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Emirates NBD Launch a Social Network for UAE Entrepreneurs

Product Editor | Banking, UAE Finance News |

emirates nbd

Emirates NBD, the UAE’s biggest bank has launched Rise, a facebook for the SME’s of the UAE. Vikas Thapar who heads up business banking for Emirates NBD said “We want to be a bank that’s a catalyst for fuelling the growth of the SME sector in the UAE,”

The launch of Rise comes off the back of a strong Q1 for the bank, it also follows on from recent reports which suggests start-ups in the Gulf are on the increase as cash rich venture capitalists flock to the region.

In addition to the social portal, Emirates NBD plans to boost funding for the currently underserved SME banking sector making access to credit much easier.

We see this as a great first step, we all know that residents in the UAE would sooner create a company than find a job but funding and credit are a huge issue. The SME sector is a large part of the GDP growth in the UAE but has been very much neglected by banks in the region compared to other countries.

The upcoming Credit Bureau may further help the small business owners as credit assessments level the finance playing field.

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Finally! UAE Central Bank ready to introduce Direct Debits

Product Editor | Banking, UAE Finance News |

direct debits dubai

Every bank in the UAE is gearing up to offer direct debits which will allow customers to set up automated transfers for on-going payments such as car loans, mortgages, credit cards and personal finance.

The long overdue direct debit system will be a massive relief to those of us who find home admin a royal pain and would rather let the banks handle the payments. Direct debits should also spell the end of post dated cheques and maybe even lead to the decriminalisation of bouncing cheques.

Central Bank officials were quoted as saying “Given our focus as a regulator we believe it is necessary to have a prudent, stronger and stable economy. Our current intention is to establish a more convenient retail banking system that will create more stable and progressive economic development”

Although small scale trials are underway, it’s likely the banks will want the Credit Bureau up and running before going fully live with direct debits. It’s an exciting time for the UAE banking industry and the customers it serves.

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UAE Credit Score System to be in place by 2014

Product Editor | Banking, UAE Finance News |

UAE Credit Score

The newly founded UAE Credit Bureau says it will start credit scoring trials in July 2013 but will aim to have a fully operational system in place by next year.

This will mean that banks will have an ongoing record of customers history with other banks which will be used to asses someone’s ‘credit worthiness’

So what does this actually mean in practical terms. You walk in to a UAE bank and apply for a personal loan, that bank will enter your personal information and retrieve a report on you and your previous dealings with UAE banks. Lets imagine the best possible score you can get is 100, but, if you have missed payments on your personal loan or credit card with a previous bank that will reduce your score. Your salary and the ratio of debt will also come into it.

The current system in Dubai treats everyone the same, regardless of your previous history so a formal credit score may mean that people with a high score will pay less for credit. One would like to think that banks are ready to offer benefits to those customers who can pay on time and be a good customer. The credit score will also limit the need for banks to price their banking products based on nationality which clearly offers no useful information about a person’s ability to repay debt.

I personally think it’s a good move, the banks need to move in this direct to avoid future issues with absconders and toxic debts. I’m also hopeful this will offer discount finance products to good customers and help reduce the debt available to those who can’t afford it which should help them manage their debt and finances.

What do you think about this move? Are you able to keep up with payments on your current finance?

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UAE Mortgage Cap

Product Editor | Guides and Advice |

UAE Central Bank Mortgage

Great news for home owners and prospective home owners in Dubai as the UAE central Bank agrees in principle to the new mortgage cap. Best of all, it’s not as strict as we first thought.

News of a 60% mortgage cap rocked the Dubai real estate industry with most people putting on hold any thoughts of buying a property. The concern for people is simple, if a buy a home today, who can I sell it to if there are such tight mortgage caps. That being said, it’s worth noting that mortgage real estate agents in Dubai suggest cash purchases represent up to 75% of property transactions.

The new agreed cap is however a much more palatable with 75% loan to value for expats and 80% for locals, this seems like a fair decision.

So if you looking for a mortgage in Dubai, now’s the time as the real estate industry is really picking up pace and prices are only going up.

Click to compare home loans and mortgages in Dubai

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How do you view money: Men vs Women

Product Editor | Guides and Advice |

A recent study which looked into the attitudes of men and women towards money has shown some interesting stats:

44% of men vs 25% of women buy / sell stocks and shares.
8% of men vs 14% of women are confused about their finances
28% of men vs 19% of women negotiate their salary

I’m not actually sure what this tell us, doesn’t tell me much but thought it was still interesting….

