Eight UAE banks waive defaulted loans worth Dh1.144 billion
ABU DHABI // Ahmed Juma Al Zaabi, Deputy Minister of Presidential Affairs and chairman of the Supreme Committee of the Debt Settlement Fund, on Wednesday said that eight national banks had waived the defaulted loans of 2,397 citizens worth Dh1.144 billion.
Mr Al Zaabi said the fund also announced waiving bad debts worth Dh400 million for 1,085 people, bringing the number of beneficiaries whose debts have been dropped to 3,482 citizens, adding that the total value of the waived amount touched Dh1.5 billion. The minister said that the beneficiaries fall under the category “committed to pay” in addition to the cases of social security, health disability or special needs, and a number of humanitarian cases, reported Wam, the state news agency.
The fund, which was established upon the directives of the President, Sheikh Khalifa, and orders of Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, seeks to help citizens who face difficulties in settling their debts.
Mr Al Zaabi also thanked Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, on his support for the fund.
He said the national banks that had waived the debts included Abu Dhabi Commercial Bank, First Gulf Bank, Mashreqbank, Union Bank, National Bank of Abu Dhabi, Emirates National Bank Dubai, Hilal Bank and the National Bank of Umm Al Quiwain.
Mr Al Zaabi was speaking at a press conference held at Emirates Palace on Wednesday.
Updated: November 26, 2014 04:00 AM