The Debt Relief Fund (NDRF) has announced the release of 3,310 debtors with a total value of AED 361 million, in cooperation with 13 banks and national banks.
The Director General of the Crown Prince of Abu Dhabi, Chairman of the Higher Committee for the "Fund for the Treatment of Troubled Debt" Jaber Mohammed Ghanem Suwaidi that this initiative comes within the framework of the leadership of the United Arab Emirates wise to secure the elements of a decent life for citizens and their interest in enhancing their family stability.
He pointed out that the initiative is especially important to coincide with the "Year of Tolerance" announced by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, pointing out that it aims to make tolerance a sustainable institutional work expressed through practical initiatives translated on the ground and reflected on the life and happiness Citizens and residents in the UAE.
Al Suwaidi expressed his thanks and appreciation to the banks contributing to this good initiative. He appreciated the exemptions provided by the defaulters and the high social responsibility of these national banks and their active participation in achieving the objectives of the Fund.
In this regard, he also praised the continuous and fruitful cooperation between the Fund and banks in the Union of Banks and the Central Bank for the implementation of this important initiative and its success.
The banks and banks participating in the initiative included Abu Dhabi Islamic Bank, Abu Dhabi Commercial Bank, Emirates NBD, Abu Dhabi First Bank, Dubai Islamic Bank, Ras Al Khaimah National Bank, Al-Hilal Bank, Union National Bank, Noor Islamic Bank, Emirates Islamic Bank, Commercial Bank of Dubai, Sharjah Islamic Bank and Arab Bank for Investment and Foreign Trade.
The Fund was established under the directives of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the UAE, in the context of His Highness's keenness and interest in the issues of his citizens and their concerns and the provision of the means that provide them with decent means of living. The Fund will study the loans of troubled citizens and deal with them and settle personal loans In coordination with the Central Bank and the creditor banks in the State.
For his part, Chief Executive Officer of Abu Dhabi First Group Abdul Hameed Saeed stressed the keenness of the Bank to continue fruitful cooperation with the troubled Debt Relief Fund to ensure the success of this noble initiative aimed at reducing the living burden and ensuring the decent living and family stability of the citizens of the country. He said that with the announcement of His Highness Sheikh Khalifa bin Zayed Al Nahyan 2019 years of tolerance in the UAE. At ADIB we are keen to emphasize the principles of tolerance that are part of our business strategy as a fundamental value in building societies and peoples' happiness.
"Emirates NBD and Emirates Islamic Bank are proud to contribute to this prestigious initiative launched by the UAE government during Tolerance Year, which will improve the conditions," said Hisham Abdullah Al Qassim, Vice Chairman and Managing Director of Emirates NBD. To the citizens of the state and to enhance their sense of tranquility .. We pledge our role to continue our support for such initiatives distinctive during the coming years. "
"We are proud to be part of the initiative of participating banks to reduce the debt of defaulting citizens in line with the Year of Tolerance, which reinforces the values cherished by the UAE and is an extension of the approach of the late Sheikh Zayed bin Sultan Al Nahyan, "The Bank continuously seeks to empower and delight citizens and consolidate social development. We believe that this initiative will enhance social responsibility and reflect its positive impact on society.
In his turn, the head of the collection and follow-up department at the Commercial Bank of Dubai, Mohammed Issa Estak, stressed that the initiative to exempt the debts of citizens comes in line with the values of tolerance in the society established by the wise leadership of the country. In accordance with the initiative of tolerance adopted by the State, Exemption of indebtedness of a number of defaulted debtors.
"The Bank welcomes the opportunity to actively support the UAE's economic development through participation in the UAE's 'Year of Tolerance' initiative," said Mohammed Abdullah Al Nahdi, Executive Vice President, Dubai Islamic Bank. Which Dubai Islamic Bank (DIB) seeks to support this year.
For his part, Chief Executive Officer of Sharjah Islamic Bank Mohammed Abdullah said that the initiative of the Fund to drop the debts of citizens on the occasion of Tolerance Year is a new noble initiative to add to the list of humanitarian initiatives of the United Arab Emirates and reinforce the government's efforts to transform the value of tolerance into sustainable institutional work. Humanitarian mission that is in line with Islamic Shari'a and promotes community and family stability for the defaulters and is in line with efforts to provide advice and advice to bank customers and to provide full awareness to borrowers.
For his part, Chief Executive Officer of Arab Bank for Investment and Foreign Trade Faisal Khaldari said that the bank participated in the initiative in support of the troubled debt management fund, in line with the year of tolerance. He stressed that the UAE, thanks to its wise leadership under the leadership of His Highness Sheikh Khalifa bin Zayed Al Nahyan "The initiative is part of the social responsibility that the Bank has embraced in cooperation with the Debt Relief Fund for the benefit of the citizens of the country, praising the Fund's initiatives and the role it plays.
RAK National Bank Chief Executive Officer Peter England said RAK National Bank appreciates the initiative to help low-income UAE nationals settle their loans. We will continue to work together to find the right ways to help ease the debt burden. Our partnership with the troubled debt management fund for citizens and we hope that this cooperation will continue in the coming years. "
The Deputy Chairman of the Board of Directors of ADIB and acting CEO Khamis Buharoun expressed his thanks to the troubled Debt Management Fund and the wise leadership of the State for their support to citizens in order to achieve social development and ease their living burdens and ensure decent living and family stability. Is important to the banking sector and the UAE society in general, pointing out that it provides a great deal of confidence and credibility in the banking sector and make citizens feel that the national banks care about the public interest and members of society in a balanced manner with interest in profit Its growth and expansion in the banking activities.
Abu Dhabi Commercial Bank (ADCB) said in a statement that "in the context of His Highness Sheikh Khalifa Bin Zayed Al Nahyan's 2019 Year of Tolerance, Abu Dhabi Commercial Bank (ADCB) is actively seeking to solve the problems of low-income defaulting citizens and reschedule their debts by participating in The Debt Relief Fund initiative, which provides a great service to the community and returns to banks at a much higher interest than any figures they may add to their profits and accounts.
For his part, Chief Executive Officer of Union National Bank Mohamed Nasr Abidin said that, in view of the Chairman of the Union National Bank Group, HE Sheikh Nahyan bin Mubarak Al Nahyan, on taking into account the social dimension towards the citizens of the State. The Bank announced its contribution to canceling the bad debts of some national customers Of them in full on the occasion of the year of tolerance .. He pointed out that the contribution to the initiative aims to relieve the defaulters and their families of the burdens of these debts.