Ahead of Eid Al Adha, the UAE cancelled interest accrued on debts of 2,339 low-income retirees across the country.
The initiative, carried out under the directives of the nation’s President, amounted to more than Dh834 million.
Implemented by the Debt Settlement Fund in cooperation with national banks and financial institutions in the country, the move targets retired citizens aged 50 and above with limited income. It aims to ease their financial burdens and consolidates the values of social solidarity and community stability.
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Participating banks and financial institutions included Abu Dhabi Commercial Bank Group with Dh655 million, First Abu Dhabi Bank with Dh150 million, Abu Dhabi Islamic Bank with Dh18.5 million, Emirates NBD Group and Emirates Islamic Bank with Dh6.7 million, Dubai Islamic Bank with Dh2.3 million, Commercial Bank of Dubai with Dh792,000, Sharjah Islamic Bank with Dh716,000, and National Bank of Ras Al Khaimah with Dh566,000.
The mechanism for implementing the initiative includes banks and financial institutions writing off future interest and profits on loans, while continuing to repay the principal of the loan according to facilitated schedules.
The beneficiaries covered by the initiative will be contacted by the participating banks and financial institutions.
This initiative comes as part of ongoing efforts aimed at enhancing the quality of life and achieving financial and social stability for retirees, in line with the objectives of the ‘Year of the Family 2026’ aimed at strengthening family cohesion and stability.
Source: Khaleej Times