Latest news with #Dh10
Al Etihad
3 days ago
- Health
- Al Etihad
Leading philanthropist contributes Dh20 million to Awqf Abu Dhabi's Life Endowment campaign
31 May 2025 15:16 ABU DHABI (WAM)A leading UAE philanthropist has contributed Dh20 million to the Life Endowment campaign, launched in support of chronic disease patients and People of Determination by the Endowments and Minors Funds Authority (Awqaf Abu Dhabi) under the slogan 'With You For Life'.The widespread community support and significant contributions to this campaign reflect the deeply rooted culture of generosity and solidarity within Emirati society, while also demonstrating the shared responsibility of individuals and institutions to support national initiatives that enhance sustainable Life Endowment campaign aims to provide continuous and sustainable funding to aid the treatment of chronic disease patients and People of Determination, and strengthen the healthcare system's capacity to address future also aims to collect contributions for establishing an endowment whose investments will cover treatment expenses for chronic disease patients and provide essential medications and mental health support. Contribution Channels The Life Endowment campaign in support of chronic disease patients has dedicated several channels to receive the contributions from individuals and institutions: ● Digital donation platform by Awqaf Abu Dhabi: ● Bank transfers to the Campaign's account (IBAN Number: AE930353417000004600004) at First Abu Dhabi Bank● SMS to dedicated e& UAE numbers, as follows: SMS 'Life' to 3557 to donate Dh10, to 3556 to donate Dh50, to 3225 to donate Dh100 and to 3223 to donate Dh500 ● SMS to dedicated du numbers, as follows: SMS 'Life' to 3583 to donate Dh10, to 3585 to donate Dh50, to 3586 to donate Dh100 and to 3587 to donate Dh500
Al Etihad
6 days ago
- Business
- Al Etihad
CBUAE imposes financial sanctions of Dh18.1 million on two branches of foreign banks
28 May 2025 17:11 ABU DHABI (WAM) The Central Bank of the UAE (CBUAE) imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to Dh10,600,000 for the first bank and Dh7,500,000 for the second bank, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal financial sanctions were imposed based on the findings of examinations conducted by the CBUAE, which revealed violations and failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system.
Al Etihad
22-05-2025
- Business
- Al Etihad
FAB supports UAE industry with Dh10 billion total commitment in partnership with MoIAT
22 May 2025 18:00 ABU DHABI (WAM) First Abu Dhabi Bank (FAB), the UAE's global bank, announced the renewal of its strategic partnership with the Ministry of Industry and Advanced Technology (MoIAT), signing a Memorandum of Understanding (MoU) that reinforces FAB's pivotal role in advancing the UAE's industrial agreement formalised this week on the sidelines of the Make it in the Emirates Forum, which wraps up on Thursday at Abu Dhabi National Exhibition Centre, brings FAB's total commitment to industrial sector financing to Dh10 billion since June renewed MoU follows the early fulfilment of FAB's initial Dh5 billion financing pledge under the 2023 agreement. Building on this momentum, FAB will now extend an additional Dh5 billion in competitive, flexible financing solutions to empower industrial enterprises at every stage of growth, from new startups and SMEs to larger industrial manufacturers, placing a strong emphasis on innovation, sustainability, and the adoption of advanced MoU was signed by the Undersecretary of MoIAT, Omar Al Suwaidi, and the CEO of First Abu Dhabi Islamic Finance, Fahad Al Shaer, along with representatives from Emirates NBD Group, Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank Group, and Wio milestone reflects FAB's commitment to enabling the National Strategy for Industry and Advanced Technology and supporting the objectives of the Made in the UAE initiative. The bank's expanded pledge is designed to help attract further significant investment into the industrial sector and foster the development of a robust, future-ready industrial ecosystem. The new pledge also supports the joint promotion of industrial investments in the Undersecretary, Industrial Accelerator Sector, Ministry of Industry and Advanced Technology (MoIAT), Osama Amir Fadhel, said, 'MoIAT and its strategic partners remain committed to driving the growth and competitiveness of the industrial sector and enhancing its investment appeal. This is achieved through the enablers, incentives, and opportunities provided to support the business environment, as evidenced by strong growth indicators, including the sector's contribution to GDP reaching Dh210 billion by the end of added, 'The financial