29.04.2011 - New unified banking rules take effect from Sunday
Starting Sunday, bank customers cannot obtain car and personal loans exceeding 20 times their monthly salary and only those with an annual salary of Dh60,000 or more will be considered for a credit card following the new Central Bank regulations meant to protect customers from borrowing beyond their means. "This is the beauty of this regulation. It protects consumer rights so borrowers don't load themselves with extra loans that they can't repay unless they have another income and can prove it," said Jasem Al Beloushi, Head of Retail Banking at Sharjah Islamic Bank (SIB)..............................................Full Article: Source
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