The Debt Settlement Fund introduced on Saturday that the Dh361 million mortgage of 3,310 UAE nationals has been waived off in cooperation with thirteen banks. Jaber Mohammed Ghanem Al Suwaidi, General-Director of the Crown Prince Court of Abu Dhabi and Chairman of the Supreme Committee of the Debt Settlement Fund, said that this gesture is part of the UAE’s wise leadership keenness to make sure respectable lifestyles for all Emiratis and highest possible level of social stability.
The countrywide banks that waived the debts protected 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 Arab Bank for Investment and Foreign Trade (Al Masraf).
Al Suwaidi cited that the initiative is vital because it coincides with the ‘Year of Tolerance’ announced using President His Highness Sheikh Khalifa bin Zayed Al Nahyan, pointing out that it pursuits to make tolerance a sustainable institutional painting expressed via practical projects.
He also expressed his thank you and appreciation to all banks that contributed to this initiative, praising the exemption furnished to the defaulters and their active participation in reaching the fund’s objectives.
Al Suwaidi additionally recommended the non-stop and fruitful cooperation between the fund and banks. The initiative is applied in collaboration with the UAE Banks Federation and the UAE Central Bank.
For their element, the senior officials of the banks stated that the noble flow goals at reducing the residing burden of UAE nationals and consolidate the values of tolerance in society installed using the united states’ management.