Banks in the UAE allow residents to postpone paying installments and obligations for a period of six months after the storm.
The UAE Central Bank is allowing the postponement of debt payments for citizens and residents for six months due to the floods.
The Central Bank of the United Arab Emirates has decided to grant citizens and residents of the country a six-month delay in payment of their debts as a result of the floods.
The United Arab Emirates Central Bank has stated that banks may postpone loan payments for a period of six months following the storm.
For clients who have been impacted by the effects of the weather condition, the Central Bank of the United Arab Emirates (CBUAE) has issued a notice today to all banks and insurance firms, requesting that they allow the deferral of the repayment of personal and car loans for a period of six months.
Due to floods, the UAE postpones payment of installments and debts for citizens and residents.
The United Arab Emirates (UAE) has decided to postpone the payment of installments and obligations for its citizens and residents.
The delay in the repayment of instalments must not result in any additional fees, interest, or profits being imposed, nor should it result in an increase in the principal amount of the loan in any other way.
The Emirates' flood losses prompted new decisions to help residents.
The losses caused by the floods in the Emirates spurred fresh decisions to assist the locals.
The Central Bank further confirmed that if there is an insurance policy against loss and damage, commonly known as "comprehensive insurance," it will cover the damages to homes and vehicles caused by the heavy rains that occurred during the unstable weather conditions the country experienced the previous week. We anticipate holding the insurance companies accountable for providing indemnity.
The Central Bank went on to say that the same principle applies to residential properties too. Whether they own homes or structures covered by insurance, real estate owners have the right to have their property repaired if recent rains and weather conditions have damaged it.
The general public should contact SANADAK, the financial and insurance ombudsman, if they have a complaint or dispute with the insurance firm. The Central Bank strongly recommends that the general public read the insurance policy thoroughly and completely appreciate it.
