The UAE’s Defaulted Debts Settlement Fund, in cooperation with several national banks, has waived more than $227.12 million (AED 834 million) in accrued loan interest owed by 2,339 low-income retirees across the country.
The initiative was implemented 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.
In a statement, the Defaulted debts settlement fund thanked participating banks and financial institutions for supporting efforts aimed at easing financial burdens on citizens and strengthening family and social stability across the UAE.
The initiative under Defaulted debts settlement fund targets Emirati retirees aged 50 and above with limited income and forms part of wider efforts to improve quality of life and enhance the financial stability of retirees, in line with the objectives of the Year of the Family 2026.
Banks participating in the initiative and the amounts waived include ADCB Group with $178.31 million (AED 655 million), First Abu Dhabi Bank with $40.84 million (AED 150 million), Abu Dhabi Islamic Bank with $5.04 million (AED 18.5 million), Emirates NBD Group and Emirates Islamic with $1.82 million (AED 6.7 million), Dubai Islamic Bank with $626,000 (AED 2.3 million), Commercial Bank of Dubai with $215,600 (AED 792,000), Sharjah Islamic Bank with $194,900 (AED 716,000), and National Bank of Ras Al Khaimah with $154,100 (AED 566,000).
Under the initiative, participating banks will also waive future interest and profit payments on loans, while beneficiaries will continue repaying the principal amounts through facilitated repayment schedules. The Defaulted debts settlement fund said participating banks will contact beneficiaries covered under the initiative directly.
