The UAE’s Non-performing Debt Relief Fund announced that 20 banks and financial institutions had waived the debts of 4,511 Emirati citizens, with a total value of more than AED1,157,388,000.
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.
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The move was implemented as per the directives of President Sheikh Khalifa bin Zayed Al Nahyan; and the support of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces; and the follow-up of Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs.
