Abu dhabi: Under the directives of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and with the follow-up of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, the Defaulted Debts Settlement Fund has waived more than AED 834 million in interest accrued on loans for 2,339 low-income retirees across the country.
According to Emirates News Agency, the fund expressed gratitude to the banks and financial institutions that contributed to the initiative, acknowledging their role in alleviating financial burdens on citizens and promoting family and social stability within the UAE.
The initiative is designed for Emirati retirees aged 50 and above with limited income and aligns with the objectives of the Year of the Family 2026, focusing on enhancing the quality of life and financial stability for retirees.
Participating banks include ADCB Group, which waived AED 655 million, First Abu Dhabi Bank with AED 150 million, Abu Dhabi Islamic Bank with AED 18.5 million, Emirates NBD Group and Emirates Islamic with AED 6.7 million, Dubai Islamic Bank with AED 2.3 million, Commercial Bank of Dubai with AED 792,000, Sharjah Islamic Bank with AED 716,000, and National Bank of Ras Al Khaimah with AED 566,000.
Under this initiative, banks will forgo future interest and profit payments on loans, while beneficiaries will continue to repay the principal amounts under facilitated repayment schedules. The participating banks will initiate contact with beneficiaries covered by the initiative.
