These are testing times. They test our very nature as a society. Each of us has a role to play as the world fights an invisible enemy that struck and altered our way of life. It has shattered the global economy resulting in millions of people losing their jobs.
In the UAE, the situation is not very different although relatively better than many other countries. However, the coronavirus crisis has affected thousands of families in the country as many either lost their jobs or got their salaries cut due to the slowdown of most business activities.
This is time to unite and show solidarity. And we all need to do our part not only to keep the nation safe but also economically healthy. By helping families get through these tough times, banks, schools and property owners will show that they care
With the advent of the holy month of Ramadan- it will most probably begin Friday, these families will need all the help they can get, especially when it comes to their banking commitments, schools tuition and rent.
This is the month that banks, landlords and schools show their solidarity with the society and help lessen the financial burden on these families.
The banks, which are getting a good part of the stimulus package announced by the Central Bank, can do their part by deferring the loan instalments and reduce the credit card payments.
Banks have been making huge profits for decades. It is time they share the burden that has so far been carried by the government. Postponing loan instalments will go a long way in helping needy families in these tough times.
Landlords have a role to play too. With the demand on real estate down due to the economic conditions, landlords can keep their tenants by reducing rents. This is a win- win situation. It helps both parties — the tenants and the landlords.
Schools can do more too. As the education process moved online for the past two months, which will continue to the end of the school year, schools expenses have naturally gone down, with regard to manpower, extra-curricular activities and other services such as maintenance and transport.
Schools can show more leniency in their fees, which already are among the highest in the world. They can very well reduce fee and even postpone the payments until this crisis is over. And it will be over.
This is time to unite and show solidarity. And we all need to do our part not only to keep the nation safe but also economically healthy. By helping families get through these tough times, banks, schools and property owners will show that they care.