POST Online Media Lite Edition



 

UAE: Banks waive over $315 million debts of 4,511 Emiratis

Christian Fernsby |
The Nonperforming Debt Relief Fund announced on Wednesday that 20 banks and financial institutions had waived the debts of 4,511 Emirati citizens, with a total value of more than AED 1,157,388,000 ($315 million).

Article continues below




The banks that participated included 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, Commercial Bank International, 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 move was implemented as per the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan; and the support of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces; and the follow up of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.

On this occasion, Jaber Mohammed Ghanem Al Suwaidi, Director General of the Crown Prince Court of Abu Dhabi and Chairman of the Supreme Committee of the Nonperforming Debt Relief Fund, said that this gesture is part of the UAE's wise leadership's keenness to ensure a decent life for all Emiratis and the highest possible standard of social stability.

Al Suwaidi pointed out that what gives this initiative a special importance is that the country has outlined an ambitious vision for the UAE's next 50 years of achievement as the country prepares to unite to mark its Golden Jubilee. "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."


What to read next

UAE's Islamic finance outpace the UAE's conventional banking
Smaller U.S. banks more aggressive lenders
India to re-emerge as UAE's top export destination