In implementation of the directives of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State, and with the support of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and the follow-up of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs. “Troubled Debts Treatment Fund” 12 banks and banks exempted 1,607 citizens from their debts, with a total value of more than 869 million 845 thousand dirhams.
On this occasion, the Director of the Abu Dhabi Crown Prince’s Court and Chairman of the Supreme Committee of the Troubled Debts Fund, Jaber Muhammad Ghanem Al-Suwaidi, affirmed that this initiative is an embodiment of a continuous and permanent approach to rational leadership that meets the needs of citizens in providing a decent life for them and maintaining family and social stability.
He added that the “Troubled Debt Processing Fund”, since its establishment in 2011 by a decision of His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State, “may God protect him”, has undertaken many important initiatives to address the troubled debt problems that thousands of citizens have benefited from, in cooperation with national banks and the Central Bank. This confirms the importance of the Fund and the pivotal role it continues to play.
Al-Suwaidi expressed his great appreciation for the role of the banks participating in this initiative and their keenness to play their active and positive social role and fulfill their responsibility towards society … praising the continuous cooperation between the “Troubled Debts Processing Fund” and the banks in the Banks Union and the “Central Bank” to implement such initiatives and achieve their desired goals. .
The list of banks that contributed to the initiative includes 12 banks: First Abu Dhabi Bank, Abu Dhabi Commercial Bank Group, Al Hilal Bank, Mashreq Bank, Emirates NBD, Abu Dhabi Islamic Bank, Standard Chartered Bank, Ras Al Khaimah National Bank, Commercial Bank of Dubai and Bank Dubai Islamic Bank, Emirates Islamic Bank, National Bank of Umm Al Quwain, and Arab Bank for Investment and Foreign Trade.
On this occasion, Alaa Erekat, CEO and Board Member of Abu Dhabi Commercial Bank Group, said: “On the occasion of the forty-ninth National Day, and in the interest of participating in the initiative of the Troubled Debts Fund for Citizens … We are honored in the Abu Dhabi Commercial Bank Group to confirm the continuation of our endeavor and by all available means to contribute to Overcoming the challenges faced by struggling citizens with limited income and discussing ways to reschedule their debts to protect them from default, especially in light of the repercussions of the “Covid-19″ pandemic, by renewing our participation in this generous initiative launched by the wise leadership to support its citizens, enhance their family stability and serve Society at large. ”
He pointed out that Abu Dhabi Commercial Bank was one of the first national banks to participate in this initiative since 2012, which confirms that philanthropy is one of the firm foundations of the values, customs and traditions of the people of the Emirates .. We also confirm the continuation of communication between the bank and the Supreme Committee of the Troubled Debts Fund and Bank The central United Arab Emirates on the one hand and all defaulting parties of the Abu Dhabi Commercial Bank Group on the other hand, as a specialized team was formed to communicate and coordinate between all concerned parties and to work on rescheduling debts according to the mechanisms set by the Troubled Debts Treatment Fund for Citizens, including the contribution of the Abu Dhabi Commercial Bank Group This year, the debts of a number of defaulting debtors were exempted from the Union National Bank (previously) and Al Hilal Bank.
On her part, Deputy Group CEO and Head of Consumer Banking at First Abu Dhabi Bank, Hana Al Rostamani, said: “We are always keen to participate in various government initiatives that aim to support and support the citizens of the United Arab Emirates at all levels, especially during this stage that they are facing There are many unprecedented challenges in the world. And in light of First Abu Dhabi Bank’s position as a leading national financial institution, we affirm the depth of our serious and continuous commitment to strengthening cooperation with the Troubled Debts Fund for Citizens and providing appropriate financial solutions for all, in a manner that is always consistent in content and objectives with the visions and directions of our wise leadership. .
For his part, Chairman of the Board of Directors of Abu Dhabi Islamic Bank, Joaan Owaida Al-Khaili, said, “Abu Dhabi Islamic Bank,” the bank, is pleased to continue to contribute, for the sixth year in a row, to the Troubled Debts Fund initiative for the year 2020 by exempting more than 320 customers from the United Arab Emirates. Of their debts. ”
He added that the continuous cooperation between the Troubled Debt Processing Fund and national banks enhances confidence and credibility in the banking sector in the country and emphasizes the spirit of social responsibility with national banks through their adoption of charitable and humanitarian initiatives in the interest of the country’s citizens, and this initiative is especially important because it coincides with the commemoration of Martyr’s Day and the state’s celebrations. The forty-ninth National Day.
He stressed the bank’s keenness to continue cooperation with the Troubled Debts Fund and its noble initiatives that are in line with the principles of the tolerant Islamic Sharia and which urge the promotion of values and a culture of good in society, and that this positive interaction has resulted in the bank’s launch of many financial awareness campaigns and the launch of the good repayment program.
Joaan Al-Khaili explained that the beneficiaries of the bank’s exemption fall under the category of those obligated to pay, but their social, family, or health conditions did not enable them to pay, and those exemptions were made in this framework.
He pointed out that this initiative comes within the framework of the social responsibility policy that the bank is keen on, and that the directives of the wise leadership are translated into tangible reality, especially with regard to making the citizen’s well-being and happiness among the most important priorities.
