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Neither a borrower nor a lender be

Neither a borrower nor a lender be

Despite a slight upturn in lending, some say UAE banks are still reluctant to grant personal loans. But others believe that consumers are the wary ones.

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February 24, 2010 4:11 by



Earlier this month, the UAE Central Bank Governor Sultan bin Nasser al-Suwaidi confirmed that banks operating in the Emirates currently had no capital problems. “The liquidity is good,” he said, adding that if the need arose, the central bank would consider further measures.

So since they have adequate liquidity, should banks take the onus, and increase lending to consumers in order to improve the economy? As some experts at the Abu Dhabi Economic Forum commented, should they not shoulder more social responsibility, and be willing to take more risks?
They might, if they had adequate demand, according to Mohamed Jaber, vice president at Morgan Stanley. Speaking at the forum, he said that while it’s easy to say that banks are not lending, the problem is also from the demand side, as many consumers have been spooked by the crisis, and are not interested in taking loans. It is essential to look at both the demand and supply sides, he said.

Do you think the balance between supply and demand will be spurred by consumers, or by the banks? Have you been thinking about taking any loans recently? If yes, did you find it very hard to obtain credit from banks here?



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1 Comment

  1. Mina on February 25, 2010 8:14 am

    I have recently obtained a rental loan from ADCB. They have recently introduced this product. While doing research, I found Abu Dhabi banks were a lot more willing to entertain my enquiry, whilst Dubai banks were in most cases adamant that they were not even considering giving out any sort of loan, or the barriers were set too high. It is still possible to get loans at decent rates however you need to have an impeccable record, the screening procedures are a lot stricte,r and it is necessary to do a bit of searching until you find the right product and the right lender.

     

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