The UAE's Defaulted Debts Settlement Fund, in cooperation with several UAE banks, has waived more than AED834 million ($227.09 million) in interest accrued on loans owed by 2,339 low-income retirees across the country.
The decision has been taken under the directives of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and with the follow up of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court, said a WAM news agency report.
In a statement, the fund thanked the banks and financial institutions that contributed to the initiative, commending their support for efforts aimed at easing financial burdens on citizens and strengthening family and social stability in the UAE.
The initiative, which targets Emirati retirees aged 50 and above with limited income, is part of ongoing efforts to improve quality of life and support the financial stability of retirees, in line with the objectives of the Year of the Family 2026.
Participating banks, and the amounts waived by each, include ADCB Group with AED655 million, First Abu Dhabi Bank with AED150 million, Abu Dhabi Islamic Bank with AED18.5 million, Emirates NBD Group and Emirates Islamic with AED6.7 million, Dubai Islamic Bank with AED2.3 million, Commercial Bank of Dubai with AED792,000, Sharjah Islamic Bank with AED716,000, and National Bank of Ras Al Khaimah with AED566,000.
Under the initiative, the banks will waive future interest and profit payments on loans, while beneficiaries will continue repaying the principal amounts under facilitated repayment schedules. Participating banks will contact beneficiaries covered by the initiative.
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