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Sharjah Islamic Bank rolls out relief measures, effective April 1, 2020

SharjahSharjah Islamic Bank has announced the roll-out of several relief measures across its branches, to help its corporate customers and employees to deal with the financial strain caused due to the coronavirus (COVID-19) outbreak. The measures are in alignment with the guidelines of the Central Bank of the United Arab Emirates (CBUAE) and the directives of the Safety and Prevention Department of the National Emergency Crisis and Disasters Management Authority (NCEMA).

HE Mohammed Abdullah, CEO, Sharjah Islamic Bank, emphasised , “All the bank departments have started taking workplace safety measures to prevent the spread of coronavirus, ensure uninterrupted work in all branches and provide the banking services easily and efficiently to clients.”

The bank has stated that it is constantly striving to provide all online services and facilities designed to meet the current requirements of retail and corporate clients, in support of the national efforts to prevent the spread of COVID-19.  The minimum account maintenance balance has been reduced to AED 10,000 and the bank is offering support to corporate clients to help them mitigate the impact of COVID-19. Daily withdrawal limits from ATMs has been increased to AED 15,000 for individual clients and AED 25,000 for priority banking clients, to eliminate the requirement for customers to visit branches.

According to the measures, retail customers can request to defer instalments for 3 months at no charge. Smiles’ Credit Cardholders can benefit from a 6 months instalment program with zero percent profit for tuition and grocery payments. Customers will also benefit from a 6 months zero percent profit repayment plan for Easy Cash transfers. Sharjah Islamic Bank will pay fees of cash withdrawal and balance inquiry from other banks’ ATMs. Beneficiaries with real estate loans can request a deferred payment for a month, while upfront payment will be reduced to 5 percent for new applicants.

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