Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and within the framework of His Highness’s keenness to find various possible support for the citizens of the UAE and residents on its soil in these exceptional situations, the banking sector in the Emirate of Dubai revealed an initiative that includes a number of The procedures, measures and privileges granted to its clients in the current period, with the aim of alleviating the current economic pressures caused by the spread of the Corona virus emerging (Covid-19) in different regions of the world.

Participating in this initiative, which covers the period from the first of April to 30 June 2020, aimed at confirming the full support of the beneficiaries of banking services in the UAE, the main banks in Dubai are: Emirates NBD Group, Dubai Islamic Bank and Mashreq Bank And Commercial Bank of Dubai, which has a total deposits of 693 billion dirhams, while the amount of loans provided through it reaches 639 billion dirhams, while these banks represent about 37% of the market share in the banking sector in the United Arab Emirates, and it has a significant contribution And influencing the growth and development of the national economy.

Retail loans

The measures included in the initiative included, for individuals, allowing customers who obtained retail loans, and employers asked them to take unpaid leave, to obtain a grace period of up to three months, during which they would stop paying the installments due to them, without paying any interest or fees.

The initiative also gave all first-time homebuyers the opportunity to benefit from a 5% increase in the ratio of financing to value and full recovery of application processing fees, which would make property ownership significantly more achievable.

The facilities offered by participating banks to their clients, who may need to cancel their travel reservations, which were made via their credit and debit cards, include the refund of transaction fees in foreign currencies imposed by the bank.

Refund of fees

The initiative also allows individual customers to recover fees for cash withdrawals, which are made using debit cards on all ATMs, even those not affiliated with the customer’s bank, and throughout the country.

Credit card customers can take advantage of the installment payment programs due to school installments and food purchases, without paying any interest or transaction fees, for a period of up to six months.

Business sector

For the business sector, the facilitations included in the initiative include reducing the minimum monthly balance required for the business account to 10 thousand dirhams, in addition to exemption from the fees for the minimum balance for the business account for a period of three months. While the initiative also made it possible to postpone the payment of installments for a period of three months, based on the request of clients who have access to business financing facilities.

Corporate services

For corporate banking customers, it has been decided that the priority in granting supportive measures to the main sectors that contribute to the country's economy will be those most affected by the current situation, including health care organizations, aviation, hospitality, retail, event management, consumer goods, and education, by providing them with a rescheduling option. Payments, delaying payment of installments or reducing the value of payments, when necessary.

Banks urged dealers from the companies most affected by this exceptional global situation to communicate with the managers of their banking relationships, to find the best supportive solutions for them, within the framework of the available facilitations.

Emirates NBD

Emirates NBD announced its continuous support for the economic stimulus packages announced by the rational leadership of the United Arab Emirates and the central bank, to enable the continuous economic growth in the country, and alleviate the financial burdens faced by individuals and companies, due to the continued outbreak of the emerging Corona virus (Covid-19). ) around the world.

Commenting on the procedures approved by the bank, His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Emirates NBD Group, said: “The economic stability of our colleagues, customers, and all members of society, their health and safety, is a top priority for us, and we are doing our utmost to protect and support all our partners. In the framework of the group’s plan to ensure the continuity and flexibility of our business, while we strive to protect the group most in need, confirming our full commitment to support them during this period. ”

His Highness added: “In compliance with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, we were among the first to initiate, within the banking sector to support customers, and we immediately took a series of additional unprecedented measures to support those affected, as an extension of the decision we took two weeks ago to reduce transaction fees for clients Bank of Companies ».

His Highness continued: «We are keen to support the plans implemented by our rational government to keep the UAE always safe and prosperous, led by our rulers who paved the way for success for the UAE, and strengthened the souls of all its citizens with feelings of strength, solidarity and solidarity. We have great confidence in our ability to overcome the current situation and we are more powerful, and we assure our valued customers that they can continue to conduct their banking transactions safely and securely through our highly efficient and reliable digital platforms. It will help us to continue to deliver the highest levels of customer service, in this exceptional period. ”

In addition to the facilities referred to in the framework of the initiative, which were provided to the customers of the participating banks in the implementation of this initiative, from individuals and companies, and aimed at supporting them at this stage, Emirates NBD revealed measures that include the empowerment of all the bank's customers, who benefited from personal loans. Or car loans or mortgages, apply for a grace period and stop paying for one month without paying any additional fees, with the ability of credit card customers to benefit from the current low and attractive interest rates, and long-term installment programs that include various pain Procurement of retail shops.

