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Article: Responsible lending could save millions from debt trap.
- Article from:
- Gulf News (United Arab Emirates)
- Article date:
- May 2, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Dubai: AaAbout 3.2 million, or more than 50 per cent of the UAE's population of roughly 6 million, are labourers, most of whom are not being served properly by the country's banking system.
The UAE's financial industry counts on the roughly 2.5 million "bankable" members of the population, leaving the rest unserved - creating an opportunity for new finance companies to tap the market.
Usually the salaries of labourers are not channelled through the banking system, as some bankers think it is "uneconomical" to serve such an "uncreditworthy" class. The majority of labourers get their salaries and overtime paid like in the olden days - at their labour ...