Banks in the UAE have shifted to a digital method for verifying borrower data, moving away from traditional practices. To confirm income and calculate loan amounts, banks now directly contact employers or use QR codes. This approach allows for accurate information on salaries, bonuses, and other benefits, cross-referenced with bank statements. Previously, banks often encountered cases where borrowers submitted fraudulent documents, leading to loans up to 20 times their income. This caused severe financial difficulties for clients and lawsuits against banks. The country's new digital infrastructure, particularly in the banking sector, minimizes risks and prevents fraud, ensuring loans align with the borrower's actual repayment capacity.
