Under the directives of UAE President Sheikh Mohamed bin Zayed Al Nahyan, the Defaulted Debts Settlement Fund has waived more than Dh834 million in accrued loan interest for 2,339 low-income Emirati retirees across the country. The initiative was followed up by Sheikh Mansour bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, and Chairman of the Presidential Court.
Eight banks participated, contributing varying amounts to reach the total. ADCB Group accounted for the largest share at Dh655 million, followed by First Abu Dhabi Bank at Dh150 million and Abu Dhabi Islamic Bank at Dh18.5 million. Emirates NBD Group and Emirates Islamic together waived Dh6.7 million, Dubai Islamic Bank Dh2.3 million, Commercial Bank of Dubai Dh792,000, Sharjah Islamic Bank Dh716,000, and National Bank of Ras Al Khaimah Dh566,000.
Beneficiaries will not have their principal loans written off. Instead, banks will cancel all future interest and profit charges, with retirees continuing to repay the original borrowed amounts on facilitated schedules. Participating banks will contact eligible customers directly.
The fund said the initiative targets Emirati retirees aged 50 and above with limited income, framing it as part of broader efforts to ease financial pressure on citizens and support family stability in line with the objectives of the Year of the Family 2026.
