UAE: Debt Settlement Fund exempts 3,310 Emiratis

The Debt Settlement Fund announced the exemption of 3310 citizens from their debts totalling 361 million dirhams, in cooperation with 13 national banks.

The initiative comes to translate the vision of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, under the patronage of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and follow-up of His Highness Sheikh Mansour bin Zayed Al Nahyan, Minister of Presidential Affairs. Overcome all obstacles that hinder citizens and facilitate their lives, and ensure a decent and stable life.

It also comes in cooperation and coordination between the "Distressed Debt treatment fund", including the Ministry of Justice, the Ministry of Interior, the judiciary and the courts of the United Arab Emirates, and a number of national banks that responded swiftly and responsibly to this national initiative.

The Fund was established under the guidance of His Highness Sheikh Khalifa bin Zayed Al Nahyan, head of state, as part of His Highness's keenness and interest in the issues of his citizens, their interests, and the provision of the ingredients that provide them with the means to live.

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In coordination with the central bank and the state creditor banks, the fund examines and handles distressed citizens ' loans and the settlement of their personal loans.

"This initiative comes within the framework of the UAE leadership's keenness to ensure the dignity of citizens ' lives and its interest in promoting the stability of their families," said Jaber Mohammed Ghanem Al Suwaidi, director general of the Diwan of the crown prince of Abu Dhabi, chairman of the Higher Committee of the troubled debt treatment fund.

He explained that the initiative is particularly important in conjunction with the year of Tolerance, announced by His Highness Sheikh Khalifa bin Zayed Al Nahyan, the head of state, pointing out that it aims to make tolerance a sustainable institutional work expressed through practical initiatives translated on the ground and reflected with good and happiness on the lives of 2 tons of UAE and residents.

Al Suwaidi expressed his thanks and appreciation to the banks for contributing to this good initiative, appreciating the exceptions they have made to distressed debts, and appreciating the high societal responsibility of these national banks to participate actively in achieving the goals of the Fund.

In this regard, he praised the continued and fruitful cooperation between the Fund and banks in the union of banks of the Emirates and the central bank to implement this important initiative and its success.

List of beneficiaries:

• Senior citizens.
• humanitarian and pathological situations.
• Low-income distressed persons.
• Deceased.
• Retirees with
• Limited income.
• Prisoners and Garmon.

Banks contributing to the initiative:

• Abu Dhabi Islamic Bank.
• Abu Dhabi Commercial Bank.
• Emirates NBD.
• Abu Dhabi First Bank.
• Dubai Islamic Bank.
• National Bank of Ras al-Khaimah.
• Al Hilal Bank.
• Union National Bank.
• Noor Bank.
• Emirates Islamic Bank.
• Commercial Bank of Dubai.
• Sharjah Islamic Bank.
• Arab Bank for Investment and Foreign Trade

Source: WAM