Daijiworld Media Network – Abu Dhabi

Abu Dhabi, Dec 10: The Central Bank of the UAE has officially clarified that Nafis incentives are temporary government support and will not be treated as stable income when assessing eligibility for personal loans.

Minister of State for Financial Affairs, Mohamed bin Hadi Al Hussaini, explained that although Nafis encourages Emiratis to work in the private sector, it does not fulfill the regulatory requirements of continuity and consistency needed for loan repayment.

As a result, banks may exclude Nafis support while calculating income for a loan application, which affects the Debt-Burden Ratio (DBR) and limits the borrowing capacity of Emiratis in private employment.

The clarification has raised concerns as many private sector nationals depend on

See Full Page