Abu Dhabi: The Debt Settlement Fund has announced that Dh361 million worth of loans of 3,310 Emiratis have been waived off in cooperation with 13 banks.

Jaber Mohammad Ganem 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 the gesture is part of the UAE leadership’s keenness to ensure a decent life for all Emiratis and the highest possible level of social stability.

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).

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

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

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

Senior officials of the banks stated that the move aims at reducing the burden of Emiratis, and consolidate the values of tolerance in society established by the country’s leadership.