Under the directives of the President of the State… 1,435 citizens were exempted from their debts worth 475 million and 154 thousand dirhams

In implementation of the directives of His Highness Sheikh Mohammed bin Zayed Al Nahyan, President of the State, may God protect him, and with the follow-up of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President of the UAE, Deputy Prime Minister and Chief of the Presidential Office, the Troubled Debts Treatment Fund announced the relief of 1,435 citizens of their debts with a total value of more than 475 million and 154 thousand dirhams, in cooperation with 19 banks, banks and institutions in the country.

The announcement indicated that the initiative, which is organized by the Troubled Debt Remediation Fund in cooperation with banks and institutions in the country, comes as an embodiment of the vision of the wise leadership in facilitating the affairs of citizens and providing them with the necessities of a decent life, in a way that supports their family stability and contributes to promoting social development. It also aims to reduce the living burdens of defaulters and secure a stable life for them, which contributes to building a cohesive and prosperous society.

The initiative includes humanitarian and sick cases, low-income defaulters, the deceased, and retirees with limited income, in addition to senior citizens. The settlement of borrowers’ debts with banks is subject to specific and strict laws and standards related to the nature of loans and the areas of their disbursement, taking into account that the loans were directed to basic and necessary needs.

The list of participants in this initiative includes 19 banks, banks and financing companies, namely Abu Dhabi Commercial Group, Emirates NBD, First Abu Dhabi Bank, Abu Dhabi Islamic Bank, Mashreq Bank, Ras Al Khaimah National Bank, Sharjah Islamic Bank, Dubai Islamic Bank, Emirates Telecommunications Company, United Arab Bank, Arab Bank for Investment and Foreign Trade, Commercial Bank of Dubai, HSCB Bank, Ajman Bank, Amlak Finance, Emirates Islamic Bank, and… Standard Chartered, National Bank of Umm Al Quwain, and Citibank.