Dh1,000, Dirhams
The settlement of debts is subject to "specific and strict laws and standards", the fund says. Image used for illustrative purpose only. Image Credit: Shutterstock

Dubai: The Defaulted Debts Settlement Fund on Thursday announced the exemption of 1,244 citizens from their debts with a total value of Dh394,586,000, in cooperation with 18 banks and financial institutions in the country.

The initiative follows the directives of President His Highness Sheikh Mohamed bin Zayed Al Nahyan and Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, to stamp out all obstacles met by Emirati citizens and ensure social welfare and economic well-being in society.

On this occasion, Jaber Mohammed Ghanem Al Suwaidi, Minister of State and Chairman of the Supreme Committee of the Fund, expressed his thanks to Sheikh Mohammed and Sheikh Mansour for the initiative that embodies the unyielding commitment of the leadership to achieve prosperity and well-being for citizens.

He also commended the effective response of banks and financial institutions for the cooperation they showed in contributing to the success of this initiative and assuming responsibility towards society.

Al Suwaidi pointed out that the settlement of debts is subject to specific and strict laws and standards regarding the quality of loans and their areas of expenditure, taking into account that they should have been directed to essential areas.

The list of participants in this initiative includes 18 banks and entities, namely First Abu Dhabi Bank; Abu Dhabi Commercial Bank; Al Hilal Bank; Emirates NBD; Mashreq Bank; Abu Dhabi Islamic Bank; Dubai Islamic Bank; Sharjah Islamic Bank; RAK Bank; Etisalat; Commercial Bank of Dubai; United Arab Bank; Al Masraf; Amlak Finance; National Bank of Umm Al Qaiwain; HSBC; Emirates Islamic; Citibank and Standard Chartered.

Banks, financial institutions and national companies officials expressed their pleasure and pride in taking part in this national initiative through the Debt Settlement Fund to serve the interests of citizens and society.