Dubai has been considered as the most developed city in the United Arab Emirates and the local business center in the Middle East. When it comes to financial services, Dubai’s reputation as a banking center offers great financial infrastructure and the economic stability.
There are more than 20 local banks and around 30 foreign banks that operate in Dubai through branch offices. Banking laws of Dubai are the main framework that controls all the financial operations in Dubai.
The reputable Legal Counsel In UAE help banks in resolving simple to complex legal matters.
Here we give a special information on the banking laws in Dubai you need to know when opening an investment company or a financial institute.
Banking laws in Dubai
Central Bank of UAE has issued some laws in order to enhance the reliability of the banking system and ensure transparency of the bank services for its customers.
These are the following rules:
- The borrowers can take a loan up to 20 times of their salary and has to repay in 48 months.
- Banks and finance companies cannot take blank cheques against loans.
- The borrower must have citizenship of Dubai. While opening an account they must have a proof of UAE citizenship, an income certificate, a valid residence in Dubai and an original passport with residency visa.
- Central Bank of UAE has banned banks and financial institutions from telemarketing credit cards and phone loans.
If you want to know about these regulations in detail you can consult with banking lawyers in Dubai. They will offer more details on the banking regulations in Dubai.
In addition, Dubai has many emigrants among its 1.3 million people, with their different languages including English, Urdu, Tagalog, Malayalam, and Russian.
Arabic is the formal language of Dubai although English is one of the common languages used in Dubai banks it helps them to communicate with their non-resident customers.These are some of the laws of Dubai banks. Check this link to know how to deal with Dubai banks and their services.