UAE bounced cheque law hurts businesses, economists say | The National:
"Criminal punishment related to bounced cheques in the UAE disproportionately disadvantages entrepreneurs and SMEs, economists and business owners said on Tuesday.
The UAE’s Commercial Transactions Law states that issuing a cheque while knowingly lacking the funds to cover it is a criminal offence. Cheques are widely used as collateral for large purchases and loans made to businesses and consumers.
“Creating a climate of entrepreneurship means allowing that some businesses are not going to succeed,” said Rachel Ziemba, the director of global emerging markets at Roubini Global Economics."
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