The Debt Settlement Fund has announced that AED361 million loan of 3,310 UAE nationals has been waived off in cooperation with 13 banks.
Jaber Mohammed Ghanem Al Suwaidi, General-Director of the Crown Prince Court of Abu Dhabi and Chairman of the Supreme Committee of the Debt Settlement Fund, said that this gesture is part of the UAE's wise leadership keenness to ensure decent life for all Emiratis and highest possible level of social stability.
The national banks that waived the debts included Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Emirates NBD, First Abu Dhabi Bank, Dubai Islamic Bank, RAKBANK, Al Hilal Bank, Union National Bank, Noor Bank, Emirates Islamic, Commercial Bank of Dubai, Sharjah Islamic Bank, and Arab Bank for Investment & Foreign Trade (Al Masraf).
Al Suwaidi noted that the initiative is especially important as it coincides with the 'Year of Tolerance' announced by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, pointing out that it aims to make tolerance a sustainable institutional work expressed through practical initiatives.
He also expressed his thanks and appreciation to all banks that contributed in this initiative, praising the exemption provided to the defaulters, and their active participation in achieving the objectives of the fund.
Al Suwaidi also commended the continuous and fruitful cooperation between the fund and banks. The initiative is implemented in cooperation with the UAE Banks Federation and the UAE Central Bank.
For their part, the senior officials of the banks stated that the noble move aims at reducing the living burden of UAE nationals, and consolidate the values of tolerance in society established by the country's leadership.
Follow Emirates 24|7 on Google News.