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Some UAE banks sue property defaulters

Posted on 04 November 2011

Some conventional and Islamic banks in the UAE have started filing cases against mortgagors of foreclosed properties in order to recoup their losses.
“Banks (conventional and Islamic) have started to file cases to recover their losses from mortgagors if the losses are huge and they are certain that the mortgagor has assets that can be attached. Some of our clients have filed cases against the mortgagors,” Mazen Boustany, Head of Banking and Finance at Habib Al Mulla & Company………………………………………..Full Article: Source

 
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