Let us know what you think about the study and what you make of it.

UAE finance and money guides and advice

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Saving money when you shop online

Product Editor | Guides and Advice |

According to a recent survey by You Gov, UAE residents are a savvy bunch when it comes to saving money online.

According to the findings, 52% of respondents use group buying websites to get the best deal.

Technology was the most popular product type when shopping online getting.

Rather worryingly, 3% said their credit card details were stolen, 5% said the website was a scam and 6% said the item didn’t arrive.

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Quick tips for saving money on banking

Product Editor | Guides and Advice |

money saving tips, dubai

• Make sure your credit card provider has a good rewards programme, if you have to spend money on a credit card then it should reward you with cash back or air miles.

• If you have a balance on your credit card, make sure you take advantage of any balance transfer offers that are available. Some banks will allow you to transfer your balance with zero percent interest, this one move could save your thousands.

• Always compare and shop around! Whatever whether you have a loan, credit card, car or home finance, you should always keep an eye out for more competitive products with a cheaper rate and if possible, maybe even better rewards and features.

• Understand the terms of your finance, some credit cards will charge you a huge amount of interest if you take money from your credit card using an ATM.

Some banks will punish you for letting your current account balance drop below a certain level and some personal loans rates can change midterm! If you don’t fully understand your arrangements you could easily be stung.

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Noor Islamic Bank Challenge, $20,000

Product Editor | Banking, UAE Finance News |

Noor Islamic Bank’s global ‘Shape Your Bank’ challenge,to come up with innovative ideas to shape the future of banking, has passed the half way stage, with entries coming in from all corners of the world.

As part of its ‘Bank of The Future’ initiative, Noor is offering a US $20,000 first prize for the best idea on how the banking experience can be improved. Ideas can be submitted, by logging on to the dedicated ‘Shape Your Bank’ website www.shapeyourbank.com or via Noor’s Facebook page https://www.facebook.com/NoorIslamicBank. The closing date for entries is October 31.

Hussain Al Qemzi, GCEO of Noor Investment Group and CEO, Noor Islamic Bank said: “We are delighted with the response we have received from across the globe. We believeour unique Shape Your Bank challenge will result in creative and innovative ways of banking which we can incorporate into our plans to develop products and services, in line with the needs of contemporary customers.”

At the recently concluded GITEX Technology Week, held in Dubai, Noor showcased its own vision of the Bank of the Future, a high-tech, interactive, concept bank that providedan immersive, 3D experience of how the future of banking could develop.Nooralso announced its augmented reality ‘Bank in Your Hand’ app thatwill give customers access to Noor’s complete range of products and services, from opening an account to executing banking transactions.

Since its launch in 2008 Noor has established itselfas a market leader in innovative digital banking services and products. Earlier this year Noor was the first Islamic bank to offer an internet bank account opening service. In addition Noor’swebsite provides a suite of online banking services. And, its sister company, NoorTakaful, was the first Takaful operator to offer online insurance services and products.

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Noor Islamic Bank Announce Augmented Reality Banking App

Product Editor | Banking, UAE Finance News |

Bank in Your Hand app will give customers access to all Noor’s retail banking services and products on smartphones and tablets

Noor Islamic Bank (Noor) today announced its new augmented reality ‘Bank In Your Hand’ smartphone and tablet app, the first of its kind in the Middle East. Noor made the announcement at GITEX Technology Week, taking place in Dubai, where it is showcasing its vision of the Bank of the Future.

The Noor App, which will be available for download in November, will enable customers to access Noor’s full range of products and services, from opening an account to executing banking transactions, such as money transfers and utility bill payments. Noor is also seeking approval from the UAE Central Bank to enable customers to securely deposit cheques via the app, by scanning the cheque with their smartphone or tablet.

Hussain AlQemzi, GCEO of Noor Investment Group and CEO of Noor Islamic Bank said: “Next generation Noor customers will not want to visit a bank branch for their day-to-day banking needs. They will want access to banking services and products on their smartphones and tablets. The Noor App is a key part of our commitment to providing our customers with convenience banking, wherever and whenever they want it.

“Noor is known as a progressive, forward looking bank. Harnessing the latest technology for the benefit of our customers is part of our DNA. The Noor App is the latest in a long line of innovations we have introduced. And it won’t be the last. Noor is determined to be the leader in digital banking.”

