8 banks in UAE penalized for giving loans, credit cards to defaulters

Estimated read time 4 min read

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UAE penalizes 8 banks over loans to defaulters

The Central Bank of the UAE (CBUAE) imposed penalties on eight banks operating in the UAE after the lenders gave loans and credit cards to loan defaulters.

According to the CBUAE on Tuesday (May 16), the banks failed to comply with its instructions not to grant any loan or credit facility to beneficiaries of the National Defaulted Debts Settlement Fund (NDDSF). The fund supports UAE nationals who have defaulted on payments on loans and credit cards.

The CBUAE said that the eight banks were given administrative sanctions for ignoring its instruction regarding further loans NDDSF beneficiaries.

The Central Bank emphasized that banks and financial institutions operating in the UAE must abide by its laws to “safeguard the transparency and integrity of the banks’ business and enhancing the efficiency of the UAE financial system.” ICA/Expat Media


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