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CBUAE introduces framework for the regulation of short-term credit lines

Recognizing global changes in consumer financial trends and the growing demand for “Buy Now, Pay Later” and similar credit products and services, the Central Bank of the United Arab Emirates (CBUAE) has announced the issuance of the recently modified Financial Companies Regulation.

According to the new framework, the granting of short-term credit can be carried out by entities that operate as agents of authorized banks or financial companies, subject to approval by CBUAE. Entities can also carry out this activity with prior authorization from the CBUAE as Restricted License Financial Companies.

Unlicensed entities that carry out any type of short-term credit activity and intend to continue carrying out these activities must apply to the CBUAE be licensed as a Restricted License Financial Company; or partner with a licensed financial company or bank.

News source: Emirates News Agency

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