Picture for illustration purposes only.


Banks waive Dh1.1 billion debts of 4,511 UAE citizens


DUBAI – Banks and financial institutions have waived the debts of 4,511 UAE citizens, totaling Dh1.15 billion, according to the Non-performing Debt Relief Fund on Wednesday (November 24).

The banks that participated 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, National Bank of Umm Al Qaiwain, Commercial Bank of Dubai, Ajman Bank, Aafaq Islamic Finance, and Reem Finance.

The move follows directives of UAE President Sheikh Khalifa bin Zayed Al Nahyan.

Jaber Mohammed Ghanem Al Suwaidi, Chairman of the Supreme Committee of the Non-performing Debt Relief Fund, said the gesture is part of the UAE leadership’s “keenness to ensure a decent life for all Emiratis and the highest possible standard of social stability”.

“The UAE believes that human capital is the nation’s true wealth and it works to invest the energy of every member of the nation to serve himself, his community and his country,” Al Suwaidi said.

He expressed his thanks to all banks and institutions that contributed to this initiative, praising the exemption provided to the defaulters.

For their part, the senior executives of the banks said the move aimed at easing the burden of UAE nationals promotes tolerance and cooperation. WAM/ICA/Expat Media

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