Many UAE banks have introduced new financial relief measures amid the coronavirus outbreak in line with the central bank's Dh100 billion economic stimulus package. Victor Besa / The National
Many UAE banks have introduced new financial relief measures amid the coronavirus outbreak in line with the central bank's Dh100 billion economic stimulus package. Victor Besa / The National
Many UAE banks have introduced new financial relief measures amid the coronavirus outbreak in line with the central bank's Dh100 billion economic stimulus package. Victor Besa / The National
Many UAE banks have introduced new financial relief measures amid the coronavirus outbreak in line with the central bank's Dh100 billion economic stimulus package. Victor Besa / The National

How your bank will help if you are affected by Covid-19


Nada El Sawy
  • English
  • Arabic

As the coronavirus outbreak and measures to contain it cause economic ramifications across the globe, banks and regulators are stepping in to provide financial relief for retail customers and businesses.

We recognise the need to protect those most vulnerable and are committed to lending a helping hand during this uncertain time.

Under a Dh100 billion economic stimulus package unveiled by the UAE Central Bank on March 14, 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 March 15.

The Targeted Economic Support Scheme includes Dh50bn from central bank funds through collateralised loans at zero cost to all banks operating in the UAE and Dh50bn of funds freed from banks’ capital buffers.

Emirates NBD, the biggest bank by assets in Dubai, along with the UAE's largest Sharia-compliant lender Dubai Islamic Bank, Emirates Islamic, Mashreq and Commercial Bank of Dubai announced a series of support measures that will remain in effect for three months starting April 1, the Dubai government media office said on March 21.

In Abu Dhabi, First Abu Dhabi Bank, Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank are offering support measures for customers. The three banks have introduced 17 initiatives to support individuals and businesses, the Abu Dhabi media office said in a tweet on Wednesday.

Elsewhere in the UAE, Ras al Khaimah's RAKBank, Sharjah Islamic Bank and Commercial Bank International – which is based in Dubai and listed on the Abu Dhabi Securities Exchange – have also pledged to help customers.

Worldwide, there are over 425,000 confirmed cases of Covid-19 with more than 18,900 deaths, according to Johns Hopkins as of Wednesday. More than 109,000 have recovered. In the UAE, there are more than 240 cases with two deaths and 45 recoveries.

Containment measures in the UAE, such as stay-at-home directives and cancelled flights, could cause a decline in revenue for businesses, and a cut in income or job losses for individuals.

“At a time like this, ensuring the UAE's banking system's stability is of utmost importance,” said Ambareen Musa, chief executive of souqalmal.com. “It's great to see banks step up and support the government and the central bank’s economic relief efforts.”

Some banks have even set up dedicated phone lines and email accounts to offer support to retail and business customers who have been financially affected by the Covid-19 crisis, Ms Musa said.

Even when there aren’t specific clauses that address your individual situation, banks are offering refinancing, repayment deferrals or lower repayments where required.

“We recognise the need to protect those most vulnerable and are committed to lending a helping hand during this uncertain time,” said Emirates NBD chairman Sheikh Ahmed bin Saeed.

Bank branches outside shopping malls will remain open for now and ATM services are operational, but the central bank has urged customers to use digital and online channels as much as possible.

Here we outline how banks are helping consumers and businesses weather the storm.

Emirates NBD, Mashreq, Commercial Bank of Dubai, Dubai Islamic Bank and Emirates Islamic

Individual customers:

• Retail loan customers placed on unpaid leave can ask their bank for a repayment holiday of up to three months with zero interest and fees.

• Customers with personal loans, car loans or mortgages can apply for a one-month repayment holiday with zero fees.

• First-time home buyers can benefit from a 5 per cent increase in the loan-to-value ratio (up to 80 per cent for expatriates and up to 85 per cent for UAE nationals) and a full waiver of processing fees.

• Charges on debit card cash withdrawals on the ATMs of other banks across the UAE will be refunded.