Noor’s ‘Bank of the Future’ initiative is aimed at creating new, innovative, ways of banking and enhancing the banking experience.

Alongside the GITEX announcement of the Noor App, Noor is demonstrating its own futuristic vision of a ‘Bank of The Future’. The high-tech, interactive, concept bank provides a unique, immersive, 3D experience of how the future of banking could develop. It includes technology which is available today, but has yet to make inroads into banking. It also presents a future in which, for example, banks not only provide car loans, but make it possible for customers to select the make, model, colour and options of their car of choice, without visiting a car showroom.

To support the Bank of the Future initiative, Noor has also launched an online competition, ‘Shape Your Bank’, to crowd source ideas on the future of banks. A prize of US $ 20,000 will be awarded for the best idea on how the banking experience can be improved. Ideas can be submitted, by logging on to the dedicated ‘Shape Your Bank’ website www.shapeyourbank.com or via Noor’s Facebook page https://www.facebook.com/NoorIslamicBank . The closing date for entries is October 31.

“This is the latest step in a journey that began even before we launched, when we held our first ‘Shape Your Bank’ campaign,’ Al Qemzi explained. “We listened then and we are still listening. The ideas we receive, through the latest ‘Shape Your Bank’ campaign, will guide the way we conduct our business in the future.”

Since its launch in 2008 Noor has established itself as a market leader in innovative banking services and products. Noor was the first UAE bank to open a 24/7 bank branch and earlier this year it was the first Islamic bank to provide an internet bank account opening service. In addition Noor’s website provides a suite of cutting edge online banking services. And, its insurance arm, Noor Takaful, was the first Takaful operator to offer online insurance services and products.

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Noor Islamic Bank Offers a Glimpse into the Future of UAE Banking

Product Editor | Banking |

Imagine a bank where it is possible, not only to arrange a car loan but also to select the make, model, colour and optional extras of your dream car, without visiting a car showroom. It sounds futuristic? It isn’t. It’s Noor Islamic Bank’s (Noor) vision of the Bank of the Future, which it is showcasing at GITEX Technology Week.

The high-tech, interactive, concept bank provides a unique, immersive, 3D experience of how the future of banking could develop. It includes the latest touch screen technology, 3D holographic projections, finger print recognition and surround sound, bringing together technology which is available today, but has yet to make inroads into banking.

Hussain AlQemzi, GCEO of Noor Investment Group and CEO of Noor Islamic Bank explained that Noor has invested in the Bank of the Future concept to kick start a debate on people’s expectations of banks in the future.
“We want ordinary people to help shape the future of banking in the UAE and elsewhere. We are known as a progressive bank that believes in using the latest technology to give our customers the best possible banking experience,” he added.
“Our concept Bank of the Future demonstrates our vision of how banks of the future may meet the next generation of customers’ expectations. It is futuristic but the technology and ideas that have gone into creating it are very much of today. It underlines our commitment to be the leader in digital banking.”

Supporting the Bank of the Future concept, Noor has launched an online competitions, with a main prize of US $20,000, to solicit ideas from across the world on how the banking experience can be improved. Ideas can be submitted, by logging on to the dedicated ‘Shape Your Bank’ website www.shapeyourbank.com

“This is the latest step in a journey that began even before we launched, when we held our first ‘Shape Your Bank’ campaign,’ Al Qemzi explained. “We listened then and we are still listening. The ideas we receive, through this latest ‘Shape Your Bank’ campaign, will guide the way we conduct our business in the future.”

Also on show at GITEX is Noor’s new augmented reality ‘Bank In Your Hand’ smartphone and tablet app, the first of its kind in the Middle East. The Noor App, which will be available for download in November, will enable customers to access Noor’s full range of products and services, from opening an account to executing banking transactions, such as money transfers and utility bill payments. Future enhancements could include scanning and paying in cheques via the app.
Since its launch in 2008 Noor has established itself as a market leader in innovative banking services and products. Noor was the first UAE bank to open a 24/7 bank branch and earlier this year it was the first Islamic bank to provide an internet bank account opening service. In addition Noor’s website provides a suite of cutting edge online banking services. And, its insurance arm, Noor Takaful, was the first Takaful operator to offer online insurance services and products.

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Guide to Dubai Health Insurance

Product Editor | Guides and Advice |

Dubai Health Insurance

Healthcare in Dubai for its massive expat population has come a long and rocky road due to problems with introducing mandatory cover and governmental delays.

