Picture used for illustrative purpose only.
The Central Bank of the UAE (CBUAE), endorses banks’ progressive steps to support customers affected by the COVID-19 pandemic.
To date, 77 per cent is already drawn-down from the Dhs50 billion liquidity facility within the Targeted Economic Support Scheme (TESS), equivalent to Dhs38.5 billion of allocated funds.
The CBUAE has disclosed the list of banks that availed more than 50 per cent of the allocated TESS liquidity facility, which aims to protect and support the impacted customers during such unprecedented times.
Among those banks are Al Masraf Arab Bank for Investment & Foreign Trade by 93 per cent, Arab Bank by 76 per cent, Mashreq Bank by 73 per cent, Sharjah Islamic Bank by 67 per cent, RAK Bank by 58 per cent, National Bank of Umm Al Quwain (NBQ) by 58 per cent and United Arab Bank (UAB) by 57 per cent.
While the list of banks that used 100 per cent of the allocated liquidity facilities within the Targeted Economic Support Scheme by the CBUAE included Abu Dhabi Commercial Bank (ADCB), First Abu Dhabi Bank (FAB), Emirates NBD, Dubai Islamic Bank (DIB), Emirates Islamic Bank, Noor Bank, Fujairah National, Commercial International Bank, Bank of Sharjah and Invest Bank.
To incentivise banks and finance companies to draw-down more from the TESS liquidity zero cost funding facility designated to be used by impacted private corporate customers, SMEs and individuals, the CBUAE has also issued a notice that includes additional clarifications on the deferral requests under the TESS and aims to further facilitate the implementation of the scheme.
Pursuant to the notice, all banks and finance companies are required to consider the specific circumstances of impacted borrowers to receive a deferral of repayment within the TESS, as options for granting deferrals include the following:
Deferment of principal only, deferment of both interest/profits and principal repayment, or deferment of interest/profits only.
The notice highlighted that the most in-demand option will be for the deferment of both interest/profits and principal repayment, unless the borrower’s circumstances allow for accepting other options.
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