Citizens’ loans waived on the directives of UAE President Sheikh Mohammed bin Zayed Al Nahyan.
On the directives of UAE President Sheikh Mohammed bin Zayed Al Nahyan, the loans of 1,435 Emirati citizens were waived, amounting to more than 475.154 million dirhams, or Rs 36 billion.
According to a report in the Gulf Times, this government move indicates the government’s commitment to reducing the financial burden of citizens, contributing to welfare, family stability and broader social development.
Humanitarian and medical issues, low-income borrowers, deceased, low-income retirees, and senior citizens have all benefited from the debt relief programs.
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Bank loans are granted in compliance with strict legal and regulatory requirements, prioritizing basic needs and taking into account the nature and purpose of each loan.
The list of 19 banks and institutions involved in this campaign includes Emirates NBD, Abu Dhabi Commercial Bank Group, Abu Dhabi Islamic Bank, First Abu Dhabi Bank, Rock Bank, Mashreq Bank, Dubai Islamic Bank, National Bank, Sharjah Islamic Bank, Emirates Islamic Bank, Finance, E&A, Standard Chartered Bank, United Arab Bank, Citibank, National Bank of Umm Al Quwain, Arab Bank for Investment and Foreign Trade.
