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UAE assets are used to cover any outstanding UAE obligations. Your bank can seize your assets, or freeze your account if you default on any payments until the issue is fully settled or the debt repaid.
Read MoreYour worst-case scenario as surety is you can be jailed and prosecuted for fraud. This may happen when the principal debtor flees from the country or is nowhere to be found whilst a pending criminal or otherwise legal issues pertaining to the debt in question exists.
Read MoreNothing happens to you whilst the principal debtor is paying the debt amortization as scheduled. In the event that the principal debtor is unable to, the bank will collect payment from you. Sureties are bound by the same terms as the principal debtor.
Read MoreUAE laws pertaining to sureties are very similar to those in other countries. People who co-sign a debt as surety are bound by the same loan terms as the principal debtor. This simply means that if the bank fails to collect the debt from the principal debtor, they are legally allowed to collect from the surety.
Read MorePost-dated cheques are the preferred mode of payment by Dubai lenders, be that a private property owner granting a lease or a bank granting a loan. This is because the Sharia Law specifically states no one can be compelled to pay debt. PDCs insure the lender’s right to repayment of debts owed to them under UAE laws pertaining to fraud. A cheque stamped DAIF (drawn against insufficient funds) is ...
Read MoreYou don’t necessarily have to but you may find it very inconvenient without one. Dubai property owners require PDCs to be issued for rental payments covering at least the next 12 months on top of the initial deposit. Hiring or purchasing cars also usually involve PDCs.
Read MoreObtaining a credit card in the UAE is relatively easy. All persons employed and maintaining a UAE bank account are eligible for credit lines with various banks. If you’d like one, all you need to be is call your bank. They’d usually send a representative to your office or place of work to assist you with the required paperwork. In some cases, a credit card application is filed concurrently wit...
Read MoreIt is recommended to maintain a UAE account with the same bank and branch as your employer. As most businesses pay their employees via electronic funds transfer, you want to avoid the transaction costs associated with international branch transfers and the clearing period.
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Read MoreDiscussing the details of your prospective employment helps you decide whether to finally accept the job offer or not. Therefore, you need to be sure you’re fully satisfied with everything included in the offer. Make specific enquiries on the following:
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