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Article (12) Conditions for Opening of Accounts, Providing of Credit Cards and Granting Loans & Bank Facilities

C 29/2011 Effective from 29/3/2011

a) Conditions for opening of accounts of all types as well as conditions for obtaining credits cards must be included in a standard agreement, drafted in both English and Arabic and written in an easily readable font, and in accordance with texts drafted and approved by the Emirates Banks Association.

b) Conditions for granting personal loans, car loans, overdraft facilities and facilities for covering unpaid credit card balances must be included in standard applications, drafted in both Arabic and English and written in an easily readable font, and in accordance with texts drafted and approved by the Emirates Banks Association.

Clarifications and Guidelines (Notice No. 2901/2011)
  1. Emirates Banks Association will be providing the banks with standard account opening forms including general terms and conditions and other loan documentation which will be beneficial to various user groups. Pending finalization and introduction of new forms, the banks may continue to use the existing forms as hitherto.
  2. In addition to the above, each bank will also be allowed to define specific terms and conditions which do not require prior approval from the Emirates Banks Association or Central Bank provided these are signed by the customer and do not contravene or contradict any other requirement. These terms will be shown in a separate section alongwith general terms and conditions.