Latest news with #EmaratAlYoum
Gulf Insider
14 hours ago
- Business
- Gulf Insider
UAE Central Bank Orders Halt To Minimum Balance Hike
In a major new development, the Central Bank of the UAE on Tuesday instructed all banks operating in the country to suspend planned increases to the minimum balance requirement for personal accounts, pending a formal review of the policy's impact on consumers. In a circular obtained by Emarat Al Youm, the Central Bank explicitly addressed recent reports indicating that several major banks were preparing to raise the minimum required balance from Dh3,000 to Dh5,000, starting June 1. The move, which would have subjected non-compliant customers to monthly fees of up to Dh105, had already been implemented by at least one leading institution. 'With reference to what has been circulated in the media and social platforms about some banks' intention to raise the minimum balance to Dh5,000, the Central Bank has decided to study the impact of this increase on customers,' the circular read. 'Accordingly, banks are instructed to suspend the increase and refrain from applying it until further notice.' The decision follows Emarat Al Youm's earlier report that several major banks had planned to implement the new Dh5,000 threshold starting June 1, in line with updates to Central Bank regulations. One leading bank had already enacted the change, with others expected to follow suit in the coming weeks. The announcement of the potential increase triggered widespread public criticism, with account holders voicing concern over the financial burden on lower-income residents and small businesses. Under the now-paused policy, customers who failed to maintain a Dh5,000 balance in their current accounts would have been charged a monthly fee of Dh25, unless they met certain exemption criteria. These included transferring a salary of at least Dh15,000 per month, maintaining an aggregate account balance of Dh20,000 or more, or having an active credit card, overdraft, or loan with the bank. Customers with monthly salaries below Dh5,000 and no qualifying banking products would have been automatically charged the fee, with some banks reportedly planning to increase the penalty to Dh 100 or more, depending on the account type.
Hi Dubai
21-05-2025
- Business
- Hi Dubai
UAE Banks Raise Minimum Balance Requirement as Fee Exemptions Tighten
Several UAE banks will raise their minimum balance requirement to Dh5,000 starting June 1, tightening fee exemptions for customers who do not hold a credit card or personal financing. The move, up from the longstanding Dh3,000 threshold, means many account holders may now face a monthly fee of Dh25. According to a report by Emarat Al Youm , one bank has already rolled out the updated policy. The change is aimed at encouraging customers to either maintain higher balances or sign up for banking products such as credit cards or loans. Customers who do not meet the new balance requirement and lack qualifying financial products will incur the Dh25 monthly fee. Banks justify the shift as necessary for liquidity and operational cost management. Vijay Valecha, chief investment officer at Century Financial, said higher minimums help banks increase deposits, enhance loan offerings, and offset rising service costs. However, finance expert Dr Ben Lebig raised concerns over the burden this places on low-income residents, particularly those in the service sector. 'For workers whose salaries barely cover expenses and remittances, this rule may be impossible to fulfill,' he said. He urged banks to introduce tiered requirements based on income levels. Fee waivers will apply to customers with a total balance of Dh20,000 or more, or those transferring a salary of Dh15,000 or higher. Partial exemptions are also available for those earning between Dh5,000 and Dh14,999, provided they hold additional financial products. To ease the impact, experts suggest alternatives such as payroll cards, corporate accounts for low-wage employees, and zero-balance digital accounts. These options, commonly used in the Wage Protection System, can help workers stay compliant without added financial strain. News Source: Khaleej Times
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Some UAE banks to raise minimum balance requirement from June 1, report says
