Mashreq Assist, the debt counselling service
launched in September 2009 by the United Arab Emirates
(UAE)-headquartered lender, Mashreq, is helping around 900
customers per month.
Mashreq said that the service – the first of
its kind in the UAE – was utilised by over 7,000 customers in
financial difficulty in 2010.
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Douglas Beckett, head of retail banking at
Mashreq said:
“We are increasingly seeing customers
proactively looking at reviewing their finances carefully and are
glad that so many of our customers chose to come to Mashreq
Assist.
“Mashreq Assist was established to help
individuals and SME clients facing repayment challenges and we urge
all our customers to make the most out of this service.”
Mashreq has expanded its team of debt
counsellors as a result of the increase in demand for the
service.
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By GlobalData“As we head into a period of market stability
and recovery, we hope that we are able to minimise loan defaults,
which is a positive step for both us and our customers,” said
Beckett.
Mashreq reported a net profit for the
12 months to 31 December of AED803m ($218.6m), a fall of 19.7%
year-on-year.
Fiscal 2010 highlights included a 16%
year-on-year fall in provisions for loan losses to AED1.76bn.
