Sunday, 1 July 2012

[www.keralites.net] Credit card, loan applicants being forced to give cheques as security

 

UAE banks violating blank cheque regulations.

Dubai : Some UAE banks are flagrantly violating rules that prohibit them from taking blank cheques from customers who apply for personal loans or credit cards, XPRESS has learnt.

The UAE Central Bank last year issued wide-ranging regulations aimed at curbing loose lending practices and bank charges.

Specifically, Article 15, Section B of UAE Central Bank regulations No.29/2011, states that: "Banks and finance companies are prohibited from taking blank cheques for granting loans or overdraft facilities, or for issuing credit cards."

The regulations took effect in May 2011.  Of the 10 banks asked by XPRESS earlier this week, specifically on the question of whether or not blank security cheques are required to get a personal loan or a credit card, only one bank said they will "give it a pass".

Bad practice

Another bank asked for the "context" of the story, without giving a reply. The rest declined to give a statement. XPRESS, however, learnt that several banks still demand blank security cheques from clueless customers.

One loan agent told XPRESS: "We do ask our clients to give us a signed blank cheque as part of the personal loan application process. Ten out of 10 customers applying for a loan give bank cheques only."

It's not clear what penalties would be slapped on offending banks. No comments were available from the UAE Central Bank, but it does have an online site where suggestions and complaints can be lodged:  http://www.centralbank.ae/en/index.php

Another loan agent for an international bank told XPRESS: "Our customers trust us and know that only the approved loan amount will be written on the cheque. It's no big deal."
A lawyer, however, said it's a big deal when a security cheque bounces. Amer Syed Al Marzouqi, a Dubai-based criminal lawyer, said while banks asking for blank cheques from customers may be breaking the law, this is hard to prove.

"The most that offending banks would get is a fine and/or a warning," said Al Marzouqi. "Suing a bank for violating this regulation would be the last thing a borrower would do when he's already facing financial difficulty."

"When a borrower gives a blank cheque, the lender can write the outstanding amount when the borrower fails to meet his obligations for whatever reason — it then becomes a bounced-cheque case. A lot of people are in jail for this reason alone," the lawyer said.

"Even if a blank cheque was issued in violation of the Central Bank rules, this will not eliminate or diminish the criminal liability once a cheque bounces and is presented to a judge," he said. "So never sign and give away a blank cheque. It's big trouble."

With Regards,

Pradeep.C.P.,
mail  pradeep-fad@kcs.ae.
 www.sodexo.com.

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[www.keralites.net] HOW DO YOU LIKE THIS ram

 
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[www.keralites.net] Compromozing on Ethical Values?

 

Ethical values are the treasure of each individual regardless of his/her financial wealth. However these values are put on stake by pushing someone for specific immoral goals achievements. In this article, I shall cover the aspects which are to be considered while trapped in such circumstances. The article covers both professional and personal aspects.

First of all you need to ask yourself following questions in order to have thorough analysis of the situation:

1- Who is getting benefit out of it?

2- Why you (and only you) are being asked/pushed to compromise?

3- What are the short term & long term personal consequences if you compromise?

4- What are the risks/impacts on the project/task if you compromise?

5- What will happen if you don't compromise?

6- Can I consult some other person for advice?

7- Can I share the risks with other by involving other personnel/department on this task?

8- What does the company policy say? Are my actions in-line with Job Descriptions?

Now that you have analyzed the situation, here are the guidelines which you need to consider for corrective and preventive actions:

1- Sometimes the matter is not really an ethical issue, it's just a difference of opinion so carefully understand on what you are being asked for. Sometimes you are doing a healthy compromise in the best interest of all stake holders (off course within your ethical values and in line with company policies)

2- If the matter is really critical, consider approaching the Fraud Management Team of your company. In some of the mature companies 'whistle blowing' or 'anonymous reporting' systems are set in place.

3- Seeking advice from your colleagues/close friends broadens your horizon and expose you to more options for consideration. Be careful whom you consider to seek advice. Ask the one who is honest and fair with you and would keep the secret in the long run.

4- Discuss the matter with your manager and document it, if possible. Make records for what you do, there is surely someone to ask later.

5- Define your principles to others quite often and show it time to time so that people know what type of person you are and what your ethical boundaries are. This is required to portray the characteristics of your personality so that others can develop a mental picture of you in their heads. This will prevent them approaching you for the wrong deeds.

6- Not every ethical issue is to be taken too much seriously, consequently, allowing it to steal your peace of mind. Every problem has several solutions. Keep it cool, stay mentally healthy, analyze the situation based on 8 points mentioned earlier in the post and then do the right act.

7- Sometimes a simple "No" helps. Just say so and put a full stop to the matter. Sometimes this is the most effective tool to use.

Muslim's approach to handle:

On top of the already explained aspects, a Muslim needs to understand the following as well:

1- Have faith in Allah and do what your religion expects from you to do. Once done, leave it to Allah and He will turn the table for you. He is suffice for all your problems provided you have done the 'right'

2- Seek wisdom from Allah. Pray for the right path and He will guide you.

