DUBAI, UAE – The Citizens Debts Settlement Fund announced the exemption of 1,244 citizens from their debts with a total value of US$107 million (AED394,586,000), in cooperation with 18 banks and financial institutions in the country.
The initiative follows the directives of President Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, to stamp out all obstacles met by Emirati citizens and ensure social welfare and economic well-being in society.
Jaber Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the Supreme Committee of the Fund, expressed his thanks to Sheikh Mohammed bin Zayed and Sheikh Mansour bin Zayed for the initiative that embodies the unyielding commitment of the leadership to achieve prosperity and well-being for citizens.
He also commended the effective response of banks and financial institutions for the cooperation they showed in contributing to the success of this initiative and assuming responsibility towards society.
Al Suwaidi pointed out that the settlement of debts is subject to specific and strict laws and standards regarding the quality of loans and their areas of expenditure, taking into account that they should have been directed to essential areas.
The list of participants in this initiative includes 18 banks and entities.
They include First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Al Hilal Bank, Emirates NBD, Mashreq Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Sharjah Islamic Bank, RAK Bank, Etisalat, Commercial Bank of Dubai, United Arab Bank, Al Masraf, Amlak Finance, National Bank of Umm Al Qaiwain, HSBC, Emirates Islamic, Citibank and Standard Chartered.
Officials of banks, financial institutions and national companies expressed their pleasure and pride in taking part in this national initiative through the Debt Settlement Fund to serve the interests of citizens and society.