1. What is a Restructuring Program?

It is the remedial management of debts by altering the existing finance terms through extended periods to enable repayments with lower Equivalent Monthly Installments (EMI).

2. What are my options of restructuring if I have an active Bank finance and multiple credit cards?

All your finance facilities can be restructured (each product separately) which will help you to reduce your monthly commitments thereby your EMI will be reduced by extending the finance period.

3. Can I restructure my finance facilities if I do not hold a salary account with Emirates Islamic?

Yes, you can. To restructure your Personal / Auto Finance, you will be required to additionally sign Direct Debit System DDS forms and open a current account if you do not have one already. For Home Finance, we can offer temporary relief in payments for 12 months. For Credit Cards, we can offer a balance conversion / Easy Payment plans.

4. Can I increase the period of my finance facility without increasing the profit rate?

No, the profit rate will be to reflect the finance extension, but effectively you will continue to pay the profit at the same rate for the extended tenure. You will sign an Undertaking letter of understanding of profit rate explaining why the profit rate appears higher.

5. What is the process for the restructuring program/plan?

The process for entering into a restructuring program will be as follows:

• Firstly, we will review your income documents and once a reduction in income is confirmed , you will be informed of your tentative EMI by our representative who will also advise you of the required documents that you will need to submit from your email address which you have provided to the us;
• We work on the necessary internal processes and you will be inform about the acceptance status of your application shortly;
• You will have to submit the original set of documents;
• If your application is approved, your restructured plan will be activated.

6. What are the required documents for restructuring my finance?

Initially, we will require documented proof of a reduction in income, such as: Pay slips, Bank Statements, VAT Returns. Once confirmed, our representative will reach out to you via email on all the documentation required at various stages including application and KYC documents.

7. Do original documents need to be couriered?

A signed application form with other relevant documents has to be submitted to us for implementing the reduction in EMI. There will be different options such as dropping documents to our Meydan offices, Biker pickup, Courier pickup etc which will be advised by the agent who is in discussion with you. It is imperative that the original documents are provided to the bank.

8. When will my EMI start and How much time will it take and how will I get to know that my finance is restructured?

We can offer you up to 3 months grace period before your first monthly instalment begins; The processing time will depend on the confirmation of your application documents and on securing necessary Bank approvals.

9. Can I partially settle my finance? Will it reduce my monthly commitment?

Yes, you can partially settle your finances. This will not attract any pre- payment penalty. Moreover, after partial settlement, should you wish to maintain the original period of the finance, you can do so to help you to reduce your monthly EMI.

10. Can I restructure my finance facility for now, and my Credit Card at a later date, if required?

Yes this is possible. You can contact us whenever you wish to restructure.

11. After restructuring my finance, can I revert to the original finance arrangement later?

Yes, the option of reverting to the standard finance terms are always open, provided your credentials meet our requirements and new finance documentation. You have the option of increasing the EMI amount by reducing the finance period or partially settling the finance.

12. Do I get an insurance cover on the restructured finance?

Your existing insurance (takaful, Shari’a compliant insurance) coverage continues, where applicable.

13. I have opted for the finance deferment program, can I extend it till September 2020?

This is not possible. Deferments that are already granted cannot be extended for a further term. However, you can opt for a reduced EMI plan under the restructuring program. For further details, please feel free to contact us.

14. Does the restructuring of my finance affect my Credit Report (Al Etihad Credit Bureau, UAE)?

It is a legal obligation for the Bank to submit the finance details under the terms of restructure to the credit bureau. We will report the status of your finance as restructured finance.

Please note the below FAQs, in the unfortunate event of a job loss:

1. If I do not have an active income, can I restructure my finance facility?

Yes, you may do so by providing a Guarantor or Spouse income.

2. Is it mandatory for the Guarantor to hold an account with Emirates Islamic?

No, it is not.

3. Do I have the option of restructuring my finance in case I have a new job with a company not listed as an “Approved Company” with the Bank and on a lower salary than my previous?

Yes, you can.