Central Banking

Emirates central bank to introduce direct debit system

united-arab-emirates-map

The Central Bank of the UAE is to introduce a direct debit payment system in the United Arab Emirates, in a move designed to eliminate the current practice of signing several post-dated cheques to pay off loans in instalments.

The new system will, said the central bank, "enable customers to make regular, automatic payments from their bank accounts towards mortgage loans or credit card payments or personal loan instalments".

The bank said the move is in line with the UAE government's strategy to

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: