UAE banks back Debt Settlement Fund

The UAE Banks Federation, a professional representative body representing 50 member banks operating in the UAE, has reaffirmed its strong and full support for the government’s initiative to reduce the serious debt burden being experienced by some UAE nationals.

Underlining its excellent and on-going relations with the fund, the Federation has urged its member banks to co-operate in the scheme and continues to coordinate with its member banks to support this important national initiative.

For the past 12 months, the UBF has been encouraging all members to focus on promoting financial literacy and responsibility programmes which will help to prevent such indebtedness recurring in the future.

The Federation thanks member banks which have assisted debt-burdened nationals and is seeking all the other banks to make a similar contribution.

To reflect the importance that the federation places on this initiative, the topic is scheduled to be discussed as top priority at its forthcoming Advisory Council meeting.

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