We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

Latest News

UAE urges banks to lend more to small businesses

The survey covered 139 banks in the MENA region in 16 countries, including six from the Gulf Arab states.


October 6, 2010 3:42 by

The United Arab Emirates’ finance ministry has urged banks to increase credit to small and medium enterprises (SMEs) after a survey showed low levels of lending to this sector.

The survey by the Union of Arab Banks and the World Bank showed that bank lending to SMEs accounted for only 2 percent of total lending in the Gulf Arab countries and 8 percent in the Middle East and North Africa (MENA) region.

“Though GCC banks regard the SMEs segment as potentially profitable, there has not been a concerted effort to encourage lending to them and diversify the financial infrastructure,” Khalid al-Bustani, an executive director at the finance ministry, said in a statement.

“It is especially important in the UAE where we have increased the size of our non-oil economy year on year,” he said.

Lack of transparency and weak financial infrastructure that includes poor credit information are some of the obstacles hindering bank lending to SMEs, the survey said.

The survey covered 139 banks in the MENA region in 16 countries, including six from the Gulf Arab states. The average minimum turnover defining SMEs in the Gulf states was $61,000.

(Reporting by Stanley Carvalho; editing by Firouz Sedarat)


Tags: , , ,

Leave a Comment