These days Dubai has high standards in medical facilities, but it is imperative that expatriates take out good cover to retrieve any costs which may be incurred.

The majority of western workers in the UAE will be covered by group medical insurance provided by their employer and once their employment visa has come through a Daman medical card is issued. The level of coverage will vary between employers.

Buying your own health insurance

Expats can buy their own health insurance and apply for a health card from the Health Ministry, which gives access to the state system in emergencies.

Although medical care is relatively cheap in the UAE, selecting the right health insurance package can be a daunting task, with 20 health insurance companies all reaching out to the consumer.

Five things to consider before you buy health Insurance

1. Exclusions – All policies are subject to exclusions, which are anything the insurer will not cover. Common exclusions include: Major dental treatment, plastic and cosmetic surgery, pre-existing conditions, conditions developed due to misuse of drugs or alcohol, fertility treatment

2. Waiting periods – These stop you from making claims soon after signing on to an insurance plan, or from claiming on pre-existing conditions. The duration of a waiting period varies among insurance companies

3. Pre-conditions – These are conditions that exist before the first day of your policy coverage e.g. an existing injury. Most insurers exclude pre-conditions

4. Are chronic conditions covered? – A chronic condition is a something that is persistent or long-lasting in nature such as diabetes, asthma, or heart disease. Not all medical plans cover chronic conditions in full

5. Maternity cover – Most policies have some maternity coverage BUT different insurers apply drastically different waiting periods and conditions

Global Versus UAE Medical Insurance

One problem with UAE providers is that at renewal of your plan, they look at your age, medical condition and claims history, meaning your premium may increase or even be declined due to your individual medical record. This is different with most international insurers who look at your age, gender and the medical claims history of its entire customer pool.

However, health insurance is relatively simple in the UAE and the whole package is explained in ten pages – instead of 50 pages, for example, in the US.

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UAE Car Insurance

Product Editor | Guides and Advice |

Dubai has, shall we say, a ‘colourful’ history when it comes to road safety. In fact, for a long time Sheikh Zayed Road was considered the highest risk stretch of highway in the world for crashes!

Thankfully things have improved somewhat, but it still absolutely essential to have motor insurance in the UAE.

What happens if I am involved in a serious smash?

In Dubai, if you are the cause of an accident resulting in a fatality, you will be liable to pay diya (blood money) to the family of the deceased. Sums can range from AED 200,000 to AED 500,000 in addition to fines for damage to public property. If you are unable to pay, you may face a long prison term.

With proper car insurance in place, you can protect yourself from all of this – assuming that you were driving with a valid UAE driving license, had not consumed alcohol or drugs and your car was legally registered.

Which type of car insurance should I get?

Ideally, the recommended motor insurance to have is comprehensive motor insurance as it will usually cover your own car from accidents, fire, explosions, burglaries and vandalism as well as offer third party coverage for death or injury to a third party or damage to his/her car or property.

However, if your car is very old, you should at least have third party motor insurance.

Check the details before you buy UAE car insurance

Before purchasing any type of car insurance you must check the fine print since policies may differ when it comes to geographical coverage (recommended to have Oman coverage since there are some Omani enclaves within the UAE and GCC if you drive to neighbouring GCC countries).

Things can also differ between insurer when it comes to coverage for driver’s household members and passengers including employees, medical expenses coverage, agency repair, roadside assistance, temporary replacement car, a no-claim bonus when renewing your insurance and whether the policy covers off-road driving for four wheel drive vehicles.

Registration and testing

Since 2010, the Road Transport Authority (RTA) has made it much easier for car registration by allowing five insurance companies to do car registration while you are doing your motor insurance.

If your vehicle is more than three years old you can get your vehicle tested at Tasjeel or other authorised centres – newer vehicles do not need to be tested. You will then need to proceed to RSA Insurance, Fujairah Insurance, Oman Insurance, AXA Insurance and Noor Takaful Insurance for car registration and insurance.

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UAE Home Insurance

Product Editor | Guides and Advice |

Since 2006 it has been possible for expatriates to buy property in designated areas of Dubai and this in turn has fuelled a booming home insurance industry in the emirate.

In fact, Dubai’s non-life insurance segment is projected to compose as much as 86 per cent of the total industry by 2015, which means home insurance offers from the private sector are getting more competitive.

Of course, home insurance is readily available for let property, second homes and holiday homes in Dubai from countries like the United Kingdom and can cover property that is rented out on a long term basis.

