Abu Dhabi Judicial Department warns of unbridled borrowing risks

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Dignitaries pose for the photograph after the sensitisation lecture titled ‘Risks of Borrowing’ in Al Ain. WAM

The Abu Dhabi Judicial Department (ADJD), in coordination with Al Majales Affairs Office, delivered an sensitisation lecture titled “Risks of Borrowing,” to promote the dissemination of legal culture among members of society as a contribution to maintaining security and stability.

The lecture was organised under the “Majalesna” initiative, which was launched by the Judicial Department in implementation of the directives of Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and Chairman of Abu Dhabi Judicial Department.

In his sensitisation lecture hosted by Majlis Zakher in Al Ain, Dr Turki Al Qahtani, Senior Family Counsellor at the ADJD, addressed several points, including the effects of unbridled borrowing on individuals, explaining the reasons for borrowing and the characteristics and motivations of consumer loans, stressing the importance of money in people’s lives and financial management skills, and its impact on the stability of the family.

Dr Al Qahtani also explained that social stability depends on the ability to provide for basic needs in terms of goods and services, as the economic dimension has a clear impact on the perception of security and psychological stability, in addition to securing the health aspects of the family and satisfying all the needs of its members, which requires good resource management and spending plans proportionate to income.

Speaking about the specific nature of consumer loans, the lecturer said that they are intended primarily for consumption and not for production, and that they exceed the financial capacity of the individual, in addition to being linked to ephemeral social expenditures. This type of loan is motivated by the need to cover the difference between a low or limited income and increasing expenses, he said.

Warning of the dangers of consumer credit, the family counsellor outlined the impact of uncontrolled borrowing on the individual, family and society, and the psychological, social or economic pressures it causes and which can ultimately lead to financial devastation, family disintegration and corruption.

WAM

 



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