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UAE Defaulted Debts Settlement Fund Forgives Debts of 1,244 Emiratis

The UAE's Defaulted Debts Settlement Fund has announced a landmark action that will help 1,244 Emirati people.

The Defaulted Debts Settlement Fund in the UAE has announced a significant move, benefiting 1,244 Emirati citizens who will be relieved of their debts, totaling Dh394,586,000.

The initiative, conducted in collaboration with 18 banks and financial institutions, aims to alleviate financial burdens faced by citizens, echoing the directives of UAE President Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mansour bin Zayed Al Nahyan, Vice President.

Government’s Pledge to Ensure Social Welfare:

Jaber Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the Supreme Committee of the Fund expressed gratitude to the leadership for their unwavering commitment to citizens’ well-being. 

The initiative exemplifies the government’s dedication to resolving obstacles citizens encounter, ensuring their social welfare and financial stability.

Bank Collaboration and Compliance with Regulations:

Al Suwaidi praised the responsive cooperation of banks and financial institutions, emphasizing that debt settlements adhere strictly to specific laws and standards. 

These regulations encompass loan quality, outlining strict criteria for expenditure areas, directing funds to essential needs, and adhering to predetermined guidelines.

List of Participating Banks and Entities:

The initiative boasts the active participation of 18 prominent banks and entities, including First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Al Hilal Bank, Emirates NBD, Mashreq Bank, and others. 

Their involvement signifies a collective commitment to supporting citizens and contributing to societal welfare.

Expressed Pride and Commitment from the Banking Sector:

Officials from banks, financial institutions, and national companies voiced their pride and delight in contributing to the national initiative through the Debt Settlement Fund. 

Their involvement highlights a joint commitment to serving the interests of citizens and society, aligning with the UAE’s vision for a prosperous and supportive community.

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