The Non-performing Debt Relief Fund announced that 20 banks and financial institutions waived the debts of 4,511 citizens, with a total value of more than AED 1,157,388,000.
The move was implemented as per the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan with 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.
This gesture is part of the UAE leadership's keenness to ensure "a decent life for all Emiratis and the highest possible standard of social stability," according to Jaber Mohammed Ghanem Al Suwaidi, Director-General of the Crown Prince Court of Abu Dhabi and Chairman of the Supreme Committee of the Non-performing Debt Relief Fund.
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.
The senior executives of the banks said that the move will help ease the burden of UAE nationals, consolidate the values of tolerance and implement the humanitarian initiatives established by the country's leadership.
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.