Monday 28 February 2011
What your bank will now charge you: Detail list of new bank fees
What your bank will now charge you: Detail list of new bank fees
Personal loan at 20 times salary to be repaid in 48 months
Terms of loans have also been affected. (FILE)
High service fees charged by banks and excessive lending practices are affected as part of a host of retail banking rules issued yesterday by the Central Bank.
The new rules cover personal and car loans, with limits capping the amount banks can lend to customers at 20 times their salary. They also set the period of loan repayment at 48 months.
In addition, the rules restrict service fees lenders can impose for personal accounts, cheques and debit cards.
Some of the new fees for bank transactions are as follows:
For opening new account – none
If balance is less than the minimum “monthly” - Dh25
Non-arrival of salary - none
Closure of account (if closed within one year of opening) - Dh100
Lack of sufficient credit in the account - Dh25
Issuing certificate of account balance - Dh50
Issuing clearance certificate - Dh50
Non-moving accounts - no charges
Teller transactions at branch (6 transactions monthly free) - Dh10 for each additional transactions
For cash withdrawal or deposit - none
Postpone the payment of the loan – Dh100 for each time
Loan restructuring - Dh250
Bounced cheques - Dh100
Periodic statement of account - Dh25 outside period agreed on
Previously there was a Dh250,000 (US$68,066) ceiling on personal loans but few other limits on service fees. As a result, banks were able to extend huge loans to consumers.
"We have compared fees in the region and put them slightly above regional fees, but not as high as banks wanted," said Suwaidi.
Under the rules, banks will be limited to charging a maximum of Dh25 for replacing lost or stolen ATM cards.
Closing an account within a year of opening will cost customers no more than Dh100. The cost of issuing a chequebook will be capped at Dh30.
Fees for loans will also be regulated. Processing fees for personal loans will be capped at 1 per cent of the loan amount.
Penalties for early payment of a loan will also be curbed. Banks will not be allowed to charge more than 1 per cent of the remaining loan balance if a customer settles a loan early.
Those not complying with the rules will face fines.
Sunday 6 February 2011
No VoIP in UAE as providers postpone launch indefinitely
No VoIP in UAE as providers postpone launch indefinitely
Regulatory authority has not set operational policy, say telecom operators; TRA chief refutes allegation
By
- Staff
Published Sunday, February 06, 2011
The service will offer lower rates for international calls (GETTY IMAGES)
Etisalat and du have postponed the launch of Voice Over Internet Protocol (Voip), despite the grace period given by the Telecommunications Regulatory Authority (TRA). Both the telecom operators were supposed to start operations before end-2010, according to 'Emarat Al Youm'.
Meanwhile, etisalat and du have refused to fix a date for the launch. The paper quoted a source as saying: "There is no directive to start Voip service soon. It was premature to set a date to start the service, which experts said would cut the price of international calls at rates ranging between 40 and 60 per cent at least."
Officials from both the telecom operators said the TRA has not yet set a policy for the operation of the service, except for determining pricing policies and this delayed the start of the service.
However, Mohamed Al Ghanim, Director-General of TRA, denied the claims of the officials. He also refused setting a date for Voip launch and said: "It is a very complicated matter."
Wednesday 2 February 2011
Parliament building to add new landmark to UAE's skyline
Parliament building to add new landmark to UAE's skyline
1.3m sqft monument to come up on Abu Dhabi Corniche
US-based architecture firm Ehrlich Architects has won the design competition to build the UAE's Federal National Council building. (SUPPLIED)
US-based architecture firm Ehrlich Architects has won the design competition to build the UAE's Federal National Council building – the landmark symbol of country's march towards greater democracy.
The tender ‑ floated by the Federal National Council – was awarded to Los Angeles-based company on January 5, 2011 to build 1.3 million square feet monument at Abu Dhabi Corniche.
Initially, 14 firms representing nine countries were invited in early 2010 to submit entries in Phase 1 of the competition for the new FNC building. In the more detailed second phase, four companies - Ehrlich Architects (USA), Foster + Partners (UK), Massimiliano Fuksas Architects (Italy) and and Zaha Hadid Architects (UK) – were shortlisted for the monumental project.
Ehrlich Architects teamed up with UAE-based architecture firm Godwin Austen Johnson (GAJ) and landscape architecture firm ValleyCrest Design Group in the second phase to create scheme for the new parliament building which embodies unique identity of the UAE.
