New system limits personal loans to 20 times a person’s monthly income repayable within 48 months

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UAE Central Bank announced today that it has adopted a new system of bank loans and other services provided to individual clients.

The announcement came at a press conference which was attended by Sultan Bin Nasser Al Suwaidi Governor of the Central Bank, Saif Al Shamsi Director of Treasury at the Central Bank and other senior officials.

The new system has been circulated to all banks and finance companies, including Islamic finance firms, it was said.

The new system limits personal loans at an amount equal to 20 times a person’s monthly income repayable within 48 months.

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