Loans Worth Nearly $100m Waived For Emiratis

Thirteen national banks have waived the debts of 3,310 Emirati citizens from loans totalling AED 361 million ($98.28 million), the Debt Settlement Fund announced on Saturday.

The participating banks included Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Emirates NBD, First Abu Dhabi Bank, Dubai Islamic Bank, RAKBANK, Al Hilal Bank, Union National Bank, Noor Bank, Emirates Islamic, Commercial Bank of Dubai, Sharjah Islamic Bank and the Arab Bank for Investment and Foreign Trade.

Jaber Mohammed Ghanem Al Suwaidi, the chairman of the Supreme Committee of the Debt Settlement Fund and General-Director of the Crown Prince Court of Abu Dhabi, said that the gesture is meant to ensure a “decent life” for Emiratis and “the highest possible level of social stability.”

Al Suwaidi added that the move falls in line with the “Year of Tolerance” declared by the UAE, as it is aimed at promoting tolerance as a sustainable institutional practice.

In the past, the fund has held a number of awareness sessions aimed at promoting financial literacy among UAE nationals.