Several banks operating in the UAE are set to increase the minimum balance requirement to Dh5,000, up from the previous Dh3,000 threshold established under the Central Bank's personal loan regulations. The new requirement will take effect from June 1, with one bank having already implemented these charges recently. Customers who fail to maintain the minimum balance will face a fee of Dh25, according to the new guidelines. These banks have stipulated that customers must hold a credit card or personal financing to be exempted from the minimum balance fee of Dh25. A document obtained by Emarat Al Youm details that 'fees will be waived for customers maintaining a total balance of Dh20,000 or more, those with a monthly salary transfer of Dh15,000 or more, or customers with a monthly salary transfer between Dh5,000 and Dh14,999 who also have a credit card, overdraft facility, or loan.' The document further states that 'a fee of Dh25 will be imposed on customers with a monthly salary transfer between Dh5,000 and Dh14,999 without a credit card, overdraft facility, or loan, as well as those with salary transfers less than Dh5,000.' Additionally, 'all bank customers who do not fall under the above categories will be required to pay a fee of Dh100 or Dh105, depending on the account type.' It is worth noting that the personal loan regulations issued by the Central Bank, in effect since 2011, require a minimum balance of Dh3,000 to be exempt from a fee of only Dh25.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Blue Visa: UAE offers multiple-entry permit to foreigners applying for residency
The UAE has launched a 180-day permit for expats to apply for the Blue Residency visa — a 10-year residency granted to individuals who have made 'exceptional contributions and efforts' in protecting the environment. Eligible individuals outside the UAE can now apply for a multiple-entry visa valid for 180 days from the entry date, according to the Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP). This initiative is aimed at facilitating the completion of all necessary procedures required to obtain the Blue Residency, Emarat Al Youm reported. The Blue Residency is the first long-term residency in the UAE specifically targeting those who have made significant impacts in environmental conservation, sustainability, and clean and renewable energy whether within the country or abroad. According to the authority, the following categories are eligible to apply for this visa: The multi-entry permit to finalise the procedures for a long-term residency visa was previously extended to foreigners who wish to get a UAE Golden Visa. This service offered an entry permit for a period of 6 months, which could be extended for a similar period, to facilitate the completion of procedures for obtaining the 10-year residency. How to apply multi-entry permit Applications can be submitted through the ICP's official website and the UAEICP mobile application. The five-step application process takes around seven minutes and includes filling in personal data, attaching required documents such as: A passport valid for at least six months A personal photo Proof of eligibility Paying the fees Submit application. The service is completed within one working day once all documents are verified. The announcement follows the first phase of the Blue Residency initiative, unveiled during the World Government Summit in February, where 20 prominent individuals in sustainability were granted the residency. It forms part of the UAE's broader strategy to position itself as a global leader in climate action and innovation, following earlier long-term visa programmes such as the Golden and Green residencies.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
UAE: Indian billionaire jailed, to be deported in money laundering case
A UAE court has sentenced Indian businessman Balvinder Singh Sahni popularly known as 'Abu Sabah,' and several others to five years in prison for their role in a major money laundering case involving an organised criminal group, Arabic daily Emarat Al Youm reported on Friday. The court also imposed a fine of Dh500,000 on each defendant, ordered their deportation after serving the sentence, and confiscated Dh150 million in illicit gains, along with computers, mobile phones, and other seized items. The court found the defendants guilty of laundering large sums of money obtained through criminal activities, using sophisticated methods to conceal the origin and movement of the funds. The verdict follows an investigation that revealed the defendants had set up a sophisticated money laundering operation using fake companies and suspicious bank transfers, the report said. The accused were charged with concealing or possessing assets suspected to have been obtained illegally, as well as running a money laundering racket through an organised group. Dubai Police referred the case to the Public Prosecution in December last year. The matter was transferred to the Criminal Court in January, where hearings began and culminated in yesterday's (Thursday) ruling. The case has now been moved to the Court of Appeal for further proceedings. Among those convicted are individuals tried in absentia and others who appeared in court, including three companies. Each of the corporate entities was fined Dh50 million. Authorities also ordered the confiscation of all criminal proceeds and evidence, including financial records, mobile devices, and electronic equipment. Investigators uncovered a broad network of financial activities tied to domestic and international partners. The accused allegedly used fictitious partnerships and front companies to obscure the origins of the illicit funds.
