|UAE Banks Federation discusses UAE Nationals debts transfer with the Central Bank|
10 June 2013:- In line with the continuous consultation between both parties, UAE Banks Federation has discussed with the Central Bank its recent decision to stop Nationals' debts transfer between banks for 3 consecutive months, asking the Central Bank to reconsider same and allow banks to resume their activities of transferring and rescheduling loans, as such decision limits the choices of the customer, and plays against the open-market and the free economy system adopted by the country, as well as the decision gives rise to monopoly, and harm and damage the banks reputations.
The central bank's decision came to deal with the aggressive competition between banks on transferring Nationals' loans, and called for a temporary hold for a period of 3 months, in order to study this phenomenon and take the necessary actions about it.
The UAE Banks Federation aims through these discussions to reach a solution that returns benefits to customers and borrowers, by giving them the right of transferring loans from a bank to another, so they can benefit from the competitive interest rates that would reduce their burdens and facilitate their payments.
H.E AbdulAziz Abdullah Al Ghurair, Chairman of UAE Banks Federation, said: 'Our continuous cooperation with the Central Bank aims primarily to find the best solutions to reduce loans burden on Nationals borrowers, and here came the banks responsibility to provide the best services in a high level of transparency, and find further solutions and best interest rates to reduce Nationals borrowers loans. It is the customers right today to gain from the current interest rates on personal loans marking 2.8% in some banks, due to the strong competition which fall on the customer side'
The UAE Banks Federation has earlier urged the banks to find further solutions to reduce loans burden on Nationals borrowers following the Central Bank instructions, as the Federation is always keen to develop and improve the banking services to best standards of transparency and professionalism.
Besides the above, the UAE Banks Federation has formed a specialized committee dedicated to prepare and formulate a 'Code of Conduct' of business banking, which aims to strengthen cooperation and coordination between all banks, and serve the customers interests and rights in a very transparent manner, in addition to raising the level of financial literacy and enhancing emiratisation.
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