor Islamic Bank, told The National that the Central Bank should explore other methods of controlling property speculation rather than a recently announced increase in loan-to-value ratios.
The call came as lenders submitted a proposal to the Central Bank yesterday requesting that the 50 per cent minimum deposit for expatriates making their first property purchase be lowered to 30 per cent, according to two bankers with direct knowledge of the matter.
Noor Islamic Bank chief: UAE mortgage cap will hurt wider economy - The National
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