• Credit card customers can benefit from interest-free instalment plans for all school fee payments as well as grocery purchases with no processing fees for up to six months.

• Customers who need to cancel travel bookings made with their credit and debit cards will receive a refund of the foreign currency transaction fees charged by the bank.

• Cash advance charges for customers using credit cards for cash withdrawals will be cut in half.

Business customers:

• Small business customers holding merchant loans, equipment loans or business vehicle loans can apply for a repayment holiday of three months with zero interest and fees.

• The monthly minimum balance required for a basic business banking account will be reduced to Dh10,000 and minimum balance charges will be waived for a period of three months.

ADCB Group now serves one million customers through 72 branches and 450 ATMs following completion of its three-way merger with Union National Bank and Al Hilal Bank. Chris Whiteoak / The National
ADCB Group now serves one million customers through 72 branches and 450 ATMs following completion of its three-way merger with Union National Bank and Al Hilal Bank. Chris Whiteoak / The National

First Abu Dhabi Bank, Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank

Even before the Abu Dhabi media office announcement Wednesday, ADCB had introduced measures to support its 1.2 million retail customers and 50,000 SME customers, with FAB, the UAE's largest bank with assets of Dh822bn as of December, and ADIB following shortly after.

Individual customers:

There are five initiatives specifically for those "impacted by Covid-19" and five "for all".

For those affected:

• A three-month payment holiday applies to existing loans and credit cards with no additional bank charges.

• Foreclosures on mortgages will be halted for defaulted customers until June 30.

• Freezing bank accounts will be stopped for customers that are made redundant or have their salaries reduced, until September 30.

• Foreign currency transactions made after January 1, associated with cancelled travel plans, will be refunded.

• Utility bills can now be paid in no-fee instalment plans.

For all:

• A three-month payment holiday applies to new loans and credit cards with a 50 per cent reduction in charges.

• Interest charges on new loans will be reduced.

• Bank charges for the early settlement of existing loans will be cut in half.

• As with Dubai banks, the down-payment required for first-time buyers will be reduced by 5 per cent.

• Interest-free instalment plans for school fee payments are available.

First Abu Dhabi Bank has mutually agreed with Lebanon’s Bank Audi to stop the transaction process on the acquisition of its fully owned subsidiary in Egypt.. Chris Whiteoak / The National
First Abu Dhabi Bank has mutually agreed with Lebanon’s Bank Audi to stop the transaction process on the acquisition of its fully owned subsidiary in Egypt.. Chris Whiteoak / The National

Business customers:

There are seven initiatives for business customers, including four for those affected by the pandemic and three for all.

For those affected:

• A deferment of loan payments for up to three months applies to existing borrowing.

• The bank merchant's service fees will be cut in half for eligible SME customers with annual credit card transactions of less than Dh5m.

• Bank fees and charges will be reduced by up to 50 per cent for "Zero Balance" accounts.

• As directed by the central bank, the minimum balance for all SME accounts has been reduced to Dh10,000 per month.

For all:

• A three-month payment holiday applies to new borrowing, with a 50 per cent reduction in charges.

• Interest charges on new borrowing will be reduced.

• Bank charges for early settlement of existing loans will be cut in half.

RAKBank

RAKBank unveiled measures to support individuals, SMEs and corporates affected by the outbreak on Tuesday, effective immediately.

The bank said it will work with clients on a case-by-case basis to provide flexible solutions to manage challenges such as pay disruption or illness from the virus.

Individual customers:

A three-month payment holiday on car and personal loans applies, as well as a one-month payment holiday on credit card payments. The bank is offering a one-time discount of up to 50 per cent on overdue transaction fees. Customers can convert education and electronic spending on their credit cards into an Easy Payment Plan at 0 per cent interest and zero processing fees for up to 24 months.

Business customers:

RAKBank is reducing its SME Prime lending rate and offering payment holidays for business loans or asset-backed loans for a period of up to six months. It is offering the RAKstarter zero balance current account to start-ups and new entrepreneurs.

