UAE banks waive over Dhs1 billion debts of 4,511 Emiratis

Gulf Today, Staff Reporter

The UAE’s Non-performing debt Relief Fund announced that 20 banks and financial institutions across the emirates waived the debts of 4,511 Emiratis, with a total value of more than Dhs1,157,388,000 billion.

Participating banks included First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD, Abu Dhabi Islamic Bank, Standard Chartered, Mashreq Bank, Etisalat, National Bank of Fujairah, Dubai Islamic Bank, Emirates Islamic, Commercial Bank International, Sharjah Islamic Bank, RAK Bank, Amlak Finance, Al Masraf Arab Bank for Investment & Foreign Trade, Umm Al Quwain National Bank (NBQ), Dubai Commercial Bank, Ajman Bank, Aafaq Islamic Finance and Reem Finance.

This decision was implemented under the guidance of UAE President His Highness Sheikh Khalifa Bin Zayed Al Nahyan, and the support of His Highness Sheikh Mohamed Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and the follow-up of Sheikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

On this occasion, Jaber Mohammed Ghanem Al Suwaidi, Director General of the Court of the Crown Prince of Abu Dhabi and President of the Supreme Committee of the Non-Performing Debt Relief Fund, said the gesture was part of the UAE’s wise leadership to ensure a life of dignity for all Emirates and the highest possible level of social stability.

Al Suwaidi stressed that what gives this initiative special importance is that the country has defined an ambitious plan vision for the UAE's next 50 years of success as the country prepares to unite to celebrate its Golden Jubilee.

“The UAE believes that human capital is the nation's true wealth and strives to invest the energy of each member of the nation to serve himself, his community and his country.

Al Suwaidi also expressed his thanks to all the banks and institutions that contributed to this initiative, welcoming the exemption envisaged for defaulters and their active participation in the achievement of the fund's objectives.

Senior bank management said the noble gesture was aimed at easing the burden of citizens of the United Arab Emirates, consolidating the values of tolerance and cooperation and implementing charitable and humanitarian initiatives established by the country's leaders.

Since its inception, the fund, in cooperation with national banks, has undertaken many important initiatives to combat problems and concerns of citizens and provide them with the means of a decent standard of living.