Legal Question in Banking Law in United Arab Emirates

My customers a and b opened an account with operating instruction either and serviver in city bank and stander charter bank uae and fixed amount also customer having a insurance policy with matlife ilco with namine B customer 100 % customer A died as on April 2016 now customer b want legal advice.


Asked on 1/14/17, 9:56 am

2 Answers from Attorneys
Fca Prashant Chavan Expert Edge LLP

15.01.2017

Dear Sir / Madam,

If the deceased A's life policy has been assigned to the Bank, nominee B can allocate the proceeds of the policy towards repayment of A's debts owed to you.

Regards,

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Answered on 1/14/17, 11:27 am
Shaji Natarajan Salam Advocates & Legal Consultants

Hi,

With reference to your Query, the information provided is insufficient and so also your query is not clear. However for your information, as you have mentioned that the deceased customer had a joint account in the 2 Banks, it may be noted that as per the applicable laws in U.A.E, on the death of any of the joint account holders the Joint Account gets frozen. So the survivor cannot operate the account without getting suitable Court Orders. This is applicable in case of Fixed Deposit also, if they are in Joint names. Regarding Insurance policy, without necessary information it would not be possible to opine on the same.

For further clarifications, you may mail to [email protected] or call on 00971 502104389.

Best Regards,

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Answered on 1/16/17, 10:57 pm


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