enablers are the key pillars of this growth. The new agreements with financial institutions come as part of MoIAT's commitment to strengthening the financial empowerment of the industrial sector and offering innovative financing solutions to promote industrial entrepreneurship. These partnerships with national financial institutions mark a significant milestone in SMEs, enhancing their capacity to expand, adopt advanced technology, and actively contribute to achieving the goals of the National Strategy for Industry and Advanced Technology.''The First Abu Dhabi Bank is one of the leading financial institutions supporting the business environment and empowering industrial companies, especially through collaboration with various MoIAT initiatives, including the Make it in the Emirates platform, by providing innovative financing solutions that drive sustainable industrial growth. This demonstrates the synergy between the government and financial sectors, helping accelerate progress and diversify the national economy,' Fadhel Head of Personal, Wealth, Business Banking and Privileged Client Group at First Abu Dhabi Bank (FAB), Futoon Hamdan AlMazrouei, said, 'This expanded commitment reflects FAB's long-standing dedication to supporting the UAE's economic agenda and ambitious industrial vision. We've seen tremendous demand from entrepreneurs to established manufacturers, and the early delivery of our initial pledge highlights both the vitality of the sector and the strength of our partnership with MoIAT. We remain committed to delivering smart, accessible, and sustainable financing that enables businesses to scale, innovate, and contribute meaningfully to the UAE's industrial future. Supporting the vision of Made in the UAE, we are proud to help unlock real economic progress and opportunity at every level of enterprise.'FAB's financing framework encompasses structured lending, capital investment, business expansion support, and green financing, with dedicated solutions tailored to SMEs and high-growth industrial ventures. In addition to funding, FAB will continue to work closely with MoIAT to share financial expertise, foster innovation, and support knowledge-sharing initiatives that enhance industrial renewed partnership forms a key pillar of FAB's wider mission to drive national development by mobilising financial solutions that create lasting value for businesses, communities, and the broader economy. Driven by a visionary government agenda and strong public-private collaboration, the UAE's industrial sector is still on track to double its contribution to GDP within the next decade. As the UAE's largest bank and a trusted partner to national progress, FAB remains at the forefront of powering the country's industrial growth and economic diversification.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
UAE: How to check for a travel ban due to credit card debt
Question: I have multiple bank cases due to failure to repay my credit card payments after I lost my job. I managed to clear payments on some of the credit cards. But I forgot to keep a record of them. I must travel to my home country urgently, but I don't know whether any legal cases are still pending. How can I find out about the travel ban, and can I travel abroad if there are cases against me? Answer: A credit card holder who fails to pay three consecutive monthly or six non-consecutive bills may be considered in default. This is under Article 4 (4) of the Personal Loan Agreement format of Loan Agreements Formats Approved by the Central Bank of UAE, which states: "The loan elapses and all the instalments, interests and any other fees and expenses become due and payable immediately without having to give any notification or any court ruling and without prejudice to any other rights of the bank according to this agreement or by the law - in the event that the borrower failed to pay three consecutive instalments or six non-consecutive instalments of the monthly instalments without approval of the bank." In the UAE, a competent court can impose a travel ban when a creditor submits a request demonstrating the existence of a serious, due, and specific financial obligation of the outstanding amount of more than Dh10,000. The court may require the creditor to provide a financial guarantee to cover any potential harm to the debtor if the ban is later found to be unjustified. This is by Article 324 of Federal Decree-Law No. 42 of 2022, promulgating the Civil Procedure Code. Furthermore, a travel ban issued against a debtor remains in effect until the debt is settled. However, the court may lift the ban if the reason for it no longer exists, the creditor agrees in writing, and the debtor provides a sufficient bank guarantee