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Wed 14 Jul 2010 02:51 PM

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In conversation with Dr Habib Al Mulla

In conversation with Dr Habib Al Mulla
Dr Habib Al Mulla is the founder and executive chairman of law firm Habib Al Mulla and Co. He is also the former head of the DFSA. (ITP Images)
In conversation with Dr Habib Al Mulla
In an interview with Arabian Business he said UAE banks are taking advantage of the country’s strict debt laws to avoid conducting due diligence on loan applicants. (ITP Images)
In conversation with Dr Habib Al Mulla
He said banks are using the government and the police as debt collectors. (ITP Images)
In conversation with Dr Habib Al Mulla
Al Mulla said that rather than taking tangible guarantees, UAE banks are relying on the issue of bounced cheques. (ITP Images)
In conversation with Dr Habib Al Mulla
He told Arabian Business that the government is unlikely to decriminalise the offence of bouncing a cheque. (ITP Images)
In conversation with Dr Habib Al Mulla
UAE banks would suffer significant losses if the cheque fraud law was repealed, Al Mulla said. (ITP Images)
In conversation with Dr Habib Al Mulla
According to Al Mulla, the jailing of individuals who bounce cheques is costing the government a 'huge' sum. (ITP Images)
In conversation with Dr Habib Al Mulla
Al Mulla added that while the law was 'a good way of getting money back from the banks', it is harming the UAE’s competitiveness on the international stage. (ITP Images)