UAE banks free to fix ser­vice fees

The Pak Banker - - Company & Boss News -

DUBAI: The UAE will be­come among a hand­ful of coun­tries to force banks to re­veal fees of their ser­vices on boards that should be in­stalled at all their branches, a se­nior cen­tral bank of­fi­cial was re­ported on Tues­day as say­ing.

Hadif Al Shamsi, ex­ec­u­tive di­rec­tor of the trea­sury depart­ment, said the cen­tral bank is work­ing on a new law gov­ern­ing per­sonal loans ex­tended by the coun­try's 53 banks as well as ser­vices to clients. The move fol­lows grow­ing com­plaints by cus­tomers about soar­ing fees on bank ser­vices, in­clud­ing de­posits, with­drawal from other banks, clo­sure of ac­count, credit card use, de­posit­ing and other ser­vices.

Quoted by the Ara­bic lan­guage daily Emarat Al Youm, Shamsi said the cen­tral bank had no in­ten­tion to force the coun­try's 23 na­tional banks and 28 for­eign units to cut ser­vice fees on the grounds the UAE is an open econ­omy based on com­pe­ti­tion, adding that clients can al­ways seek other banks for bet­ter ser­vices. But he noted banks have been told to be more trans­par­ent in their ser­vices to cus­tomers and that the cen­tral bank "al­ways rec­om­mend rea­son­able ser­vice fees" dur­ing its pe­ri­od­i­cal meet­ings with the banks.

"Clients, how­ever, can sub­mit com­plaints to the cen­tral bank on its web­site…mean­while, we are work­ing on a new per­sonal loan law that will en­sure banks will be more trans­par­ent and straight­for­ward," he said. -PB News

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