In recent news and regulations issued from the central bank of the UAE, another restriction has been implemented on the banking sector.
All banks must refrain from offering loans to customers over the phone. The Central Bank is attempting to curb any ‘bad practice’ in the financial sector of the country.
Many complaints were recently filed against banks and other financial institutions alike for marketing their services in a misleading fashion over the phone. Subsequently, the ban was also imposed on other financial institutions.
This ban will prove to be a great challenge for many banks and companies in the financial sector as they rely on a lot of business that they generate via phone.
“They were causing such customers a lot of disturbances, which also gives a negative impression about the status of UAE banks,†the Central Bank said.