The bank’s Simplify platform will waive monthly fees over the next three months to businesses that offer essential services, such as medicines and groceries.

To reduce or eliminate the need to visit branches, Sharjah Islamic Bank increased the daily withdrawal limit from ATMs to Dh15,000 for individual clients and Dh25,000 for priority banking clients. Jaime Puebla / The National
To reduce or eliminate the need to visit branches, Sharjah Islamic Bank increased the daily withdrawal limit from ATMs to Dh15,000 for individual clients and Dh25,000 for priority banking clients. Jaime Puebla / The National

Sharjah Islamic Bank

Sharjah Islamic Bank rolled out relief measures on Tuesday, effective from April 1.

Individual customers:

Similar measures apply. Any retail customer who has been made redundant or failed to receive their salary due to the current economic conditions can request to defer instalments for three months at no charge. Payments on real estate loans can be deferred for one month.

To reduce or eliminate the need to visit branches, the bank increased the daily withdrawal limit from ATMs to Dh15,000 for individual clients and Dh25,000 for priority banking clients.

Business customers:

The bank reduced the minimum account balance to Dh10,000. It “invites corporate clients to contact their relationship managers to discuss the available options” to help them mitigate the impact of the coronavirus outbreak on their business, the bank said.

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

What can victims do?

Always use only regulated platforms

Stop all transactions and communication on suspicion

Save all evidence (screenshots, chat logs, transaction IDs)

Report to local authorities

Warn others to prevent further harm

Courtesy: Crystal Intelligence

The specs

Common to all models unless otherwise stated

Engine: 4-cylinder 2-litre T-GDi

0-100kph: 5.3 seconds (Elantra); 5.5 seconds (Kona); 6.1 seconds (Veloster)

Power: 276hp

Torque: 392Nm

Transmission: 6-Speed Manual/ 8-Speed Dual Clutch FWD

Price: TBC

THE LOWDOWN

Photograph

Rating: 4/5

Produced by: Poetic License Motion Pictures; RSVP Movies

Director: Ritesh Batra

Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Scoreline

Swansea 2

Grimes 20' (pen), Celina, 29'

Man City 3

Silva 69', Nordfeldt 78' (og), Aguero 88'

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home. 

Results

Stage 7:

1. Caleb Ewan (AUS) Lotto Soudal - 3:18:29

2. Sam Bennett (IRL) Deceuninck-QuickStep - same time

3. Phil Bauhaus (GER) Bahrain Victorious

4. Michael Morkov (DEN) Deceuninck-QuickStep

5. Cees Bol (NED) Team DSM

General Classification:

1. Tadej Pogacar (SLO) UAE Team Emirates - 24:00:28

2. Adam Yates (GBR) Ineos Grenadiers - 0:00:35

3. Joao Almeida (POR) Deceuninck-QuickStep - 0:01:02

4. Chris Harper (AUS) Jumbo-Visma - 0:01:42

5. Neilson Powless (USA) EF Education-Nippo - 0:01:45

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

UAE currency: the story behind the money in your pockets
Global Fungi Facts

• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil

MATCH INFO

Manchester United 1 (Fernandes pen 2') Tottenham Hotspur 6 (Ndombele 4', Son 7' & 37' Kane (30' & pen 79, Aurier 51')

Man of the match Son Heung-min (Tottenham)

Sole survivors
  • Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
  • George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
  • Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
  • Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
UAE currency: the story behind the money in your pockets
The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
F1 The Movie

Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem

Director: Joseph Kosinski

Rating: 4/5

Five%20calorie-packed%20Ramadan%20drinks
%3Cp%3E%3Cstrong%3ERooh%20Afza%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20contains%20414%20calories%0D%3Cbr%3E%3Cstrong%3ETang%20orange%20drink%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%20300%20calories%0D%3Cbr%3E%3Cstrong%3ECarob%20beverage%20mix%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%20about%20300%20calories%0D%3Cbr%3E%3Cstrong%3EQamar%20Al%20Din%20apricot%20drink%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20saving%20contains%2061%20calories%0D%3Cbr%3E%3Cstrong%3EVimto%20fruit%20squash%3C%2Fstrong%3E%0D%3Cbr%3E100ml%20serving%20contains%2030%20calories%3C%2Fp%3E%0A
Gender pay parity on track in the UAE

The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.

