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UAE earmarks Dhs1.49bn to settle, reduce citizens loans
- United Arab Emirates: Tuesday, December 04 - 2012 at 05:38
The UAE's Higher Committee of the Nationals Defaulted Debts Settlement Fund has allocated Dhs1.49bn to settle defaulted loans with various banks, Wam has reported. The decision was made based on reports presented to the fund by six national banks that included National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, First Gulf Bank, Abu Dhabi Islamic Bank, Union National Bank and Al Hilal Bank. The reports dealt with the rescheduling of the loan repayments by the citizens in such a way that the reimbursed amounts each month will not exceed 50% of their salaries transferred to the banks. The banks also agreed to cut the interests on the loans by 1%.
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