Banks in the UAE are stepping in to help customers affected by the unprecedented rains that hit the country last month. Abdulaziz Al-Ghurair, chairman of the UAE Banks Federation, stated that banks are willing to provide a “lifeline” to individuals and businesses facing financial difficulties as a result of the storms. Whether it’s mortgage, auto finance, or personal loans, banks are willing to work with customers who have genuine reasons for needing assistance. This includes businesses that may have been damaged and do not have insurance.
Al-Ghurair emphasized that banks are an integral part of the economy and are committed to supporting customers in need. He encouraged affected individuals and businesses to approach banks for help, as it is an opportunity for them to bounce back. During the media briefing, Al-Ghurair mentioned that banks have previously shown maturity and flexibility during challenging times, such as the Covid-19 pandemic, by rescheduling loans for clients facing financial hardship.
The UAE witnessed the highest rainfall in 75 years on April 16, leading to significant disruptions in daily life. The flooding at Dubai International Airport resulted in the cancellation of over 2,000 flights, causing damages to businesses and individuals across the country. In response to the weather conditions, the Central Bank of the UAE (CBUAE) issued a notice to all banks and insurance companies to allow the deferral of repayment of instalments of personal and car loans for affected customers. This deferral period is set for six months and will not incur additional fees, interest, or increase the principal loan amount.
Individuals and businesses impacted by the storms can take advantage of the support being offered by banks in the UAE. Al-Ghurair reiterated the importance of providing assistance to those in need and working together to overcome challenges. He highlighted the banks’ commitment to standing by their customers during difficult times and encouraged genuine victims to come forward and seek help. By approaching banks with proof of their situation, individuals and businesses can access the lifeline being offered to help them recover from the financial setbacks caused by the unprecedented rains.
In conclusion, the UAE banks are playing a vital role in supporting customers affected by the recent weather conditions. By providing a “lifeline” to individuals and businesses facing financial challenges, banks are demonstrating their commitment to the well-being of their customers and the overall economy. The deferral of loan repayments and the willingness to work with genuine victims of the storms show the banks’ readiness to assist during times of crisis. Customers in need of support are encouraged to approach banks and take advantage of the assistance available to help them bounce back from the damages caused by the unprecedented rains.