"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."

Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.

"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.

As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general. 

Squad

Ali Kasheif, Salim Rashid, Khalifa Al Hammadi, Khalfan Mubarak, Ali Mabkhout, Omar Abdulrahman, Mohammed Al Attas, Abdullah Ramadan, Zayed Al Ameri (Al Jazira), Mohammed Al Shamsi, Hamdan Al Kamali, Mohammed Barghash, Khalil Al Hammadi (Al Wahda), Khalid Essa, Mohammed Shaker, Ahmed Barman, Bandar Al Ahbabi (Al Ain), Al Hassan Saleh, Majid Suroor (Sharjah) Walid Abbas, Ahmed Khalil (Shabab Al Ahli), Tariq Ahmed, Jasim Yaqoub (Al Nasr), Ali Saleh, Ali Salmeen (Al Wasl), Hassan Al Muharami (Baniyas) 

Pros%20and%20cons%20of%20BNPL
%3Cp%3E%3Cstrong%3EPros%3C%2Fstrong%3E%0D%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EEasy%20to%20use%20and%20require%20less%20rigorous%20credit%20checks%20than%20traditional%20credit%20options%0D%3C%2Fli%3E%0A%3Cli%3EOffers%20the%20ability%20to%20spread%20the%20cost%20of%20purchases%20over%20time%2C%20often%20interest-free%0D%3C%2Fli%3E%0A%3Cli%3EConvenient%20and%20can%20be%20integrated%20directly%20into%20the%20checkout%20process%2C%20useful%20for%20online%20shopping%0D%3C%2Fli%3E%0A%3Cli%3EHelps%20facilitate%20cash%20flow%20planning%20when%20used%20wisely%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cstrong%3ECons%3C%2Fstrong%3E%3C%2Fp%3E%0A%3Cul%3E%0A%3Cli%3EThe%20ease%20of%20making%20purchases%20can%20lead%20to%20overspending%20and%20accumulation%20of%20debt%0D%3C%2Fli%3E%0A%3Cli%3EMissing%20payments%20can%20result%20in%20hefty%20fees%20and%2C%20in%20some%20cases%2C%20high%20interest%20rates%20after%20an%20initial%20interest-free%20period%0D%3C%2Fli%3E%0A%3Cli%3EFailure%20to%20make%20payments%20can%20impact%20credit%20score%20negatively%0D%3C%2Fli%3E%0A%3Cli%3ERefunds%20can%20be%20complicated%20and%20delayed%0D%3C%2Fli%3E%0A%3C%2Ful%3E%0A%3Cp%3E%3Cem%3ECourtesy%3A%20Carol%20Glynn%3C%2Fem%3E%3C%2Fp%3E%0A
A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

Ferrari 12Cilindri specs

Engine: naturally aspirated 6.5-liter V12

Power: 819hp

Torque: 678Nm at 7,250rpm

Price: From Dh1,700,000

Available: Now

The specs

Engine: 3.8-litre twin-turbo flat-six

Power: 650hp at 6,750rpm

Torque: 800Nm from 2,500-4,000rpm

Transmission: 8-speed dual-clutch auto

Fuel consumption: 11.12L/100km

Price: From Dh796,600

On sale: now

Specs

Engine: 51.5kW electric motor

Range: 400km

Power: 134bhp

Torque: 175Nm

Price: From Dh98,800

Available: Now

Blackpink World Tour [Born Pink] In Cinemas

Starring: Rose, Jisoo, Jennie, Lisa

Directors: Min Geun, Oh Yoon-Dong

Rating: 3/5