Emirates NBD subsidiary,
Emirates Money, is offering customers a loan which enables them to
borrow up to 80% of the value of the gold they deposit.
The bank says the Loan
against Gold offer is a first in the GCC.
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Emirates Money said that
the loan has one of the lowest interest rates on offer.
The initiative is part
of a cooporation agreement between Emirates NBD and Dubai Multi
Commodities Centre Authority (DMCCA).
The gold will be
stored by DMCCA and transactions monitored by its
Dubai Gold Receipt warranting system for precious
metals.
The gold deposited
has to have a minimum value of AED30,000 ($8,167). The minimum
deposit will be six months and can be extended up to 36
months.
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