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UAE central bank issues unified loan rules

The UAE central bank has issued unified forms for all types of bank loans covering personal loans, car financing and overdraft, Emirates 24-7 has reported. Under the new contracts, lenders are authorised to ask borrowers to ensure all borrowings are covered by a life insurance or a disability insurance policy, in some cases, to guarantee the loans would be paid back as the lender could use its value to regain the rest of its funds.