UAE banks accused of abusing personal loan rules - Emirates 24/7

UAE banks accused of abusing personal loan rules - Emirates 24/7:

"The UAE Central Bank has accused banks in the country of violating personal loan regulations it enforced nearly two years ago.

The Central Bank said it had also issued instructions to the country’s 23 national banks and 28 foreign units not to give credit cards to clients unless they deposit enough funds or have their salaries transferred to the issuing bank.

“The Central Bank has discovered many violations by banks regarding its rules about personal loans, mainly regulations stipulating that such loans must not exceed 20 times the client’s monthly salary and that banks must not take 50 per cent of the debtor’s salary,” said Khaled Al Kharji, head of the banks’ control division at the Central Bank."

'via Blog this'