For his part, CEO of Mashreq Bank, Ahmed Abdel Aal, said: “Mashreq Bank reaffirms its continuous support and cooperation with the UAE Government’s Troubled Debts Fund … and we in the Mashreq fully believe in the importance of tolerance and the need to secure the social and economic well-being of the Emirati community.”
He added, “Based on this belief that our strategy is based on being part of our support to the fund .. Mashreq decided to waive debts estimated at 171 million dirhams to more than 145 UAE citizens … We are proud that the UAE has the largest banking sector in the world.” Arab and most sensitive to the conditions of citizens. ”
In this context, Vice Chairman and Managing Director of Emirates NBD Group, and Chairman of Emirates Islamic, Hisham Abdullah Al Qasim, said: “Emirates NBD and Emirates Islamic is one of the leading financial institutions in the United Arab Emirates .. and we are proud. Supporting our government’s rational initiatives aimed at consolidating peace and happiness and improving the quality of life of citizens … We affirm in this respect our firm commitment to the community of the UAE, and we look forward to contributing to the efforts in support of the progress of our dear country and making it one of the happiest countries in the world.
Commenting on the initiative of “Standard Chartered Bank” … Faisal Abu Al-Shaar, Head of Risk Management in the Middle East and Head of Risk Management for the Bank’s Islamic Banking Services, said: “We are pleased with our participation for the second year in a row in this generous initiative, which is a translation of the vision of His Highness Sheikh Khalifa bin Zayed. Al Nahyan, President of the State, and under the directives of His Highness Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces to ease the burden on citizens and enhance their family stability in a way that guarantees them a decent life, stressing that the bank has been keen since its establishment in the country more than six decades ago to Doing everything possible to support various successful national initiatives to address the problem of citizens’ debts, and our participation in this initiative is nothing but evidence of that, as we will, through it, celebrate the forty-ninth National Day for the State of the Union to exempt senior citizens of the bank from their dues from the bank. Its value is equivalent to 12 million dirhams. ”
For his part, CEO of National Bank of Ras Al-Khaimah, Peter England, said: “RAKBANK greatly appreciates the initiative of the Ministry of Presidential Affairs that seeks to assist low-income Emirati citizens in settling their loans .. We will continue at RAKBANK to work with the Ministry and our customers to find Appropriate ways to help alleviate the debt burden, stressing the importance of the bank’s partnership with the ministry, and we look forward to continuing this cooperation in the coming years.
On his part, Chief Executive Officer of Commercial Bank of Dubai, Dr. Bernd Van Linder, said: “Commercial Bank of Dubai has been keen to support the initiatives of the Ministry of Presidential Affairs, being part of the bank’s commitment to the community in which we live and helping the citizens of the country by supporting the Troubled Debts Fund. Participating in this noble national initiative and exempting 12 Emirati citizens from debts worth more than 5 million dirhams, as we seek to achieve social stability and alleviate the financial burdens on the citizens of the United Arab Emirates and secure a decent living and family stability for them.
Commenting on the initiative, Dr. Adnan Chilwan, CEO of Dubai Islamic Bank Group, said: “As the oldest and largest Islamic bank operating in the United Arab Emirates … the well-being of the people of the Emirates is an integral part of our strategy and remains the focus of all our plans and decisions.”
The CEO of Dubai Islamic Bank Group added: “We have been a part of the UAE Government’s Troubled Debt Processing Fund for the past three years, during which we provided all support towards the welfare of society and this year is no different from that .. We have always believed in Dubai Islamic Bank. And, as our leadership does, achieving happiness is a basic and ambitious human goal for all segments of society..We are happy and honored by our work side by side with the government of the United Arab Emirates, and we remain committed to supporting the vision and goals of our leaders to shape the future of the United Arab Emirates and prepare it for the next fifty years.
For his part, Assistant General Manager – Head of Individuals Banking Group at Umm Al Quwain National Bank, Mike Tufail, said: “It is based on the initiative of the Supreme Committee of the Fund for Treating Troubled Debts for Citizens, and within the framework of the National Bank of Umm Al Quwain and the wise leadership in the UAE to protect the interests of citizens and enhance their family stability. In order to reduce their financial burdens, the National Bank of Umm Al Quwain, during the year 2020, took the initiative to write off and cancel the debts of its defaulting customers of the UAE citizens, with a total value of more than four million dirhams, as the bank’s contribution to this initiative and the celebration of the 49th National Day of the UAE.
He added that National Bank of Umm Al Quwain is keen to contribute to such national initiatives, as the bank over the past five years … canceled the debts of its defaulting clients, bringing the total debt dropped by the bank to more than nine million dirhams.
Commenting on the contribution .. Farhat bin Qadara, Chairman of the Board of Directors of the Arab Bank for Investment and Foreign Trade, said: “The United Arab Emirates, thanks to the vision of its wise leadership, headed by His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the State,” may God protect him “, is keen to secure The components and means of a decent life for its citizens and attention to achieving their family and social stability, which is reflected in its positive effects on society .. and that we in the bank are committed to continuing our support and our participation in any future initiatives aimed at reducing the living burdens and securing decent living and family stability for the citizens of the state who have limited income.
For his part, the Acting CEO of the Arab Bank for Investment and Foreign Trade, Abdul Razzaq Traboulsi, said: “We are proud and happy to participate for the third year in a row in this generous initiative launched by the Troubled Debt Processing Fund.”
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