Eight banks write off UAE nationals’ loans

Nov

27

2014

Abu Dhabi: Ahmad Juma Al Zaabi, Deputy Minister of Presidential Affairs and Chairman of the Supreme Committee of the Debts Settlement Fund, announced that eight national banks have written off the loans of 2,397 citizens worth Dh1.14 billion. He also said that the fund has exempted 1,085 people from payment of defaulted loans worth Dh400 million, bringing the number of beneficiaries of the exemption to 3,482 citizens.

He pointed out that the beneficiaries of the exemption fall under the category of those committed to paying their monthly instalments, social security cases, people with special needs, and a number of humanitarian cases.

The paperwork of another 255 people with loans worth Dh151 million is being processed.

Al Zaabi also said at a press conference held yesterday (Wednesday) at the Emirates Palace Hotel that among the objectives of the Fund is contributing to the development of effective solutions to the problem of defaulting loans in general, which reflect negatively on the living conditions of their respective owners and family stability, pointing out that the number of applications submitted to the fund was 3,502 applications worth Dh2.40 billion

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