Dubai's Islamic, commercial banks announce relief package
The measures come into effect from 1 April to 30 June, and are structured to help customers ease financial pressures
Dubai banks are offering a comprehensive relief package to help customers ease financial pressures, in the light of the ongoing COVID-19 outbreak.
Under the directives of Vice President and Prime Minister of the UAE and Ruler of Dubai HH Sheikh Mohammed bin Rashid Al Maktoum, the measures are structured in support of the stimulus packages launched by the UAE government and UAE Central Bank to back the business sector in the UAE.
The banks that are jointly providing relief to their customers include Emirates NBD, Dubai Islamic Bank, Emirates Islamic, Mashreq and Commercial Bank of Dubai, Dubai Media Office has stated.
The customers that can benefit from the measures include small business customers, individual customers, retail loan customers, trading clients, business banking customers, wholesale banking clients and customers, priority banking customers, among others.
As part of the offered measures by Emirates NBD, Mashreq and Commercial Bank of Dubai, first-time home buyers can benefit from a 5% increase in the loan-to-value (LTV) ratio and a full waiver of processing fees.
Dubai Islamic Bank and Emirates Islamic bank are offering customers finance-to-property value for first-time home buyers at an increased 5%; up to 85% for UAE nationals and 80% for expatriates.
Additional benefits to customers include repayment holiday, refund of charges such as cancellation of travel bookings, cash withdrawals using debit cards, interest-free installment plans, as well as low interests, special pricing on easy payment plans, 50% reduction on cash advance charges for credit card withdrawals, among others.
The measures by Dubai's commercial banks and Islamic banks are with effect from 1 April to 30 June, 2020.
In addition, Dubai banks have also announced that all their branches continue to remain open to serve customers. The banks have undertaken precautionary measures such as deep cleaning and sterilisation acitivity, across their network and ATM and cash deposit machine locations.
The banks have implemented training as per safety guidelines, social interaction and preventive hygiene practices for all frontline staff.
As part of their efforts to curb the spread of the outbreak, the banks are also encouraging its customers to bank safely via their digital banking platforms.