Mohamed waives over Dhs834m interest on loans owed by Emirati retirees

Under the directives of UAE President His Highness Sheikh Mohamed Bin Zayed Al Nahyan, and with the follow-up of His Highness Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, the Defaulted Debts Settlement Fund, in cooperation with several UAE banks, has waived more than Dhs834 million in interest accrued on loans owed by 2,339 low-income retirees across the country.

In a statement, the fund thanked the banks and financial institutions that contributed to the initiative, commending their support for efforts aimed at easing the financial burden on citizens and strengthening family and social stability in the UAE.

The initiative, which targets Emirati retirees aged 50 and above with limited income, is part of ongoing efforts to improve quality of life and support the financial stability of retirees, in line with the objectives of the Year of the Family 2026.

Participating banks, and the amounts waived by each, include ADCB Group with Dhs655 million, First Abu Dhabi Bank with Dhs150 million, Abu Dhabi Islamic Bank with Dhs18.5 million, Emirates NBD Group and Emirates Islamic with Dhs6.7 million, Dubai Islamic Bank with Dhs2.3 million, Commercial Bank of Dubai with Dhs792,000, Sharjah Islamic Bank with Dhs716,000, and National Bank of Ras Al Khaimah with Dhs566,000.

Under the initiative, the banks will waive future interest and profit payments on loans, while beneficiaries will continue repaying the principal amounts under facilitated repayment schedules. Participating banks will contact beneficiaries covered by the initiative.

WAM