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Debt Settlement Fund Initiative proceeding, aided by UAE banks

Top UAE bankers have affirmed their continued cooperation with the Debt Settlement Fund Initiative, aimed at easing debt burden for UAE nationals and ensuring decent life and familial stability in the society.

The remarks made following the meeting His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, had earlier today with the delegation representing the banks partaking of the Debt Settlement Fund Initiative to exempt 3,310 UAE nationals of their debt.

” The First Abu Dhabi Bank, FAB, is committed to maintaining continuing cooperation with the Fund. And in line with the declaration of 2019 as Year of Tolerance by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, we in the FAB reiterate our strategy to underpin the values of tolerance and contribution to ensuring social welfare in keeping with the central role played by UAE national banks to drive social development in the country,” said Abdulhamid Saeed, Group Chief Executive Officer of First Abu Dhabi Bank.

Thanking Sheikh Mohamed bin Zayed for honouring the contributors to the initiative, Ala’a Eraiqat, Executive Director, Group Chief Executive Officer of Abu Dhabi Commercial Bank, said the Fund fits within the national initiatives that have a positive impact on all segments of society.

Salah Amin, Executive Director of Emirates Islamic, affirmed the bank’s commitment to working positively with “all its partners in the UAE to the higher good of the UAE and its people.”

Amr Al Menhali, CEO of Al Hilal Bank, acclaimed the initiative which he described as a “national obligation”.

Mohamed Nasser Abdeen, CEO of Union National Bank expressed pride of being part of a national initiative aimed at ensuring social welfare and economic wellbeing for the Emirati society.

Peter England, RAKBANK CEO, expressed delight with meeting Sheikh Mohamed and said his bank values the initiative of the Ministry of Presidential Affairs to stand by limited-income segments of the society.

The representatives of the other banks participating in the initiative expressed full support for the country’s efforts to ease debt burden for UAE nationals and ensure social stability and economic wellbeing in the society.

The Debt Settlement Fund recently announced that AED361 million in loans of 3,310 UAE nationals have been waived off in cooperation with 13 banks.

The national banks that waived the debts included Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Emirates NBD, First Abu Dhabi Bank, Dubai Islamic Bank, RAKBANK, Al Hilal Bank, Union National Bank, Noor Bank, Emirates Islamic, Commercial Bank of Dubai, Sharjah Islamic Bank, and Arab Bank for Investment & Foreign Trade (Al Masraf).

Source: WAM

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