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Islamic Finance Briefing - Categorized | Banking, Finance more

Emirates NBD to use work gratuity as collateral against bank loans

Posted on 21 December 2010

From Arabianbusiness.com: Emirates NBD, Dubai’s largest bank by market value, on Monday said it plans to offer personal loans that will be underwritten by customers’ end-of-contract employment gratuity.
Customers will be able to borrow up to 90 percent of their gratuity, with a minimum loan amount of AED10,000 ($2,722), on the premise that their severance pay is used as collateral, the bank said……………………………………….Full Article: Source

 
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