Financial literacy is the awareness of how money functions and the
capacity to handle one’s finances successfully. While it is not a new idea, it
is a completely recent phrase frequently used in the UAE.
Why is this so? The reason, it appears, is that we are a not a
financially knowledgeable nation.
This can be clearly gleaned from our amount of debt, which
constantly increases. In spite of the fact that the Central Bank introduces
more rigorous qualifications for individual lending in 2011, banks are still
allowed to grant loans of up to 20 times a person’s monthly wage, with
instalments not to go above 50 per cent of monthly wage.
The worth of personal debts in the country rose by 3.8 per cent to
Dh270.7 billion between January and May this year alone, according to the
Central Bank. That sum is over and above the Dh8.8 billion increase in
individual loans reported during 2012...
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