But expat residents who want to obtain insurance in Dubai for their own home really need to shop around and do their research to get the right deal.

What are the main risks to my home in Dubai?

Fire: There has been a spate of high-rise building fires across Dubai in the past few years and there has certainly been a question mark over the safety of some building materials. This is probably the biggest risk to your property.

Earthquakes: While clearly you may not be worried about the threat of bad weather affecting your property (i.e. floods, snow, storms) the area is occasionally affected by quite violent earthquakes.

Tips for buying UAE home insurance

Do your sums – For rebuilding purposes you will need to calculate the total rebuilding cost, this figure can often be obtained from your developer.

Calculate as new – Regarding content insurance (usually sold alongside home insurance but can also be purchased as a standalone policy for those who are renting their home) calculate your sum insured based on the total value of your contents as though they were new. Most insurance companies in Dubai will issue cover on this basis.

If you are going to let – Get property owners liability cover! Although this is usually included in the wording of most policies, you should always tell the insurance company of your intention to let the

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Points aplenty with new credit card launched by Majd Al Futtaim

Product Editor | Banking, Dubai Credit Cards, UAE Finance News |

Global payment giant visa has partnered with Majid Al Futtaim Finance to launch the new Najm Visa Platinum credit card in the UAE which will give residents the ability to take advantage of the premier ‘Premium Awards’ loyalty programme.

The programme offers new customers 36,000 points on joining and allows cardholders to collect and redeem points in real time against a range of travel rewards and benefits such as stays at more than 200,000 hotels across the globe and airline tickets with unlimited airport lounge access.

Customers can also enjoy a range of lifestyle and entertainment experiences, such as fine dining, memorable days out and leisure activities including balloon rides, desert safaris, discounted entrance at around 300 of the world’s best golf courses.
“Visa offers one of the most comprehensive sets of payment products and continues to innovate by enhancing its products, systems and services, and by bringing the benefits of digital currency to more people in more places,” commented Marcello Baricordi, general manager for Visa in the UAE.

“We are delighted to have partnered with Majid Al Futtaim Finance to create the exclusive new Najm Visa Platinum Credit Card and give Visa cardholders in the UAE an opportunity to reap amazing rewards whenever they use their credit card here or overseas.

Rasool Hujair, CEO of Majid Al Futtaim Finance added: “The Najm Visa Platinum Credit Card enables cardholders to enjoy the real and tangible benefits of luxury when travelling but also lifestyle privileges that make a real difference to their day-to-day lives.”

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NBAD tackles fraudsters with new ‘one time’ online password system

Product Editor | Banking, UAE Finance News |

National Bank of Abu Dhabi (NBAD), has launched a security service that sends its customers a dynamic code by text message for every online purchase in a bid to ramp up fraud prevention – the first bank to do so in the UAE.

The new One Time Password (OTP) is in the form of a six digit code and is sent to the user’s registered mobile with the bank. This extra level of authentication will occur each time a customer makes an online purchase on a Visa or MasterCard verified website.

Cardholders who have an NBAD online account can also use their RSA Token – an electronic key which is used in addition to the password required for login.

“The National Bank of Abu Dhabi is the first bank to implement the dynamic one time password for online shopping and this reflects NBAD’s continuous endeavour to provide our credit cardholders the most advanced technology in offering convenience and security,” said Navneet Dave, Head of Cards at NBAD in the media.

“[This system] enhances NBAD security measures by moving to a dynamic password and adds convenience as cardholders would not be limited to remembering their security password every time they want to make an online purchase.”

The new OTP replaces the existing static secure code password which previously required an activation code as well.

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HSBC to Stop Offering Shariah Compliant Loans in UAE

Product Editor | Banking, Home Loans in Dubai, UAE Finance News |

HSBC have today confirmed that they will cease to offer Shariah compliant financial products to consumers in the UAE, UK, Bahrain, Singapore, Bangladesh and Mauritius.

HSBC are one of the largest banks in the world but offering niche products to small markets is always going to be difficult.

HSBC will continue to offer Islamic finance around the world but really start to focus on places like Saudi and Malaysia.

To compare UAE personal loans click here.

Credit card spending up 20% since 2011

Product Editor | Banking, Dubai Credit Cards, UAE Finance News |

Retail in Dubai and Abu Dhabi is doing extremely well right now, tourism is on the up, there’s an air of confidence back in the UAE and that is reflected with increased spending, more specifically, spending on credit cards.

