Financial Terms Starting With U

A UAE banking infrastructure used for transferring funds between participating financial institutions. Customers typically initiate transfers through their bank using beneficiary account and IBAN information rather than interacting with the system directly.

Also known as

UAEFTS

The UAE's national digital identity used to authenticate users and access participating government and private digital services. Financial providers can use UAE Pass for supported identity-verification and onboarding journeys.

The natural person who ultimately owns, controls or benefits from a legal entity under the applicable ownership and control criteria. Banks must identify and verify relevant UBO information as part of business KYC and AML/CFT obligations.

Also known as

UBO

A payment or transfer that the account or cardholder says they did not authorise. Customers should report suspected unauthorised activity promptly through the provider's official channels and follow the dispute process.

Money or other eligible balances that remain unclaimed under the circumstances covered by CBUAE rules. Under the current dormant-accounts framework, certain long-dormant balances are transferred to the Central Bank for safekeeping until claimed through the prescribed process.

A situation where the amount insured is lower than the value or exposure that should reasonably have been covered. Depending on the policy, underinsurance can reduce the amount paid after a claim.

The process of evaluating risk before deciding whether to offer a financial product and on what terms. Insurers assess insured risk, while lenders assess creditworthiness, affordability and repayment risk.

A life-insurance product where some value is linked to units in selected investment funds, so the policy value can rise or fall with investment performance. Charges, risk, surrender terms and protection benefits should be understood before purchase.

A loan not backed by a specific pledged asset such as property or a vehicle. Approval depends primarily on creditworthiness, income, affordability and the lender's criteria.

The amount of an approved credit limit or facility currently being used. High utilisation can reduce available borrowing capacity and can form part of credit-risk assessment.