IslamicFinance.de

According to Abdulaziz Al Ghurair, chairman of the UAE Banks Federation, the board and management of NMC Healthcare should be held accountable for the financial irregularities. It is estimated that more than 80 local, regional and international banks have exposure to healthcare firm. The UAE banks last week announced nearly Dh10 billion exposure to NMC Healthcare. Abu Dhabi Commercial Bank has the highest exposure to NMC at Dh3 billion. Dubai Islamic Bank and its subsidiary Noor Bank announced Dh2 billion exposure while Emirates NBD and Emirates Islamic Bank disclosed Dh747.34 million exposure. NMC recently revised its debt position to $6.6 billion, well above earlier estimates. London's High Court last week placed hospital operator NMC Health into administration, on the application of Abu Dhabi Commercial Bank.

UAE Banks Federation (UBF) launched its handbook 'Financial Literacy for Individuals'. Financial experts have often noted that consumer debt has been piling up, resulting primarily from a lack of financial knowledge. The 'Financial Literacy for Individuals' handbook highlights various aspects of borrowing, saving and the ways to manage debt efficiently. It highlights the benefits of investment, including financial security, wealth generation, financial preparedness for emergencies, as well as accomplishment of financial objectives. It also introduces the key investment products such as stocks, bonds and mutual funds.