Farhad Irani, head of retail banking at Mashreq Bank has seen the average amount spent on credit cards rise by 20% since this time last year, this is only good news for banks in the region who are scrambling to make profit in a crowded and competitive market.

Local and international banks are fighting to win more business and that is great news for consumers who can pick and choose from any number of great offers with benefits ranging from Air Miles to Ipads. Personal loans and credit cards are very popular in Dubai where money buys everything and everything has an inflated price tag.

Despite the increase, banks are seeing more cautious and considered spending with UAE residents still scared from the 2009 economic downturn.

Compare the latest credit cards available.

SWIFT Codes – What is a SWIFT Code and what is it used for?

Product Editor | Banking |

UAE Finance

Recently banks in Dubai, Abu Dhabi and the UAE made it mandatory for people to use a SWIFT Code when transferring money from one account to another.

So what is a swift code?

A SWIFT Code is a unique code used by banks to indentify one bank from another. Ultimately it helps ensure your money is transferred safely to its target and reduces the risk of it being lost in transfer. A SWIFT Code is made up of eight or eleven digits, SWIFT Codes are handled centrally by the Society Interbank Financial Telecommunication, hence the name SWIFT

Records online show over 280 branches in the UAE, all with their own unique SWIFT Code.

Does my bank use SWIFT Codes

All banks in the UAE now use SWIFT Codes so if your bank is based in Dubai, Abu Dhabi or the UAE, then they will issue you with a SWIFT Code.

How can find my SWIFT Code

Your bank will provide you with a SWIFT Code, most banks should have contacted their customers to tell them their SWIFT Code, you may be able to find it when you log in to your online account, failing that, call in to you local branch or even just phone them.

Home loans get cheaper

Product Editor | Banking, Home Loans in Dubai, UAE Finance News |

Buying homes in UAE may just have gotten more easier.

Major banks in the emirates are competing to lure residents with rates as low as 4.99 per cent on mortgages and a high loan-to-value (LTV) ratio of up to 85 per cent.

The Sharjah headquartered United Arab Bank (UAB) recently offered the lowest finance rate in the UAE. The announcement came as demand for home financing has started to gain ground after more than two years.

UAB will start by offering an interest rate of 4.99 percent. Mortgages will be available to salaried and self employed UAE nationals as well as expatriates with conventional and Islamic financing options.

Since early this year several top banks have cut interest rates in a bid to outdo each other in the real estate mortgage loans.

Previously HSBC announced a revised mortgage lending rate of 5.49 per cent for UAE buyers looking to buy completed residential property. Similarly Standard Chartered has plans to bundle UAE mortgages with pre-approved personal loans of up to Dh250,000 and credit cards with no annual fees.

The Islamic lender Tamweel too came out with its aggressive offering rates of 4.99 per cent. Prior to that Abu Dhabi Finance, with its interest rate of 5.75 per cent, claimed to be offering the lowest rate among home finance lenders.

Story by: Newzglobe.com

Standard Chartered Launches New Credit Card Promotion

Product Editor | Dubai Credit Cards |

Standard Chartered Bank, announced its latest credit card promotion which allows new customers to receive an iPad2 16 GB, as a welcome gift. New credit card customers just have to confirm a minimum spend of certain amount on the card for a year, to receive the iPad2 (16 GB) upfront. The campaign is a limited period offer and is open for new Platinum and Titanium Credit Card applications only.

With the Standard Chartered Platinum or Titanium Credit Card, cardholders earn the Bank’s 360° Reward Points faster.

Cardholders can redeem their points, for flights on over 300 airlines to any destination. Customers can also redeem their points against Asia Miles and KrisFlyer Miles or redeem the points against cash back or reward vouchers for supermarkets, restaurants, jewellery shops or lifestyle and apparel shops.

Standard Chartered Platinum Credit Card holders also enjoy over 350 exciting offers across member establishments in the UAE and worldwide.

Commenting on the promotion, Syed Hammad Haider, General Manager, Retail Products and New Business, Standard Chartered UAE said:

“The UAE is one of Standard Chartered’s key markets globally and we are keen to continuously develop our business in this country. We firmly believe in providing our customers with financial services and products that match their increasing needs and expectations. We have succeeded in sustaining our growth in the UAE through our continued continuously delivering exceptional service and offering value added benefits to our customers.”

