ABU DHABI – The President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, has ordered settlement of personal loans worth about Dh2 billion of 6,830 citizens who have defaulted in their repayment.
The presidential gesture would settle all personal loans of citizens whose debts are less than Dh1 million, be they in detention pending trial or convicted, or settling their debts through installment schedules set by the courts.
Those in prisons will be released and have their loans settled in accordance with the specific settlement mechanisms, including deduction of 25 per cent from their monthly salaries, with an undertaking from a beneficiary not to borrow again until his loan is settled.
Shaikh Khalifa’s gesture follows the recommendation submitted to him by the Supreme Committee of the Debts Settlement Fund for Citizens with limited income, chaired by Ahmed Jumaa Al Zaabi, Deputy Minister for Presidential Affairs.The Dh10-billion fund was set up upon a decree issued by the UAE President to put an end to the debt crisis of people. – Khaleejnews
