Banks in UAE waive over $272mln debts of 4,511 Emiratis

Banks in UAE waive over $272mln debts of 4,511 Emiratis

ABU DHABI - The Non-performing Debt Relief Fund announced on Wednesday that 20 banks and financial institutions had waived the debts of 4,511 Emirati citizens, with a total value of more than AED1,157,388,000. 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 (NBQ), Commercial Bank of Dubai , Ajman Bank , Aafaq Islamic Finance, and Reem Finance. The move was implemented as per the directives of 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 H.H. 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 Crown Prince Court of Abu Dhabi and Chairman of