Getting credit in Dubai

Product Editor | Banking, Dubai Credit Cards |

In recent years, the United Arab Emirates city of Dubai has emerged as a truly global city. Attracting thousands of migrant workers and international holiday makers every year, Dubai really is a boom town. For many of the visitors, the impact and impression that Dubai leaves them with is powerful enough for them to want to make their home there or buy a second holiday home there. With more and more interest in buying in Dubai there is a very real need to obtain credit when making large purchases such as cars and houses.
Once upon a time, it was almost impossible for any foreign national to obtain credit in Dubai as the old banking and property laws made it difficult for most people to borrow money. However as Dubai has been more and more interested in establishing itself as a serious player in the global markets, these rules have been relaxed.
The process of obtaining credit in Dubai can be a new and often frightening experience for many foreign visitors and expatriates depending on which banking institute they use. While global banking institutes do operate within Dubai, there are also a number of Islamic banks that also offer credit but run slightly differently from non-Islamic banks.
The United Arab Emirates is a Muslim country and as such is governed by Sharia (Islamic law). While Islamic banking has the same principals as many commercial banks which is to make money from banking, as Islam prevents banks from charging interest a set of complicated Islamic banking laws have been set up to allow the banks to make money without breaking Sharia.
If you were to take out finance on a new car in the United Arab Emirates, the dealership would contact the bank to arrange finance and rather than the bank loaning you the money to buy the car creating a situation where you pay off the value plus interest over time, in Islamic banking the bank buys the car on your behalf and then sells you the car at an above market value. You then make monthly payments back on the car which don’t include interest.

In order to prevent buyers from defaulting on any credit loans from an Islamic bank, many require collateral beyond the goods that the loan has been taken out to purchase. If you were purchasing a holiday home in Dubai, the bank might require to also offer your own family home as collateral.

Credit Cards Dubai

Product Editor | Dubai Credit Cards |

Dubai Credit Cards

In Dubai, there are lots of bank with different types of credit cards. You can check online about these credit cards and choose the best one according to your needs. You can search card by category, type and select for you. You can apply for anyone of the credit cards online. Here are some credit cards offered by the banks of Dubai:

Abu Dhabi Islamic bank:
• VISA credit card. Co-Branded credit card. No annual fee, low opening rate, reward card, airlines card, cash back.

Al Hilal Bank:
• VISA credit card. No annual fee and low opening rate.
• Gold Credit Card. It is also VISA card with no annual fee and low intro rate.

Arab Bank:
• Internet shopping card. VISA card. No annual fee.
• VISA platinum credit card. No annual fee.
• VISA Electron Card. No annual fee.
• VISA classic card. Low opening rate. Annual fee of AED 150, student and airlines card.
• VUSA Gold. Low opening rate. Annual fee of AED 300, airlines and student card.

Barclays:
• Barclay Premier League Card. Master card. No annual fee.
• Classic preferred bundle. VISA card. No annual fee, low opening rate, reward card.
• Classic priority bundle. VISA card. Reward and airlines card. Low opening rate, annual fee of AED 300.
• Elegant Bundle Gold. VISA card. Low intro rates, no annual fee, reward, business, student and airlines card.
• Elite Bundle Gold. VISA card. Low opening rate, annual fee of AED 150, business, airlines and reward card.
• Elite Bundle Platinum. VISA card. Low opening rate, annual fee of AED 550, platinum, business, airlines, reward card.
• Esteem Bundle Platinum. VISA card. Low opening rate, annual fee of AED 950. Platinum, airlines, business, reward card.
• Gold preferred Bundle. VISA card. Low opening rate. no annual fee, reward card.
• Gold priority bundle. VISA card. Low opening rate, annual fee of AED 300, airlines and reward card.
• Platinum personal prestige bundle. VISA card. Annual fee of AED 500, low opening rate, airline and reward card.
• Platinum card. VISA card. No annual fee, low intro rates, airlines and reward card.

Citi Bank:
• Citi Life Titanium. Master card. No annual fee.
• Citi Life Platinum. Master card. No annual fee.
• Citi Life Infinite. VISA card. No annual fee.
• Citi Premier Miles. Master card. No annual fee.
• Citi premier Miles Elite. Master card. No annual fee.
• Citi Life Silver. Master card. No annual fee.
• Emirates Citibank Gold Card. Master card. No annual rate and fee. Airlines card.
• Citi Travel pass Card. VISA card. Low opening rate, annual fee of 400 Dhs. Airlines card.
• Citibank Gold card. VISA card. Low opening rate, annual fee of AED 300, reward card.
• Citibank Silver Card. Master card. Low opening rate. Annual fee of AED 150. Reward card.
• Citibank Ultimate Card. VISA card. Low intro rate, annual fee of AED 600. Airlines card.
• Emirate Citibank Ultimate Card. VISA card. Annual fee of AED 800. Platinum and reward card.

