At Bank of Sharjah, we understand that the COVID-19 pandemic is causing significant disruption to our customers' personal lives as well as their business activities.

Whilst clearly there are some sectors affected more than others, we recognize that the impacts are and will be widespread and, in some cases, will take some time to filter through the economy.

At this time, we also understand the stress that keeping your banking commitments, up to date, can cause.
The UAE Monetary Authorities are deploying a number of positive efforts in order to ensure that businesses remain in a strong position to "bounce back" once the crisis subsides.
We intend to fully participate in these unique and commendable efforts.

To this effect we wish to inform you that your regular payments on your banking facilities up to 31 December 2020 may be eligible to be deferred until January 2021.

All customers with loan facilities will automatically qualify for and are entitled to this deferral. The only exception will be related to Non-Resident Borrowers, GREs, Borrowers not affected by the COVID-19 and Borrowers already classified, as non-performing. To avail yourselves of this deferral, you must apply by filling out the necessary application forms.

• If you are a BOS Retail customer, please fill in the form, sign it and email it to your customer services team on BOSdeferral@bankofsharjah.com
• If you are a BOS Corporate client, please fill in the form, sign it, attach the write-up and email them to your relationship manager

All instalments in principal and interest between 15 March and 31 December will be transferred to a new sub account, (interest will not be calculated on interest).

• The accumulated total balance of the said sub account, plus accrued interest up to and through 2021, will have to be repaid on a quarterly equal basis during 2021.
• The remaining balance of the original facilities, plus capitalized 2021 interest, will be deferred for repayment starting in January 2022.
• The tenor and the repayment conditions of your original facility will be extended so that your repayments over the entire loan are not significantly impacted.

Revised repayment schedules and loan agreement addendums will be sent to you in due course.

We hope that these measures will provide you with the necessary relief to overcome this difficult period. However, deferral remains optional (as it will ultimately increase the tenor of your facilities and associated costs) and you may prefer not to apply and continue the repayment of your facilities as originally undertaken. Customers benefiting from exceptional Cash flows may opt to pre-pay partially or totally the deferred loan amount or place them in deposit accounts.