The exemptions cover humanitarian and medical cases, low-income borrowers, the deceased, low-income retirees, and senior citizens
Representational pic/iStock
The Defaulted Debts Settlement Fund has waived 1,435 Emirati citizens from debts amounting to more than AED475.154 million, in cooperation with 19 banks and financial institutions in the UAE.
The move comes in line with the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and under the follow-up of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court.
The initiative reflects the leadership's commitment to easing the financial burdens of citizens and ensuring their wellbeing, supporting family stability and contributing to broader social development. It aims to reduce living pressures on the defaulted and help them regain financial stability.
The exemptions cover humanitarian and medical cases, low-income borrowers, the deceased, low-income retirees, and senior citizens.
Debt settlements with banks are carried out according to strict legal and regulatory criteria related to the nature and purpose of each loan, with priority given to essential and necessary expenses.
The list of participants in this initiative includes 19 banks and entities, namely Abu Dhabi Commercial Bank Group, Emirates NBD, First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Mashreq Bank, RAKBANK, Sharjah Islamic Bank, Dubai Islamic Bank, e&, United Arab Bank, Arab Bank for Investment & Foreign Trade (Al Masraf), Commercial Bank of Dubai, HSBC, Ajman Bank, Amlak Finance, Emirates Islamic Bank, Standard Chartered Bank, National Bank of Umm Al Qaiwain and Citibank.
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