or approved guarantor or deposits the full debt amount with the court. It may also be lifted if the creditor fails to file a case within 8 days or start enforcement within 30 days of a final judgment, if no enforcement action has been taken for three years, or if authorities confirm the debtor's stay in the UAE is illegal and they are to be deported. This is in accordance with Article 325 of the UAE Civil Code, "The travel ban order shall remain in force until the expiration, for whatever reason, of the debtor's obligation towards their creditor who has obtained the order. Nevertheless, the competent judge may order that the aforesaid ban shall lapse in the following cases: If any of the conditions necessary for the making of the travel ban order lapse; If the Creditor agrees in writing that the order may be revoked; If the debtor submits a sufficient bank guarantee, or a solvent guarantor accepted by the Judge, and the bail report that includes the guarantor's undertaking is accompanied by the judgment or order issued to oblige the debtor with an Execution Writ before them, with what this judgment decrees; If the debtor lodges with the Court's Treasury a sum of money equivalent to the debt and the expenses, earmarked for the satisfaction of the right of the creditor on whose application the order was made, and such sum shall be deemed to be under attachment by operation of law in favour of the creditor; If the creditor fails to submit to the Judge material to demonstrate that the action for the debt has been brought within (8) eight days from the making of the travel ban order, or if they have not commenced enforcement of a final judgment made in their favour within (30) thirty days from such judgment becoming final; If (3) three years have elapsed since the last valid procedure of executing the final judgment on the debt, the travel ban order was issued to satisfy it, without the creditor applying to the Execution Judge with a request to continue the procedures for executing such judgment; or If a request is received from the competent authorities stating that the stay of the person banned from travelling in the State has become illegal and they shall be deported, and it is not proven that they have assets in the State that can be subjected to execution." In the UAE, failure to repay credit card debt may result in civil proceedings, depending on the terms of the credit arrangement and whether post-dated cheques or signed undertakings were involved. If a bank initiates legal action, it could lead to a civil court case. If you have settled some of your credit card accounts but did not retain records of payment, and are uncertain whether any legal actions are still pending, it may be advisable to verify your legal status/travel ban before planning to leave the UAE. This can be done through online platforms like the Dubai Police Smart App or by visiting a local police station. Additionally, you may check with the Dubai Court if any cases have been filed against you. Alternatively, you may appoint legal counsel in the UAE to act for you. Ashish Mehta is the founder and Managing Partner of Ashish Mehta & Associates. He is qualified to practise law in Dubai, the United Kingdom and India. Full details of his firm on: Readers may e-mail their questions to: news@ or send them to Legal View, Khaleej Times, PO Box 11243, Dubai.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Dubai: Gold prices drop by nearly Dh10 per gram in 24 hours
Gold prices continued to trend downward in Dubai on Thursday morning, losing nearly Dh10 per gram in the past 24 hours as precious metal fell below $3,200 per ounce globally. The Dubai Jewellery Group data showed 24 karat trading at Dh378.5 per gram on Thursday morning, down from Dh388.25 per gram on Wednesday morning, losing Dh9.55 in the past 24 hours. Among the other variants, 22 karat fell to Dh350.5 per gram, losing Dh9.25 per gram since Wednesday morning. Similarly, 21 karat and 18 karat opened lower at Dh336.5 and Dh288 per gram, respectively. Spot gold was trading at $3,193.34 per ounce, down 1.5 per cent. The precious metal hit an over-one-month low ahead of key US data, which is expected to provide cues on the Federal Reserve's monetary policy path, while a thaw in US-China trade tensions also weighed on bullion's appeal. The US and China earlier this week agreed to cut tariffs and adopted a 90-day pause, de-escalating a potentially damaging trade war between the world's two largest economies. However, global markets still remain uncertain about the outcome after 90 days. Brian Lan, managing director at GoldSilver Central, said the yellow metal could touch $3,150. If it doesn't hold this level, then it may hit $3,100 at the next level.
