Abu dhabi: The Defaulted Debts Settlement Fund has announced the waiver of debts for 1,435 Emirati citizens, totaling more than AED475.154 million, with the collaboration of 19 banks and financial institutions across the UAE. This initiative is in alignment with the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and is monitored by His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court.
According to Emirates News Agency, the initiative underscores the leadership's dedication to alleviating the financial burdens of its citizens, thereby promoting their wellbeing and supporting family stability. This measure is also part of efforts to contribute to broader social development by reducing living pressures on those in default and aiding them in regaining financial stability.
The exemptions focus on humanitarian and medical cases, low-income borrowers, the deceased, low-income retirees, and senior citizens. Debt settlements are executed in accordance with strict legal and regulatory criteria, considering the nature and purpose of each loan, with priority given to essential and necessary expenses.
The participating banks and entities in this initiative include 19 institutions: Abu Dhabi Commercial Bank Group, Emirates NBD, First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Mashreq Bank, RAKBANK, Sharjah Islamic Bank, Dubai Islamic Bank, United Arab Bank, Arab Bank for Investment and 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.