Central Bank of UAE Rules for Personal Loans, Credit Cards, Car Loans etc
UAE Central Bank(CBUAE) regulates Banks, Financial Institutes, Money Exchange companies etc in the UAE. CBUAE is well known for its apt regulations which have protected UAE Financial and Banking sector from shocks of financial meltdown. This boils down to the prudent way in which CBUAE formulates regulations.
Deposit taking and lending is one of the core activities of Banks in UAE. The banks in UAE and finance in UAE are well regulated by CBUAE when it comes to lending money. These regulations have been clearly laid out in their “Regulations Regarding Bank Loans & Other Services Offered to Individual Customers” document. I have worked for banks and financial companies here in UAE and this document has been my regular referral document whenever I had doubts with regard to various rules and regulations with regard to approval of Personal Loans, Credit Cards, Auto/Car Loans, Overdrafts etc.
The document contains below topics and rules/regulations for them:
- Personal Loan;
- Car Loan;
- Overdraft facilities;
- Credit Cards;
- Repayment Schedule;
- Loans to Army Personnel;
- Bank account related fees;
- Shariah Compliant banking services;
- and many other topics.
In the below form you will be able to download a PDF copy of the document for easy reference. This document is very useful for you whether you are a banker, student or you just wanted to refer and learn from it.