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Canceling the age of 70 for citizens and 65 for non-citizens when paying the last mortgage installment

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His Excellency Muhammad bin Hadi Al-Husseini, Minister of State for Financial Affairs, confirmed that the ministry, in cooperation with the central bank, will study a proposal aimed at raising the monthly deduction for senior citizens’ loans from 30% to 50% of the salary, thus facilitating and accelerating the period of their repayment of bank loans. .

In response to a question about financial loans for senior citizens, during the Federal National Council session today, Tuesday, he said: “We will discuss and study the possibility of increasing the monthly deduction rates, and if it turns out to be useful, it will be approved, indicating at the same time that the Central Bank attaches the issue of not placing Putting the customer on a high priority, especially after reaching a certain age.”


His Excellency Muhammad bin Hadi Al-Hussaini indicated that the Central Bank issued a decision to cancel the age of 65 for non-citizens and 70 for citizens when paying the last installment of the value of the mortgage, in a way that contributes to facilitating the requirements for housing loans for customers of banks and finance companies.

He added that banks and financing companies are required to carry out their activities and to comply permanently and at all times with the regulations and laws of the Central Bank, which include granting loans to customers regardless of the age of the applicant and requesting loans and facilities.

He explained that these systems do not include specific requirements regarding the age of the loan applicant, as the process of granting loans and facilities is based on commercial foundations based on the extent to which banks accept risks in accordance with their internal policies and procedures, knowing that the Central Bank has taken a package of measures to ensure the service of banks and financial institutions. Others, regardless of their age, are protected by providing appropriate services at reasonable fees.

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His Excellency Al-Hussaini said: On November 25, 2020, the Central Bank issued a consumer protection system in accordance with the best international practices, which aims to create a culture based on respect for age and put obligations on banks to ensure the protection of their customers and the treatment of their thorns, noting that the system included an article that allows Banks may analyze their bank customers’ data on the basis of gender and age in order to measure the level of financial services and use the results to improve equity in the financial services provided.

He added: In 2021, the Central Bank issued consumer protection standards that constitute a part of the consumer protection system, obligating banks and other financial institutions to put texts in their rules of conduct to ensure that they carry out their work with integrity and professionalism towards customers, regardless of their religion, gender, age and condition. He pointed out that financial institutions were asked to develop training programs to qualify their employees to continue performing their role.