UAE banks exempt Emiratis from AED 870m debt

UAE banks exempt Emiratis from AED 870m debt

UAE - Mubasher: A total of 12 banks across the UAE have exempted 1,607 citizens from repaying their debts worth more than AED 869.845 million, as part of the UAE's Non-performing Debt Relief Fund, the Emirates News Agency (WAM) reported.

This decision was made under the directives of Sheikh Khalifa bin Zayed Al Nahyan, the UAE President, and the support of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.

The banks participating in the initiative include First Abu Dhabi Bank (FAB), Abu Dhabi Commercial Bank (ADCB), Al Hilal Bank, Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank (ADIB), Standard Chartered, RAKBANK, Commercial Bank of Dubai (CBD), Dubai Islamic Bank (DIB).

The Director-General of the Crown Prince Court of Abu Dhabi and Chairman of the Supreme Committee of the Non-performing Debt Relief Fund, Jaber Mohammed Ghanem Al Suwaidi, said: "Since its establishment in 2011, under the directives of President His Highness Sheikh Khalifa, the fund has undertaken many important initiatives to address the issues and concerns of citizens and provide them with the means for a decent standard of life, in cooperation with national banks and the Central Bank."