These relief measures include “offering refinancing, repayment deferrals or lower repayments where required.”
From April 1 until June 30, Dubai-based banks will waive loan repayments for three months for retail customers forced to take unpaid leave and for small businesses. The banks will also reduce the minimum monthly balance for basic business banking accounts to AED10,000 (US$2,700) and offer refund of charges on cash withdrawals done using debit cards on all ATMs of other banks across the UAE.
On top of that, the banks will provide customers with enhanced credit and trade lines to manage ongoing operational costs.
Leading Dubai lenders have announced support for customers trading in the UAE stock exchange by offering suitable instalment payment plans against additional collateral to help them maintain their margin trading positions.
Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, Emirates NBD and Mashreq Bank are among the lenders implementing those initiatives.