Islamic banks object to new lending law
Islamic banks operating in the UAE have objected to new lending rules enforced by the Central Bank early this year and requested amendments for their own business, motivating that some of the new rules violate Shariah banking.
The new lending law presented by the central bank for the country's 23 national banks and 28 foreign units capped personal loans at 20 times a borrower's monthly salary and stipulated the loan must be repaid within 48 months.
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