Are foreign banks in the UAE helping customers affected by Covid-19? – The National

Are foreign banks in the UAE helping customers affected by Covid-19? – The National

The Central Bank has asked all lenders in the Emirates to grant financial relief to their clients, but the measures vary. While Dubai banks - including Emirates NBD, Mashreq, Commercial Bank of Dubai, Dubai Islamic Bank and Emirates Islamic - and Abu Dhabi banks - including First Abu Dhabi Bank, Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank - have co-ordinated and released common financial initiatives in each emirate, foreign banks have released initiatives individually.. If customers with existing loans are facing reduced cash flow, a temporary loss of payment or redundancy, they can apply for a 75 per cent reduction in their monthly instalments with significantly lower interest. ". The rewrite programme allowed customers to apply for a reduction of up to 50 per_cent.. Previously clients could apply for a payment holiday of up to two months.. Mr Sharma says this feature is used by less than 10 per_cent of its customers in the UAE market.. Similar to local banks, Citi has removed the Dh2 fee to use other banks' ATMS for three months from April 1 until June 30.. “¢ Customers who have been placed on unpaid leave by their employers can apply for a one-month repayment