ABU DHABI - Upon the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and with the support of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and the monitoring of H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, the Non-Performing Loans Fund, NPLF, announced the exemption of 1,716 citizens from their debts valued at over AED787 million, in cooperation with 15 banks.
Jabr Mohammed Al Suwaidi, Director of the Abu Dhabi Crown Prince's Court and Chairman of the Supreme Committee of the NPLF, said that this step is due to the guidance of the UAE’s leadership, adding that the fund is continuing to implement exemption initiatives and making settlements, in cooperation with several national banks.
Al Suwaidi also stated that the initiative aims to provide decent living standards as well as family and social stability to Emirati people around the country, as well as improve their living standards and provide them with comfort and financial independence, to achieve overall social balance.
This initiative is important, as it coincides with the celebration of the UAE’s 48th National Day, to spread joy and happiness into the hearts of Emirati families and relieve their financial burdens, he further added.
Al Suwaidi expressed his appreciation for the role of national banks in achieving the fund's objectives, through exemptions and settlements offered to defaulters while praising the interactions of banks and their support for the lives of UAE citizens and residents.
He also praised the effective cooperation between the fund and the banks that are members of the UAE Banks Federation and the UAE Central Bank in implementing related initiatives.
Banks participated in the initiative included Abu Dhabi Commercial Bank; Al Hilal Bank; Abu Dhabi Islamic Bank; First Abu Dhabi Bank; Standard Chartered Bank; Dubai Islamic Bank; Emirates Islamic Bank; Mashreq Bank; Emirates NBD Bank; Sharjah Islamic Bank; Noor Islamic Bank; National Bank of Ras Al Khaimah; Al Masraf - Arab Bank for Investement & Foreign Trade; National Bank of Umm Al Qaiwain; Commercial Bank of Dubai and Ajman Bank.
The NPLF was established on the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, due to his keenness to care for the issues of the country’s citizens and their concerns. The fund assesses and deals with non-performing loans and makes settlements to personal loans, in coordination with the Central Bank and various Emirati banks.
© Copyright Emirates News Agency (WAM) 2019.