A bank in Abu Dhabi has lost its attempt to recover nearly Dh950,000 from a borrower and her guarantor after a court found it had failed to follow central bank rules designed to safeguard customers. The Abu Dhabi Commercial Court of First Instance dismissed the claim, ruling that the lender did not secure adequate guarantees before granting the loan, in breach of regulatory requirements.  The Abu Dhabi Civil Family Court has ordered a bank representative to repay Dh55,000 to a customer and pay Dh5,000 in compensation after fraudulently taking the money under the pretext of arranging car finance. The court ruled that the female bank employee had unlawfully obtained the funds after asking the customer to transfer the amount to her personal bank account as an advance payment to secure a vehicle. According to court records, the man said he had contacted the defendant believing she was a bank representative responsible for processing vehicle finance applications. She allegedly told him that a down payment was required to reserve the car with the dealership and complete the financing procedures, Emarat Al Youm reported. The plaintiff transferred Dh55,000 to her account and paid a further Dh5,000 as a refundable deposit to the […]