A significant example of this statement is a recent order issued by the Central Bank of UAE by introducing AED 100 billion as a Targeted Economic Support Scheme, hereinafter referred to as the Scheme.
The Central Bank under Scheme has clarified that half of the raised amount will be utilized for collateralized loans to be issued all banks in UAE at zero cost and another half shall be utilized as a Capital buffer relief. The said order was intentionally issued for assisting residents of UAE as the banks will now relieve the corporate and individual clients who are severely impacted by the situation caused by COVID-19.
Key Facilities under the Scheme
The measures presented by Central Bank give banks registered in the UAE the capacity to deferred installments anticipated from their customers that are impacted by the COVID-19 pandemic.
Relying on the statistics, more than half of the facilities offered by the Scheme has been utilized, all things considered, there will keep on being various alterations to existing business offices and rescheduling of installments, as corporates are compelled to work in problematic conditions due to COVID-19.
All our readers shall approach the Legal Consultants of Dubai in order to understand the latest updates in the rules and regulations issued by the government which are being altered on daily basis.