As the world keeps on responding and adjusting to the well-being, social
status, monetary difficulties welcomed on by the quick spread of corona virus
illness 2019 (COVID-19), organizations are confronting difficulties and dangers,
while attempting to ensure the wellbeing and prosperity of their workforce.
In the same manner as governments all through the world, the United Arab
Emirates (UAE) has been building up a help structure at both Federal and at
Emirate level. Such help incorporates the arrangement of sponsorship, a waiver
or deferral of specific charges or assessments, money related support and
variety of work and visa terms.
Similarly, the bank offers the most important support in these difficult
situations to the residents of UAE. More banks in the UAE have declared
alleviation measures for their retail and corporate clients to assist them with
beating difficulties from the effect of corona virus. Commercial Lawyers of
Dubai have witnessed various opportunities offered by banks for relaxation in
the credit cards and loans.
Under a AED100 billion economic stimulus packages unveiled by the UAE Central
Bank in mid of March, lenders in the Emirates were ordered to treat all their
customers fairly and grant temporary relief on retail clients loan payments for
up to six months from the said date. Central Bank under new scheme of Targeted
Economic Support through collateralized loans at zero cost to all banks
operating in the UAE and AED 50 Billion of funds freed from banks capital
buffers.
Three banks in Abu Dhabi that is First Abu Dhabi Bank, Abu Dhabi Commercial Bank
and Abu Dhabi Islamic Bank are offering bolster measures for clients and have
acquainted seventeen activities to help people and organizations. Ras al
Khaimah's RAKBank, Sharjah Islamic Bank and Commercial Bank International having
its headquarters in Dubai has likewise offered support to the clients in all
ways possible. Abu Dhabi Islamic Bank (ADIB) is deferring regularly scheduled
payments for singular clients and asked those affected by Covid-19 to connect
with the bank to talk about further help in accordance with the UAE Central Bank
bearings.
Some of the initiatives undertaken by the bank for individual customers are:
Whereas, the banks have different initiatives for small and medium sized
companies coping with the situation created by COVID-19 as follows:
It is quite apparent that banks have taken serious measures in supporting individuals as well as the organizations registered within UAE thereby allowing them to adjust with the current situation.
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