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  • Amendments to Circular No. 31/2013 on Regulations regarding Mortgage Loans

    After greetings,

    Please be informed that the Board of Directors of the Central Bank has issued Decision No. 96/By Circulation/2019 amending Circular No. 31/2013 on Regulations regarding Mortgage Loans.

    By this Decision, the age requirement at the time of the last repayment has been abolished, regardless of the nationality. The age should be determined by the lender in accordance with its risk management and lending practices.

    We attach herewith a copy of the above Decision and please circulate it internally.

    The attached Decision comes into force with immediate effect.

    Yours faithfully,

    • Central Bank Board of Directors’ Resolution No. 96/By Circulation/2019 Amending Circular No. 31/2013 on Regulations regarding Mortgage Loans

      Governor,

      Having perused the provisions of the Decretal Federal Law No. (14) of 2018 Regarding the Central Bank & Organization of Financial Institutions and Activities; and

      Circular No. 31/2013 on Regulations regarding Mortgage Loans.

      The Central Bank's Board of Directors has issued the following resolution:

      Article One:
      The text of the second paragraph of item (3) of Article (3) of Circular No. 31/2013 on Regulations regarding Mortgage Loans shall be replaced with the following text:

      (The maximum age at the time of the last repayment should be determined by the mortgage loan providers in accordance with their risk management and lending policies).

      Article Two:
      This Resolution shall be communicated to whomsoever is concerned for implementation, and shall be published in the Official Gazette in both Arabic and English.