In a significant development, banks in the United Arab Emirates (UAE) are gearing up to offer a ‘lifeline’ to those businesses and individuals who were affected by devastating floods that struck the country on April 16.
According to the Chairman of the UAE Banks Federation, Abdul Aziz Al Ghurair, banks will provide financial assistance and relief measures to businesses and individuals grappling with the aftermath of the floods, however, the applicants will need to provide ‘genuine’ proof of the damages sustained.
In a circular published on April 22, the UAE Central Bank urged banks and insurers to take into account a maximum 6-month loan deferment for both personal and vehicle loans.
“There is no point in asking a business that’s been affected and not operating to keep making payments. Just show us the proof – what we don’t want to see is anyone trying to take advantage,” said Al Ghurair as quoted by Gulf News.
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