Felicity Glover
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Dr KB Vijayakumar PhD
Not just credit cards. The deceit is on every loan you take here. Take the case of a personal loan. The interest is charged on a flat rate. Which means, if you take a loan of AED 100,000- for a period of 4 years at an interest rate of say 18% p.a. then the interest payable is 18000 x 4 = 72000-. The total paid is 172,000-. This is atrocious. Every where else all bank loan interests are calculated on a reducing rate method. Further, banks cheat on charges too. Banks in UAE are unlike banks anywhere else. Their aim is to fleece by hook or crook.
dbeck718
Is it any surprise that legitimate international financial institutions never park money in this country but rather use it as a stop to transfer it to other countries? DIFC was built too prematurely against the financial laws and governance of the country it sits in. The UAE is perfect for becoming a world-class financial house that exceeds London, New York and Shanghai put together. Instead, it has gained the reputation of shaky and illegal financial conducts and also lacks any means of reproach from the more legal national finance houses. I'll give the UAE another 10-15 years, though I think realistically it will take a shortage of money within the UAE before policy changes occur. So I'm not holding my breath.
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