Dubai Bank:
• VISA Covered Card. VISA card. Low opening rate, no annual fee and rate, business, airline and reward card.

Dubai Islamic bank:
• Al-Islami Infinite Credit Card. VISA card, no annual fee, platinum, business and reward card.
• Classic Al-Islami Charge Card. VISA cad. Annual fee of AED 200, airlines card.
• Classic personal Credit Card. VISA cad. Monthly fee of AED 75. Airlines card.

There are also other credit cards such as Gold premium Personal Card, Platinum Al-Islami Charge Card, VIP Platinum Al-Islami Charge card. Most of the credit cards of this bank are VISA card with some annual fees.

So, as you can see there are various types and categories of credit card in Dubai. Lots of banks provide these credit cards with lots of facilities. Some charges annual fees and some do not. You must choose your own credit card comparing all these.

Loans in Dubai

Product Editor | Banking, Guides and Advice |

Dubai Personal Finance

Dubai Loans

There are different types of bank loans in Dubai. These loans can be classified into personal loan, home loan, business loan, car loan, salary transfer loan, loan against properties. All of these loans are described here:

Personal Loan:

Various banks and financial companies offer personal loans. Employees and businessmen are offered this loan. This loan is small in amount ranging from 20000 to 200000 AED. Retail department of bank offers this loan with 4-10 working days turn around time. Tenor of this loan is 12-48 months. Annual interest rate is around 25%. You need to provide 12 month statement of your personal bank account and history of clear repayment of previous loans or credit cards.

Home Loans and mortgages:

Several banks and institutions of housing finance offer this mortgage loan in Dubai. But, the loan is offered on a selective basis. The loan is offered on residential apartments which are fully completed. You are eligible if you have cash flow of your business. You can get loan of 5-8 times of your gross salary in a year. If you have other installments to pay then you will get lesser amount. Projects for which most banks finance are Lakes, Springs, Greens, Emirate Hills, Meadows, Downtown Dubai, Jumeirah Islands, Jumeirah Beach Residence, Executive Towers. The loan amount for home is 70%- 80% of your property. Turnaround time is 2-3 weeks. Evaluation of property is done by reputed valuers like Better Homes, J&J, Colliers and Cluttons. Tenor of this loan is 10-20 years. Annual interest rate is 6.5%-8.5%. You need to provide your salary bank account’s 6 months statement, employer’s salary certificate, loans or credit cards detail, property details and history of clear payment of previous loans.

Business loan:

Many banks in Dubai offer business loans for SME customers and business banking. This loan ranges from 150000 to 750000 AED. Department of business banking offer this loan. The loan can be distributed within a turnaround time of 7-15 working days. Tenor of this loan is 12-48 months. Annual interest rate is 18-24%. You need to provide statement of your personal account or business account. You should have business of minimum 2 years, clear payment of previous loans. Your yearly business turnover should be 3 million minimum. You should also provide company financials. According to your company financials and credentials you can have better interest and loan offer.

Car loans:

Few of the Dubai financial institutions and banks offer car loans. This loan depends on the employee salary. You are eligible to take this loan if you get a monthly salary of 6000 AED. Tenor of this loan is 5-8 years. Annual interest rate is 9-11%. You need to provide bank statements of 6 months, salary certificate, details of any credit cards or loans, details of car and clear repayment of other loans.

Safety Transfer loan:

This loan is offered by most banks in Dubai. The amount range is from 20000 to 250000 AED. Retail banking department offer this loan with 4-10 working days turn around time. The interest rate is better than the personal loan and depends on the strength of employer. Tenor of this loan is 12-48 months. Annual interest rate is 12-16%. You need to provide clear repayment of other loans, salary certificate and bank statement of 12 months.

Loan against property:

This is same as home loan except in this loan you can borrow against the asset. You are eligible if you can show the cash floe of your business. The loan amount is 52-65% of the property value. Tenor of this loan is 5-15 years. Annual interest rate is 7.5-9.5%. You need to provide salary certificate, bank statement of 6 months, details of credit cards or loans, details of property and clear repayment history.

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