Retirees are convinced that the allocated bank financing should be increased, allowing them to purchase a car or borrow for emergencies. They confirm that banks refuse to grant any exceptions, even if the retiree has no final banking obligations and receives a stable or high pension, with no possibility of that pension decreasing in the future. In comments on platforms published by 'Emirates Today' on topics in the field of financial inclusion, they confirmed that some pension salaries are large and would allow for an increase in the deduction percentage from the current 30% of salary, noting that a car loan is, in principle, secured by the car's title with the bank, and that the installment value is often reasonable. They said: 'As retirees, we cannot easily manage our financial affairs due to the inability to borrow with a monthly installment exceeding 30% of the pension, while other employees can easily manage their financial and living matters by borrowing with deductions of up to 50% of their salary.' In response, banking expert Ahmed Yusef said: 'If an employee-borrower is on the job and their salary decreases after retirement, banks take this into account according to the Central Bank's instructions, reducing the deduction percentage from 50% to 30%, while taking the required repayment period into account. Thus, they comply with laws and regulations, all in the interest of not overburdening the retiree.' He added: 'Sometimes banks reduce the financing interest rates for retirees to enable them to pay 30% of their salary as a monthly deduction over a specific repayment period, and this is also in the client's interest.' Yusef continued: 'If a retiree has no banking obligations, they can finance a car or get a loan with ease, as long as the set deduction percentage is observed.' On his part, a banking official, who preferred not to be named, said: 'Banks apply the Central Bank's instructions, but alternatives can be proposed or cases studied where, for example, a retiree receives a high salary that allows for a deduction of 50% of it, while leaving a suitable monthly amount for their needs. It could also be allowed for retirees without banking obligations to get financing with a 50% deduction of salary as a monthly installment, as long as their salary will remain stable and not decrease in the future, as is the case with an employee who borrows and then retires, and consequently, their salary decreases.' He added: 'Banks are ready to apply any new decisions or instructions concerning retirees, but the matter requires detailed study and the establishment of controls and mechanisms as a guide that all banks can follow, so that the matter is not left to the discretion of each bank individually'.