Cash withdrawal credit card users will enjoy a 50% reduction in cash advance fees. As for the bank's clients from small companies who have commercial loans, construction equipment loans and vehicle loans affected by the current situation, they can postpone the payment of their installments three months without any interest or fees.

The bank provides its customers with the opportunity to activate the services of Smart Trade for free for a period of three months, which enables them to carry out more digital transactions through the bank, while providing regular benefits in terms of fees for issuing letters of credit and bank guarantees through the platform Smart Trade, in addition to Improved credit and commercial financing facilities to manage their ongoing operating costs.

Dubai Islamic

Mohamed Ibrahim Al-Shaibani, Director General of the Ruler's Court of Dubai and Chairman of the Dubai Islamic Bank, said: “In these unprecedented times, strong measures and critical decisions are necessary and important to preserve the economy. Following the example of the leadership of the United Arab Emirates and the tight financial relief package that the organizers revealed at the time, we confirm that we at Dubai Islamic Bank are ready to work quickly and effectively to ensure that our customers are fully supported during this period, and alleviate the economic burden they are experiencing as a result of the Corona virus, As far as possible. ”

He added, "In this regard, we have taken steps to ensure the health and safety of our entire customer base, on both the physical and financial sides, and we assure everyone that we are committed to the UAE and all citizens and residents as a reliable and reliable financial partner."

Holiday pay off

In addition to the facilities that will be included in the initiative through the participating banks in activating it, it will be possible for Dubai Islamic Bank customers who obtained personal finance or auto or housing finance to apply for a one-month payment holiday without fees.

Customers using credit cards for cash withdrawals will also enjoy a 50% reduction in advance cash advance fees.

For the bank’s small corporate clients, those who benefited from merchant financing, equipment financing, or commercial vehicle financing for businesses, affected by the global situation as a result of the spread of the Corona virus, can apply for a three-month payment holiday without profits or fees.

Emirates Islamic

In the same vein, Emirates Islamic Bank announced taking a number of support measures, with the bank’s firm commitment to take everything that protects the financial future and the aspirations of its customers and the Emirati society as a whole, during these exceptional circumstances.

Emirates Islamic Board Chairman Hisham Abdullah Al Qasim said: “The bank puts the health and safety of its customers and employees, and the protection of their financial interests and society in general at the forefront of business priorities, and we are doing our best to ensure financial protection for all, within the framework of the plan set by the bank to ensure the continuity and flexibility of our business . In line with our Islamic values, we focus specifically on protecting the people most affected in such times, when those most in need are in need of help. ”

He added: «We are proud of the confidence of our customers and our team during these exceptional circumstances. We confirm that Emirates Islamic is ready to continue providing its services to its customers with all its strength and with the support of its leadership, management and dedicated work team, and we will continue to put in place additional feasible measures to support those affected. ”

He continued, "We will continue to work in a proactive and prudent manner during this period of rapid development, and we will maintain the lead in the Islamic banking sector while realizing the nature of our clients' needs."

Al-Qasim said: “We would like to assure our customers that they can continue to deal with our bank in safety and confidence, by using our advanced and appropriate digital banking solutions. Our prudential measures, along with our digital banking expertise, our solid financial presence and our strong liquidity position, give us confidence to continue serving them at the same high standards they are accustomed to. ”

Supportive facilities

In addition to the support features and facilities referred to by the banks participating in the initiative to reduce the economic burden resulting from the spread of the Corona virus emerging around the world, Emirates Islamic allows its credit card customers to provide cash liquidity upon request, in addition to exemption from Balance transfer fees, and the ability to request debt consolidation service for current and new clients. For corporate banking customers, the bank's new procedures will support the main affected sectors by providing a refinance service as needed, postponing the payment of installments, or reducing installments when necessary.

The bank also intended to reduce digital transaction fees for all commercial financing customers, and Smart Trade customers can benefit from a large discount on transaction processing fees, in addition to the ability to activate Smart Trade services for free for a period of three months, to enable customers to direct more digital transactions To the bank.

