Abu Dhabi: Under the directives of UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan, the Defaulted Debts Settlement Fund has waived more than AED 834 million in interest on loans owed by low-income retirees across the country.The initiative, implemented with the follow-up of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, was carried out in cooperation with several UAE banks and benefits 2,339 retirees.In a statement, the fund thanked participating banks and financial institutions for contributing to the initiative, praising their support for efforts aimed at easing financial burdens on citizens and strengthening family and social stability in the UAE.The programme targets Emirati retirees aged 50 and above with limited income and forms part of broader efforts to improve quality of life and enhance financial stability, in line with the objectives of the Year of the Family 2026.Participating banks and the amounts waived include ADCB Group with AED 655 million, First Abu Dhabi Bank with AED 150 million, Abu Dhabi Islamic Bank with AED 18.5 million, Emirates NBD Group and Emirates Islamic with AED 6.7 million, Dubai Islamic Bank with AED 2.3 million, Commercial Bank of Dubai with AED 792,000, Sharjah Islamic Bank with AED 716,000, and National Bank of Ras Al Khaimah with AED 566,000.Under the initiative, banks will also waive future interest and profit payments on loans, while beneficiaries will continue to repay the principal amounts under facilitated repayment schedules. Participating banks will contact eligible beneficiaries directly.
