ABU DHABI // There was confusion yesterday over a claim by the Emirates Identity Authority that its ID cards were now essential for all banking transactions done in person.
A senior official from the Emirates Identity Authority [Eida] made the claim yesterday, backing up reports in the Arabic press that said the development was the result of a ministerial directive. However, banks seemed unaware of the requirement.
Saleh Al Bareky, first registry administrator at Eida, said that the Central Bank had ordered all banks to refuse any customer attempting any transaction in person who could not provide an Emirates ID card.
Mr Al Bareky said: "I think the banks started implementing this from today, and it is good."
He said the Central Bank's decision would ensure that people applied for the ID cards.
The Arabic press reports quoted Saeed Al Hamiz, assistant governor of the Central Bank, as saying the cards would be essential for anyone seeking a loan. The reports credited the directive to Obaid Humaid Al Tayer, Minister of State for Financial Affairs and the chairman of the Federal Credit Bureau.
But banks yesterday appeared unaware of the directive.
An official from the Abu Dhabi Islamic Bank's customer care centre, said: "No Emirates ID card is required to apply for a loan. We need only the original passport, salary certificate and three months worth of salary statements."
And an official from HSBC said: "We require an original passport with a valid visa page, a salary transfer certificate and three months of bank statements. And we did not hear anything about Emirates ID cards ... it is not required."
Eida's goal is that the Emirates ID card will one day be used by residents to access a range of services, from getting treatment at a hospital to opening a bank account, paying traffic fines and even taking flights.
However, it has faced difficulties in getting residents to sign up for the cards and was forced to delay a number of deadlines for them to do so. It now appears to be suffering similar delays in communicating its plan to the banking sector.
Dr Ali Mohamed Al Khouri, Director General of Eida, is quoted on the organisation's website as saying the ID card could eventually be used to replace ATM cards, depending on the banks' interest.
The website says ID card readers have been distributed to a number of government organisations and that a practical test had been carried out in collaboration with a local bank.
According to Dr Al Khouri, the "new procedures helped save 15-20 minutes compared with opening an account in the traditional manner."
He said the test proved the advantages of the ID card by enabling the bank's employee to gain all the customer's relevant personal information merely by putting the card in the reader.
Eida says it has registered eight million people in the ID card scheme out of a population of nine million.
The Central Bank was unavailable for comment.
[ anwar@thenational.ae ]
Company profile
Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices
The specs: Lamborghini Aventador SVJ
Price, base: Dh1,731,672
Engine: 6.5-litre V12
Gearbox: Seven-speed automatic
Power: 770hp @ 8,500rpm
Torque: 720Nm @ 6,750rpm
Fuel economy: 19.6L / 100km
Confirmed bouts (more to be added)
Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez
Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.
SPECS
Nissan 370z Nismo
Engine: 3.7-litre V6
Transmission: seven-speed automatic
Power: 363hp
Torque: 560Nm
Price: Dh184,500
1,000 Books to Read Before You Die: A Life-Changing List
James Mustich, Workman
COMPANY PROFILE
Name: Kinetic 7
Started: 2018
Founder: Rick Parish
Based: Abu Dhabi, UAE
Industry: Clean cooking
Funding: $10 million
Investors: Self-funded
COMPANY PROFILE
Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside
DEADPOOL & WOLVERINE
Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin
Director: Shawn Levy
Rating: 2.5/5
More from Neighbourhood Watch
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
Babumoshai Bandookbaaz
Director: Kushan Nandy
Starring: Nawazuddin Siddiqui, Bidita Bag, Jatin Goswami
Three stars
SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
The specs
Engine: Single front-axle electric motor
Power: 218hp
Torque: 330Nm
Transmission: Single-speed automatic
Max touring range: 402km (claimed)
Price: From Dh215,000 (estimate)
On sale: September
Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.