October 30, 2018 / 11:28 AM / 13 days ago

UAE central bank issues new conditions for retail loan bank transfers

DUBAI, Oct 30 (Reuters) - The UAE central bank said on Tuesday it had amended conditions for the transfer of retail loans from one bank to another.

The banking watchdog said it decided to amend the regulation of loans from banks and other services offered to individuals.

Banks and finance companies are obliged to reduce the profit over interest ratio and not to increase the repayment period, the statement said. (Reporting by Hadeel Al Sayegh; Editing by Janet Lawrence)

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