Abeer Abdel Halim - Abu Dhabi
The Executive Chairman of Sharjah Islamic Bank, Mohamed Abdullah, revealed that the Central Bank is currently considering extending the period of postponement of loan installments due on small and medium projects, by six months or more.
In a seminar on a distance organized by the "Emirates Entrepreneurs Association" on the banking sector in light of the "Covid-19" pandemic, he stressed that "the central" set criteria for postponing loans and setting penalties and fines for banks that prove their refusal to postpone loan installments.
In turn, the participants in the symposium reviewed the reality of small projects and the updates they are currently facing, expecting that small national companies will recover from the pandemic faster than other companies.
In detail, the Executive Chairman of the Sharjah Islamic Bank, Mohamed Abdullah, said that the Central Bank is currently considering extending the period of postponement of loan installments due on small and medium projects, by six months or more.
He added in a seminar on a distance organized by the "Emirates Entrepreneurs Association" on the banking sector in light of the "Covid-19" pandemic, that business leaders should be reassured that the banks will not request the installments due for several months, noting that officials in the state and the central bank Knowing the challenges facing many sectors, such as tourism, which needs six, I feel almost to recover from the repercussions of the "Covid 19" pandemic.
In response to complaints from citizens of business leaders about banks ’refusal to postpone loan installments for their projects, Abdullah explained that the“ Central ”set criteria for postponing loans, and set penalties and fines for banks that prove their refusal to postpone loan installments, at a time when banks formed several committees to accelerate the postponement processes .