Financial and Banking News

REGIONAL BANKING

UAE Bankers Ask for Clear-Cut Interest Rate Policy 

The UAE Bankers Association last week formally requested the National Consultative Council to consider the issue of bank interest rates in the country in the light of recent court cases in Abu Dhabi which question the legality of compound interest (MEES 5 May). The Bankers Association asked the Council to propose legislative changes which would prevent the courts from interfering with...