Abu Dhabi [UAE], November 30 (ANI/WAM): The Defaulted Debts Settlement Fund has waived the debts of 1,435 Emirati citizens amounting to more than AED 475.154 million, in cooperation with 19 banks and financial institutions across the UAE.
The move follows the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and the oversight of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court.
The initiative reflects the UAE leadership’s commitment to easing the financial burdens of citizens, supporting family stability, and contributing to broader social development. It aims to reduce living pressures on individuals facing financial hardship and help them regain economic stability.
The exemptions cover humanitarian and medical cases, low-income borrowers, the deceased, low-income retirees, and senior citizens. Debt settlements with banks are conducted according to strict legal and regulatory criteria related to the nature and purpose of each loan, with priority given to essential and necessary expenses.
The 19 participating banks and entities include Abu Dhabi Commercial Bank Group, Emirates NBD, First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Mashreq Bank, RAKBANK, Sharjah Islamic Bank, Dubai Islamic Bank, e&, United Arab Bank, Arab Bank for Investment & Foreign Trade (Al Masraf), Commercial Bank of Dubai, HSBC, Ajman Bank, Amlak Finance, Emirates Islamic Bank, Standard Chartered Bank, National Bank of Umm Al Qaiwain, and Citibank. (ANI/WAM)
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