I have a personal loan with one of the banks in the UAE. For the past three years, I have paid my monthly loan instalment of Dh2,685 on time without any issues. The original loan was for Dh110,000 over a period of four years and the outstanding balance is now about Dh31,000.
As we know, many lives have been devastated by the Covid-19 pandemic, including that of my family. From July 1, my company placed me on leave without pay and this will last for three months.
Because of this, I requested a payment holiday on my loan for three months with my bank. However, the bank denied my request, saying that the Central Bank of the UAE’s Targeted Economic Support Scheme (TESS) had ended and I had to continue paying my loan every month.
I don't have any source of income and my family’s finances have been severely disrupted. We are surviving with the help of family and our savings. But I have been unable to pay my loan since July and the bank has now issued me with a legal notice.
Do I have the right to claim the TESS relief package from my bank, or, as they say, has the TESS programme ended now? I have a wife and two children to support and I don't know what to do. RS, Dubai
Debt panelist 1: R Sivaram, executive vice president, head of retail banking products, Emirates NBD
This is a very challenging time and I sympathise with the immense pressure of your situation.
As you have paid back a substantial portion of your original loan, this definitely relieves you of a major part of the debt burden.
I would recommend that you closely assess your disposable income as well as any personal assets you might be able to liquidate to raise funds immediately, so that you can fulfil your ongoing financial commitments and prevent it from increasing further.
Although your bank is not offering the three-month payment holiday, you can still negotiate with them and request to have your loan terms restructured.
I would also suggest you speak to the concerned department at your bank to inform them that you are committed to clearing your dues, and request for an additional moratorium along with a repayment plan.
The TESS programme extended by the Central Bank of the UAE helps banks to provide relief to customers impacted by the crisis in the form of deferrals, debt restructuring, instalment reductions and other options, and I am confident that given the circumstances and your regular repayment history, the bank would be supportive of providing you with the appropriate solution.
I wish you the very best of luck in your path to becoming financially stable in the near future.
Debt panellist 2: Ambareen Musa, founder and chief executive of Souqalmal.com
TESS is a stimulus package launched by the Central Bank in March. The primary goal under this programme is to enable banks to provide timely debt repayment relief to borrowers. We have seen banks across the UAE offer payment holidays to many borrowers over the past six months, however this relief option may not be available anymore based on your lender's discretion.
Although your bank is not offering the three-month payment holiday, you can still negotiate with them and request to have your loan terms restructured. Under a restructured repayment plan, the lender can increase your loan term, reduce your interest pay out or waive certain fees and penalties. The aim here is to lower your monthly instalments to make it more affordable for you.
In various instances, banks have proactively offered a restructured payment plan to borrowers who are struggling financially amid the Covid-19 pandemic. This also includes bank customers who have already used up their three-month payment holiday.
So reach out to your bank to see if there is an alternative solution available to you. Based on the information you provided, it also looks like your unpaid leave is about to end this month, and your salary payments should resume next month. You can provide the bank with this proof to support your case.
While you continue to negotiate with the bank, it would also be wise to consolidate your savings in case the bank asks you to meet the minimum payment requirement on your loan.
Have you considered working part-time or taking on additional freelance work to support yourself financially? Maybe your spouse could work to contribute to the family's finances. Look at all possible ways to unlock some income and cut back on expenses wherever you can.
Debt panellist 3: Steve Cronin, founder of DeadSimpleSaving.com
The Central Bank's TESS standards can be accessed from its website. The standards document is very clear that the programme will continue until December 31, 2020. In addition, limits on bank funding ratios for the biggest UAE banks were relaxed in August to allow them to provide further support to borrowers.
Having said this, there is a limit on how much each bank can borrow from the Central Bank at zero cost to enable them to offer payment relief for customers. If your bank has hit its limit on how much it can borrow from the Central Bank for this purpose, it may be reluctant to offer additional payment deferrals.
You have two lines of enquiry to pursue. First, you can try to talk to a different person at the bank, ideally as senior a person as you can find. Try a branch manager or ask to speak to a more senior person when on the phone. Make it clear you intend to raise your situation with the Central Bank’s Consumer Protection Department.
