UAE Lifts Loan Transfer Ban For Nationals

The central bank of the United Arab Emirates has conditionally lifted a ban on transfers between banks of personal loans to local citizens, according to CPI Financial.

The conditional lift of the ban comes after the UAE Banks Federation of banks lobbied for the ban to be relaxed. The conditions of the ban lift involve “the extension of personal loans, the size of each loan relative to the borrower’s income, and a maximum 48-month maturity for loans,” according to the report.

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