Mashreq Bank

On his part, Mashreq Bank Chairman, Abdulaziz Al Ghurair said: “Mashreq Bank is pleased to be part of this alliance, which is leading this important initiative that supports companies, consumers and societies in the United Arab Emirates, which aims to relieve some of the financial pressure and potential negative impact Resulting from the outbreak of the new epidemic of Corona around the world ».

He added: “As one of the oldest banks in the UAE, we have a proud heritage in supporting the economy of the country and its people, and all those who live and work on its land, with our full awareness of the importance of helping our customers, partners and our societies in these difficult times, through these measures, while we place a high priority To ensure the welfare and happiness of society and all its members. ”

He explained, “According to this initiative, banks will show greater flexibility to customers who are overburdened with obligations during this exceptional time, and will support retail customers, small and medium-sized companies and businesses, through many specific initiatives aimed at reducing their financial burdens, in compliance with the guidance of rational leadership, and encouraging the UAE banking sector to play a role Influential at this stage, which will have a positive long-term impact on the various sectors supporting the economy. The new supporting measures package will reduce these challenges faced by many customers during this difficult period.

Al Ghurair added: “Our main priority is the safety and well-being of our people, customers, and society, while (Mashreq) operates according to the highest safety and security standards to keep our customers working smoothly and without any unnecessary disturbances worldwide, whether our employees work from home or from other office sites.” .

Dubai Commercial

With the participation of Commercial Bank of Dubai in implementing the initiative to support the banking sector in Dubai for its clients across the country, the head of the Commercial Bank of Dubai, Hamid Al Qatami, stressed that “in light of these challenges and these difficult times, Commercial Bank of Dubai will be, as was its custom during the 50 years The past, supportive and supportive of its clients, ”noting that“ the decisions and measures that are fully in line with the directives of the rational leadership, the government of the UAE and the central bank, will help clients to continue their activities successfully. ”

He added: “Combining the advantages of postponing payments and reducing or canceling some fees and helping everyone whose work is affected will have a positive impact in enabling companies and individuals in the UAE to overcome the current challenges and meet their obligations, and we invite all our customers to communicate with us, especially through highly efficient and reliable digital channels and channels. , To enjoy the measures announced today.

Among the measures announced by Commercial Bank of Dubai are: Providing an easy and interest-free payment process for school fees premiums and other basic expenses, and helping those who want to buy a house to reduce the value of the first payment and cancel some of the specified fees, in addition to providing the possibility of opening a bank account for SMEs without a minimum balance , And without additional fees.

Trading clients

Emirates NBD announced that regarding trading clients, and in light of the severe impact on the stock markets, the bank announced its support for affected clients, traders in the stock markets in the United Arab Emirates, by providing appropriate payment plans for installments, and additional guarantees for the regulation of margin trading centers Their own. Additionally, customer relationship managers will continue to work side by side and support clients facing low margins in their equity portfolios.

The facilities granted include:

Grace periods are up to 3 months, without any interest or fees.

Install credit card payments, without interest or fees, for a period of up to 6 months.

Postponing the payment of loan installments 3 months, without interest or fees.

Reducing the minimum monthly balance for a business account to 10,000

Dirham, and exemption from fees for 3 months.

continue working

All banks participating in the initiative confirmed that their branches continue to work regularly to receive customers and meet their needs while encouraging customers to complete their transactions through their online digital platforms, which have the highest levels of safety, reliability and ease of use, which contributes to enhancing Precautionary measures taken at the state level, and enabling customers to stay in their homes as much as possible. The banks participating in the initiative have taken a range of precautions in their branch network, cash deposit machines and ATMs, including the application of additional protocols for deep cleaning and sterilization, providing the necessary training to customer service employees, and providing them with all safety guidelines, personal social interaction and prevention practices.

Bank branches operate regularly to receive customers and meet their needs.

The "Initiative" includes 5 banks: "Emirates NBD", "Emirates Islamic", "Dubai Islamic", "Mashreq", and "Dubai Commercial".

Support measures start on April 1, and continue through June 30, 2020.

Offer flexible payment plans, cancel interest and additional costs, and reduce fees.

Prioritize the main sectors that contribute to the economy, most affected by the current situation.

Banks invite individuals and companies affected by the effects of Corona to communicate with customer service.

Participating banks represent 37% of the country's banking sector.