Banks in the UAE have launched promotional campaigns targeting the purchase and transfer of customer debts among themselves. These offers include interest rate discounts, welcome bonuses worth 5,000 dirhams, and the possibility of deferring the first installment for up to six months. According to bankers at local banks, the new financing remains stable as is, without any changes, but the main focus is on buying existing debts, with greater facilities for frontline workers who are currently performing their duty in confronting blatant Iranian aggressions against the United Arab Emirates. These initiatives come as part of the banking sector's commitment to supporting the categories that have made exceptional efforts during critical periods and enhancing their community and national role. They confirmed that the performance of the financial sector in the country is very strong, while banks are playing their usual role in supporting the national economy in all its sectors alongside individuals. Banking expert Awaatif Al-Hermeidi said: "Banks, from time to time, launch promotional campaigns for their banking products, especially those targeting individuals. Currently, after the end of Ramadan and Eid Al-Fitr offers, banks have become active in buying existing debts, offering deals such as reducing financing interest rates or extending the grace period, but the main focus is on buying debts." Al-Hermeidi added: "Banks' performance is generally stable, and there is strong liquidity and the ability to support the national economy in all its sectors." She noted that the recent stabilization of interest rates also contributes to giving banks a reasonable margin to stabilize or reduce financing interest rates, which serves the interests of customers who decide to transfer their debts from one bank to another. Banker Ibrahim Mohammed said that the bank he works for, along with most local banks where the majority of individual customers are concentrated, is offering strong deals for buying debts among themselves, with a fixed interest rate starting from 2.8%, a welcome bonus worth 5,000 dirhams or more, depending on each bank's policy, in addition to a grace period from the burden of debt before starting repayment, which can extend up to six months. He added to "Emirates Today": "Banks already have existing offers for frontline workers, but some banks have recently added other benefits related to offering lower interest rates, longer repayment periods, and the possibility of issuing credit cards with higher limits than usual." In the same context, banker Mustafa Ahmed confirmed that "the new financing is stable, but the majority of current customers with banks already have existing financing, so banks, from time to time, launch promotional campaigns to buy debts among themselves." He pointed out that these promotional offers are well-received by those who want to reduce the monthly deduction, benefit from lower interest rates, or even get a break from the burden of debt for several months before resuming the commitment to repay. Ahmed added: "However, it is important for the customer not to ignore the actual interest they have already paid if the loan or financing is nearing its end. In this case, we do not recommend transferring the debt unless the customer's salary has decreased or they have moved to another job with a lower salary, as most of the banks' profits are collected in the first years of the loan's life." Banker Isa Abdelrahman Al-Ali said: "The financing market in local banks is witnessing a relative state of stability during the current period, as financial institutions have maintained their credit policies without fundamental changes, continuing to evaluate applications according to the usual standards related to the ability to repay, commitment ratios, and the client's credit history." Al-Ali added that banks are still dealing with cautious prudence, maintaining suitable financing levels for individuals and companies without additional tightening or exceptional facilities outside the established frameworks. He confirmed that banks continue to monitor economic changes to ensure a balance between supporting customers and maintaining the stability of the financial sector, with their readiness to update their policies as needed to serve the public interest.
Special Benefits for Frontline Personnel ■■ Deferral of loan installments for a specified period without additional fees. ■■ Preferential profit rates on new financing or when refinancing. ■■ Exemptions from some banking fees, such as card fees or minimum balance requirements. ■■ Priority in receiving services inside branches or through call centers. ■■ Additional support programs related to real estate financing or cooperative insurance.
