The two-month grace period covers all types of visas, including tourist and expired residency permits
"Retail banking constitutes the major part of the banks and financial institutions' operations around the globe, hence these institutions are always vigorous to introduce more retail banking components to increase its yields," said Jaffar Al Khoojali, an chartered accountant.
He continued: "High interest rates earned by the UAE banks and the relatively short period of repayments on personal banks have encouraged these banks to expand their personal loans funds in the last few years.
"Banks should not be blamed for facilitating personal loans and help people at emergencies and in the same time get substantial profits, however monetary authorities should intervene to an extent to enforce some stringent norms to organise the financial market."
He added: "It is unfair for the banks to earn more than 16 per cent interest over personal loans, this is very dangerous and it will create lots of unseen problems in the future."
Abdul Rahman Al Ali, Branch Manager RAK bank, said: "The commercial lendings has little profits in the banks total net profits as interest rates fell much below par to encourage more borrowers, therefore the personal loans are much better in terms of marginal revenues.
"Despite the fact that the UAE Central Bank has drawn a clear benchmark interest rate or bank rate, few banks adhere to these rates depending on the demand and market activities. There are many determinants for retail banking in the UAE yet to me the banks are maintaining excellent lending policies both in letter and spirit."
He added: "There is no single fixed interest rate in the market because we have a basket of interest rates depending on the demand and the maturity and risk factor of various financial instruments, for instance commercial loans are much risky than those to governments and personal loans."
Mohammed Bashier, Financial Analyst, Al Madeer Enterprise, said: "Banks have taken a strong step to increase its personal and commercial funds to facilitate loans to people of no other resources. I believe that every mature individual is responsible to his decision to take a loan to buy a property or finance a small enterprise or buy a car."
The two-month grace period covers all types of visas, including tourist and expired residency permits
Sheikh Mohamed extended his sympathies during a visit to the mourning majlis in Al Ain
According to an official, several people are still feared trapped in the debris
Amateurs Afzaal Ahmad, Parvez Ahmed, and Arbaaz Ahmad shine with an Impressive 89-point performance at the Emirates Golf Club
The Meteorological Organisation that it is closely monitoring what is being circulated on social media
There have been a series of school fires in the country in recent years, many of them which have turned out to be arson
Salama Alfalacy is into realistic art featuring landscapes and wildlife, while Meera Jamal Al Midfa is setting new grounds in performance art and filmmaking
Dubai Police have asked drivers to be extra cautious