No interest on deferred loans, says CBB
His Excellency Mr. Rashid Mohamed Al Maraj, stated that, according to the directives of the bank issued on March 17, 2020, the six deferred installments by retail banks and microfinance and finance companies must be without postponement fees and without interest or profits No additional profit / interest price increase, but the customer must, as before, pay the insurance company fees (if any) in connection with extending the life insurance policy.
The guidance includes credit due to credit cards that have already been deducted from the credit card limit as of March 19, 2020.
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