Debt Settlement Fund announced by UAE

The Debt Settlement Fund announced by UAE Government that 361 million Dirhams loans of 3,310 UAE nationals have been waived off in cooperation with 13 banks.

Fund for Expats:
The news could be greater if UAE Government announces to waive the debts of UAE expats too, it will definitely help to lift the living burden of UAE expats, especially for those who cannot enter or exit UAE due to debt settlements.

Will this Fund Help Expats:
Yes it may help because mostly firms are sponsored by UAE Citizens, and all Expats too working under sponsorship of locals, so all those who are liable to pay debts somehow directly or indirectly are the owe of UAE citizens.

So, the point is if citizens are not paying the debts (loans), they may do not charge you too, its not 100% sure but this may help expats.
  
Jaber Mohammed Ghanem Al Suwaidi, General-Director of the Crown Prince Court of Abu Dhabi and Chairman of the Supreme Committee of the Debt Settlement Fund, said that this gesture is part of the UAE's wise leadership keenness to ensure decent life for all Emiratis and highest possible level of social stability.

The national banks that waived the debts included:

1: Abu Dhabi Islamic Bank

2: Abu Dhabi Commercial Bank

3: Emirates NBD

4: First Abu Dhabi Bank

5: Dubai Islamic Bank

6: RAK Bank

7: Al Hilal Bank

8: Union National Bank

9: Noor Bank

10: Emirates Islamic

11: Commercial Bank of Dubai

12:  Sharjah Islamic Bank

13: Arab Bank for Investment and Foreign Trade (Al Masraf).

Al Suwaidi noted that the initiative is especially important as it coincides with the 'Year of Tolerance' announced by President His Highness Sheikh Khalifa bin Zayed Al Nahyan, pointing out that it aims to make tolerance a sustainable institutional work expressed through practical initiatives.

Al Suwaidi also commended the continuous and fruitful cooperation between the fund and banks. The initiative is implemented in cooperation with the UAE Banks Federation and the UAE Central Bank.

He also expressed his thanks and appreciation to all banks that contributed in this initiative, praising the exemption provided to the defaulters, and their active participation in achieving the objectives of the fund.

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