Central Bank of the United Arab Emirates has issued Circular No 29/2011 dated 23.02.2011 titled Loans and Services Offered to Individual Customers. In compliance with Article 17 of the Circular and based on feed-back received from Emirates Bankers Association/ various banks, this Manual is being issued to clarify certain relevant provisions and requirements.

Banks and finance companies (hereafter referred to as bank or banks) extending personal facilities in accordance with the underlying regulations must ensure that they have adequate risk management systems to approve and monitor such facilities. Banks should also ensure that they have trained staff to market the relative products with proper guidance being given to the borrowing customers