It is nearly three months since you have been placed on furlough. If you are going to be able to return to work soon, make sure the bank is aware of this so you can demonstrate your ability to pay off the overdue amounts in the near future. Meanwhile, do everything you can to reduce your living expenses and any remittances, so you can survive for longer on any savings and support that you do have.
Next, you can contact the Central Bank's Consumer Protection Department and check what is expected from your particular bank. You can visit their branch at Al Ghubaiba Street in Dubai or call 800 CBUAE. If you cannot make any progress, you may need to apply for insolvency, so that an intermediary can negotiate a plan with you and the bank.
SQUADS
South Africa:
Faf du Plessis (capt), Hashim Amla, Temba Bavuma, Farhaan Behardien, Quinton de Kock (wkt), AB de Villiers, JP Duminy, Imran Tahir, David Miller, Wayne Parnell, Dane Paterson, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada
Coach: Ottis Gibson
Bangladesh:
Mashrafe Mortaza (capt), Imrul Kayes, Liton Das (wkt), Mahmudullah, Mehidy Hasan, Mohammad Saifuddin, Mominul Haque, Mushfiqur Rahim (wkt), Mustafizur Rahman, Nasir Hossain, Rubel Hossain, Sabbir Rahman, Shakib Al Hasan, Soumya Sarkar, Tamim Iqbal, Taskin Ahmed.
Coach: Chandika Hathurusingha
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The biog
Name: Abeer Al Shahi
Emirate: Sharjah – Khor Fakkan
Education: Master’s degree in special education, preparing for a PhD in philosophy.
Favourite activities: Bungee jumping
Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.
More from Rashmee Roshan Lall
The design
The protective shell is covered in solar panels to make use of light and produce energy. This will drastically reduce energy loss.
More than 80 per cent of the energy consumed by the French pavilion will be produced by the sun.
The architecture will control light sources to provide a highly insulated and airtight building.
The forecourt is protected from the sun and the plants will refresh the inner spaces.
A micro water treatment plant will recycle used water to supply the irrigation for the plants and to flush the toilets. This will reduce the pavilion’s need for fresh water by 30 per cent.
Energy-saving equipment will be used for all lighting and projections.
Beyond its use for the expo, the pavilion will be easy to dismantle and reuse the material.
Some elements of the metal frame can be prefabricated in a factory.
From architects to sound technicians and construction companies, a group of experts from 10 companies have created the pavilion.
Work will begin in May; the first stone will be laid in Dubai in the second quarter of 2019.
Construction of the pavilion will take 17 months from May 2019 to September 2020.
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
UAE currency: the story behind the money in your pockets
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
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Chinese Grand Prix schedule (in UAE time)
Friday: First practice - 6am; Second practice - 10am
Saturday: Final practice - 7am; Qualifying - 10am
Sunday: Chinese Grand Prix - 10.10am
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
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Roll of honour
Who has won what so far in the West Asia Premiership season?
Western Clubs Champions League - Winners: Abu Dhabi Harlequins; Runners up: Bahrain
Dubai Rugby Sevens - Winners: Dubai Exiles; Runners up: Jebel Ali Dragons
West Asia Premiership - Winners: Jebel Ali Dragons; Runners up: Abu Dhabi Harlequins
UAE Premiership Cup - Winners: Abu Dhabi Harlequins; Runners up: Dubai Exiles
West Asia Cup - Winners: Bahrain; Runners up: Dubai Exiles
West Asia Trophy - Winners: Dubai Hurricanes; Runners up: DSC Eagles
Final West Asia Premiership standings - 1. Jebel Ali Dragons; 2. Abu Dhabi Harlequins; 3. Bahrain; 4. Dubai Exiles; 5. Dubai Hurricanes; 6. DSC Eagles; 7. Abu Dhabi Saracens
Fixture (UAE Premiership final) - Friday, April 13, Al Ain – Dubai Exiles v Abu Dhabi Harlequins
Brief scores:
Toss: Kerala Knights, opted to fielf
Pakhtoons 109-5 (10 ov)
Fletcher 32; Lamichhane 3-17
Kerala Knights 110-2 (7.5 ov)
Morgan 46 not out, Stirling 40
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Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
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The years Ramadan fell in May
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
Killing of Qassem Suleimani
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