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FINANCIAL NEWS
UAE central bank to amend financial laws
15 Apr 2012
(MENAFN) The Central Bank of UAE proposed overhaul amendments for the its draft financial laws in the Gulf state, according to an e-mailed statement from the lender, local media reported.
The central bank said laws should reflect its independence, Emirat Alyoum newspaper reported.
The new amendments suggest customers will be able to transfer their loans from one lender to another, according to a report.
The central bank allowed debtors to transfer their loans to another bank or finance company for an interest rate of one percent of the remaining loan or USD2,700, whichever is less, the report said.
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