Central Bank of UAE enforces higher credit standards on cheque usage
Central bank has asked lenders to advise customers to use other methods of payment if possible
Banks will have to carry out new credit checks in the United Arab Emirates before issuing customers with cheque books, the central bank announced.
In an attempt to foster “responsible lending practices”, the Central Bank of the United Arab Emirates has asked banks to carry out checks with the Al Etihad Credit Bureau (AECB) to “ensure the creditworthiness of their customers”.
While the central bank has encouraged lenders to push customers towards other payment methods, following the credit
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