UAE Cracks Down: Dh50,000 Fine, 1-Year Jail for Illegal Money Lenders
Legal Framework: UAE law (Federal Decree Law No. 31 of 2021) prohibits individuals from lending money with interest. Authorized Lenders: Only licensed banks can lend with interest. Penalties (Article 458): Up to one year in jail and a fine of at least Dh50,000 for lending with interest. In response to your questions, the legal framework … Read more