"The New Parliament Building Complex will balance Islamic heritage with UAE's global contemporary aspirations, where modernity and tradition are in harmonious balance," explains Ehrlich Architects' Design Principal Steven Ehrlich. "The architecture for the FNC's new home will communicate its increasingly vital role in the lives of all UAE citizens."
The winning entry for the new parliament building melds familiar Arabic design language with contemporary form and the latest technological advances, creating meaning, maximum functionality and environmental sustainability. The design is anchored by a striking 100-meter-diameter dome structure, a soaring "flower-of-the-desert" which will create a shaded micro-environment while casting Islamic patterns of dappled light onto the white marble Assembly Hall.
The flanking parliamentary buildings that house the majority of the offices, meeting halls, and visitors' programme, abstract the colours and textures of desert sand; the exterior expression of these structures is indebted to local historic buildings.
Its dome will be visible for miles across the water and will glow dramatically at night, the company told Emirates 24|7.
Ehrlich Architects declined to disclose the value of the contract and time-frame to start the construction of the monument.
The tender ‑ floated by the Federal National Council – was awarded to Los Angeles-based company on January 5, 2011 to build 1.3 million square feet monument at Abu Dhabi Corniche.
Initially, 14 firms representing nine countries were invited in early 2010 to submit entries in Phase 1 of the competition for the new FNC building. In the more detailed second phase, four companies - Ehrlich Architects (USA), Foster + Partners (UK), Massimiliano Fuksas Architects (Italy) and and Zaha Hadid Architects (UK) – were shortlisted for the monumental project.
Ehrlich Architects teamed up with UAE-based architecture firm Godwin Austen Johnson (GAJ) and landscape architecture firm ValleyCrest Design Group in the second phase to create scheme for the new parliament building which embodies unique identity of the UAE.
"The New Parliament Building Complex will balance Islamic heritage with UAE's global contemporary aspirations, where modernity and tradition are in harmonious balance," explains Ehrlich Architects' Design Principal Steven Ehrlich. "The architecture for the FNC's new home will communicate its increasingly vital role in the lives of all UAE citizens."
The winning entry for the new parliament building melds familiar Arabic design language with contemporary form and the latest technological advances, creating meaning, maximum functionality and environmental sustainability. The design is anchored by a striking 100-meter-diameter dome structure, a soaring "flower-of-the-desert" which will create a shaded micro-environment while casting Islamic patterns of dappled light onto the white marble Assembly Hall.
The flanking parliamentary buildings that house the majority of the offices, meeting halls, and visitors' programme, abstract the colours and textures of desert sand; the exterior expression of these structures is indebted to local historic buildings.
Its dome will be visible for miles across the water and will glow dramatically at night, the company told Emirates 24|7.
Ehrlich Architects declined to disclose the value of the contract and time-frame to start the construction of the monument.
Read more
Unsettled weather expected over the weekend
Keep away from the sea, warns met department
Published Thursday, February 03, 2011
The National Center of Meteorology and Seismology has asked the resident not to go into the sea till Saturday due to high waves and drop in visibility. (FILE)
Slight drizzle in Dubai and light rainfall in the northern emirates have settled the dust in the air and brought to an end the windy weather that had enveloped the country for the past couple of days.
The National Center of Meteorology and Seismology (NCMS) has asked the resident not to go into the sea till Saturday due to high waves and drop in visibility.
The met department has also alerted motorists to be extra careful, especially on highways due to low visibility and strong winds, as well as sands accumulated on the roads.
According to NCMS, the country will be affected by south east to south winds. These winds are filled with dust and sands in the open and inside areas. It will cause low visibility, especially in the Western Region, and will also lead to rise in temperatures.
The met office also expects the weather to be partially cloudy in some parts of the country, with possibilities of rains.
The met department has also alerted motorists to be extra careful, especially on highways due to low visibility and strong winds, as well as sands accumulated on the roads.
According to NCMS, the country will be affected by south east to south winds. These winds are filled with dust and sands in the open and inside areas. It will cause low visibility, especially in the Western Region, and will also lead to rise in temperatures.
The met office also expects the weather to be partially cloudy in some parts of the country, with possibilities of rains.
Read more
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