3- Whatever single deed you are doing is being recorded. You are answerable for what you have been doing during your life cycle. Good deeds result in good outcome not only in this world but also on the Day of Judgment; bad deeds bad results, here and hereafter! Be Honest and be fair. Do your self-audit quite often, in line with Islamic Principles. Insha'Allah you won't regret for any of your deeds if done within Islamic boundaries.

4- Don't analyze the situation on political grounds which might divert your attention from the right path. Remember, Islam comes first. You should consider this filter for All of your problems. Anything which passes from this filter is the right thing to do.

Conclusion: Ethical Values (such as Truth, Honesty, Fairness, Transparency and self discipline) are unique treasure which you possess. Don't lose them at any cost. Your values are defining your character which is leading you towards your destiny. Sine you don't want to be a failure at the end of the day, so you need to stick to the humanitarian principles because the ultimate fact remains the same; 'As you sow, so shall you reap'. A Study confirms that the people who possess high ethical values are more happy than those who are engaged in fraudulent acts even if former earn less than the deceitful people.

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[www.keralites.net] 5 Simple Ways to Increase Your Intelligence

 

Your brain needs exercise just like a muscle. If you use it often and in the right ways, you will become a more skilled thinker and increase your ability to focus. Here are 5 simple techniques to exercise your brain.


Minimize Television Watching -- Watching television doesn't use your mental capacity OR allow it to recharge. When you feel like relaxing, try reading a book instead. If you're too tired, listen to some music. When you're with your friends or family, leave the tube off and have a conversation.

Exercise -- Time spent exercising always leads to greater learning because it improves productivity during the time afterwards. Using your body clears your head and creates a wave of energy.

Read Challenging Books -- If you want to improve your thinking and writing ability you should read books that make you focus. Reading a classic novel can change your view of the world and will make you think in more precise, elegant English.

Early to Bed, Early to Rise -- Nothing makes it harder to concentrate than sleep deprivation. You'll be most rejuvenated if you go to bed early and don't sleep more than 8 hours.

Take Time to Reflect -- Spending some time alone in reflection gives you a chance organize your thoughts and prioritize your responsibilities. Afterwards, you'll have a better understanding of what's important and what isn't

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[www.keralites.net] 12 Ways to Stay on Top of Stress

 

  1. Exercise. Amen for endorphins. Believe me, they've helped me many days with my perspective. If you have to work out, then go take a brisk walk and get that blood flowing. It isn't about working out to lose weight -- it's about being healthy and staying sane.
  2. Eat the real stuff. Crappy food (fast, processed, and loaded with sugar) doesn't help your chemical brain and body handle stress. Living food, real food, helps support your mind and body while it's trying to deal with the million things coming its way. Every time I reach for the chocolate, I'm looking to feel something from it. Don't get me wrong -- if it's just a little here and there because I enjoy the taste of it, great. But if I'm using it the minute I feel overwhelmed, then that's when that food is no longer OK to eat. It doesn't make the problem go away, and then I just feel bad about eating the food to pacify myself. Grab green food instead. Put things in your mouth that are going to support your immune function and keep you levelheaded.
  3. Notice. Try not to let the stress overtake you. Recognize the situations that cause the stress and notice them coming your way. You have a better shot at fending off the full effects of the stress when you can anticipate it.
  4. Get it off your chest. Talk to a friend or partner about the stress. Sometimes just getting it off your chest can help unload some of the burden.
  5. Keep your sense of humor. If you do have the chance to talk about it, try to see the irony and humor in the wacky bits. I think someone is dead in the water once they lose their sense of humor.
  6. Stay grateful. My daughter has large lungs and verbal skills she likes to display. Just when I start to wishfully think about her being quiet, I remind myself to be grateful that she can talk to me at all. In almost all of our problems are boatloads of blessings. "Oh, I don't feel like going to the gym." Well, Amen that you have the means and the health to even be able to wrestle with the idea of going to work out. Make a habit of saying thank you. You will notice the sunny spots a lot more often, and not just the gray skies and storms.
  7. Ask, "What's the hurry?" Have some fun. We're always so busy going somewhere, we miss just enjoying the moment. If an opportunity comes your way to do something fun, take it.
  8. Take a deep breath. When you feel the stress getting to you, take a moment. Get away, even if it's just for an hour, to be with yourself and your thoughts. Some people like to take a walk, meditate, lock themselves away in a beautiful bath, or go to church. Find the peace and the silence.
  9. Keep it simple. Simplify where you can. Does Junior really need to be in 78 activities at the age of 5? Do you have to go to every little party or gathering you're invited to?
  10. Turn of the TV. A lot of it is bad news anyway, and it robs us of hours that we could use to be getting other things done. Since everyone complains that they have no time, get some by unplugging from the tube.
  11. Sleep. If you're rested, you have a better shot at handling things. Not to mention, you may not stress out as easily if you have a chance to recover at night.
  12. Drink water. I have said it before: Americans consume 21 percent of their calories through liquid consumption. Hydrate with water. Help you entire system function better just by drinking enough water. Oh, and by the way, if you don't think that weight loss and proper hydration have a relationship, think again. Shift the paradigm on its side -- don't think about exercise and nutritional eating just as something you have to suffer through to get into those jeans. Instead, think of them as armor that will protect you in this crazy world, with all of the bazillion details you deal with every day.
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