Financial Terms Starting With A

Cover for sudden, unexpected physical damage to insured property, subject to the policy wording, limits and exclusions. It does not normally cover gradual wear and tear or damage that falls outside the insured events.

The person or legal entity in whose name a bank account is maintained. An account can have one holder or, where the bank permits, multiple joint holders.

The process of restoring an inactive or dormant account to active status after the bank completes required identity, profile and compliance checks. For a dormant account, the exact process depends on the institution and applicable CBUAE rules.

Interest that has been earned or incurred but has not yet been paid or posted. On Islamic products, the equivalent concept may be described using profit rather than interest, depending on the structure.

An additional credit card issued under a primary cardholder's account for an approved user. Spending normally uses the primary account's overall credit limit, while the primary cardholder remains responsible for amounts due under the account terms.

A lender's assessment of whether a customer can reasonably meet repayments after considering income, existing obligations, living costs, credit information and other relevant factors. Passing an affordability assessment does not guarantee approval.

A motor insurance feature that allows eligible repairs to be carried out at the vehicle manufacturer's authorised dealer or agency, subject to the policy terms, vehicle age and insurer conditions.

The UAE's federal credit information entity, legally Al Etihad Credit Bureau P.J.S.C. and currently branded Etihad Credit Bureau. It collects credit information from participating sources and provides Credit Reports, Credit Scores and related data services for individuals and businesses.

Also known as

AECB, ECB

Related terms

Credit Score·Credit Report

A recurring fee that an issuer may charge for keeping a credit card account open and providing its benefits. Some cards have no annual fee, while others may waive it when specific conditions are met.

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Annual Fee Waiver·Credit Card

A reduction or removal of a card's annual fee when the issuer's stated conditions are satisfied. Conditions can include minimum annual spend, salary transfer, relationship status or a promotional offer.

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Annual Fee

The interest or profit rate stated on a yearly basis for a deposit, loan or financing product. It should not automatically be treated as the same as APR, because APR can also include applicable fees and other borrowing costs.

A standardised annual percentage designed to show the overall cost of credit, including interest or profit and applicable fees. CBUAE consumer-protection rules require expected APR disclosure for credit products to help consumers compare borrowing costs more consistently.

Also known as

APR

Related terms

Key Facts Statement

A person or business that submits a request for a financial product or service. An application is subject to the provider's eligibility, verification, affordability, credit and compliance checks.

A fee that may be charged in connection with processing or assessing an application. Always check whether it is refundable, when it becomes payable and whether separate processing or valuation fees also apply.

An assessment of an asset's value by a qualified or approved valuer. For mortgages, the lender may use the appraised property value when calculating the Loan-to-Value ratio and financing amount.

An employer that appears on a bank or finance provider's internal list for certain salary-based products. Being employed by an approved employer can support eligibility, but it does not by itself guarantee approval.

An Automated Teller Machine that lets customers perform functions such as cash withdrawals, balance enquiries and, at supported machines, deposits or other services using a card or digital credential.

The process used to verify that a person or device is authorised to access an account or approve a transaction. Methods can include PINs, one-time passwords, biometrics, UAE Pass or other security controls.

A loan or financing facility used to purchase a private vehicle. Under current CBUAE retail-lending rules, regulated car finance for individuals is generally limited to 80% of the vehicle value, with a maximum repayment period of 60 months, subject to eligibility and lender assessment.

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Down Payment

The amount in an account that is currently available to spend or withdraw after taking account of posted transactions, holds and other restrictions. It can differ from the account's ledger or current balance.

The unused portion of a credit card or revolving credit limit that is currently available. It generally increases after eligible repayments are posted and decreases when new transactions or holds are applied.

Related terms

Credit Limit