Debts of 4,511 Emirati citizens, amounting to AED1.15 billion ($313 million), have been waived by 20 banks and financial institutions, the Non-performing Debt Relief Fund announced on Wednesday.
The banks that waived the debts are First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD, Abu Dhabi Islamic Bank, Standard Chartered, Mashreq Bank, Etisalat, National Bank of Fujairah, Dubai Islamic Bank, Emirates Islamic and Commercial Bank International.
Also included are Sharjah Islamic Bank, RAK Bank, Amlak Finance, Al Masraf Arab Bank for Investment & Foreign Trade, National Bank of Umm Al Qaiwain (NBQ), Commercial Bank of Dubai, Ajman Bank, Aafaq Islamic Finance, and Reem Finance.
The debt relief was made on the directions of Sheikh Khalifa bin Zayed Al Nahyan.
Mohammed Ghanem Al Suwaidi, Chairman of the Supreme Committee of the Non-performing Debt Relief Fund, said, “The UAE believes that human capital is the nation’s true wealth and it works to invest the energy of every member of the nation to serve himself, his community and his country.”
Al Suwaidi also expressed his thanks to all banks and institutions that contributed to this initiative, praising the exemption provided to the defaulters and their active participation in achieving the objectives of the fund.