Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Banks federation backs debt relief drive for Emiratis  Join our daily free Newsletter

MENAFN - Khaleej Times - 28/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) The UAE Banks Federation, or UBF, on Monday reaffirmed its full support for the government's initiative to reduce the serious debt burden being experienced by some Emiratis



Last week, the Office of the Presidential Affairs warned that banks in the UAE were obliged to write off 50 per cent of debts owed by Emiratis in line with the Debts Settlement Fund initiative or face punitive action



The UBF, a professional representative body representing 50 member banks operating in the UAE, in a statement, urged its member banks to cooperate in the scheme and said it would continue to coordinate with its member banks to support this important national initiative



For the past 12 months, the UBF has been encouraging all members to focus on promoting financial literacy and responsibility programmes, which will help to prevent such indebtedness recurring in the future



The UBF thanked those member banks that had assisted debt-burdened nationals and urged all the other banks to support the move.



The Debts Settlement Fund was setup in 2012 to assist Emiratis steeped in personal debt. The fund requires banks to waive half of what they are owed by UAE citizens, with the other half settled though a Dh10 billion fund. Those banks that do not take part will be named and shamed by the UAE Central Bank, and potentially be placed on a government blacklist



Ahmed Jumma Al Za'abi, Deputy Minister of Presidential Affairs and Chairman of the Debts Fund, warned last week that those banks that do not support Emiratis to get their heavy debts cleared under the programme initiated by the President, His Highness Shaikh Khalifa bin Zayed Al Nahyan, would be penalised



Al Za'abi said the fund has so far helped 2,700 Emiratis by clearing debts of over Dh1.8 billion with the support of banks. There are still 3,300 applications pending



The minister said more than 50 per cent of the banks operating in the country has been very helpful by extending concession to help clear the loans of Emiratis. "However, some banks have been little helpful. If we don't see any cooperation from these banks, action will be taken against them," Al Za'abi said.



In line with the debt relief programme, all criminal cases pending in connection with bounced cheques and non-repayment of loans by Emiratis have been suspended and debts cleared


 


Khaleej Times




  MENA News Headlines
 May 3 2015 - Pleasant weather forecast over next three daysJordan News Agency
(MENAFN - Jordan News Agency) The weather on Sunday is expected to be pleasant in the hilly areas and moderate in other parts of the Kingdom with northwesterly moderate winds.According to the Jordan ...

 May 3 2015 - Israeli forces destroy hundreds of acres in NablusJordan News Agency
(MENAFN - Jordan News Agency) Israeli forces destroyed hundreds of acres of cultivated lands on Sunday in the Khirbet Al-Tawil area east of Nablus in the West Bank.Member of the Popular Committee ...

 May 3 2015 - WHO pushes the health diplomacy agenda forward in a fourth high level seminar in CairoJordan News Agency
(MENAFN - Jordan News Agency) The World Health Organization Regional Office for the Eastern Mediterranean Saturday started the fourth seminar on health diplomacy in Cairo, Egypt.The seminar is ...

 May 3 2015 - Israeli occupation forces hold military maneuvers in West BankJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation forces on Sunday started large military training and maneuvers in the northern West Bank.Israeli Radio said that these maneuvers which will last until ...

 May 3 2015 - 650 trucks with goods, construction materials enter GazaJordan News Agency
(MENAFN - Jordan News Agency) Some 650 trucks loaded with commercial goods and construction materials entered the Gaza Strip on Sunday as the Israeli occupation authorities reopened the Karam Abu ...

 May 3 2015 - Muscat Municipality delegation concludes visitJordan News Agency
(MENAFN - Jordan News Agency) A delegation from Muscat Municipality concluded a visit to the Amman Greater Municipality (GAM), during which representatives discussed how they might cooperate and ...

 May 3 2015 - Officials call on Jordanian and Kazakh private sectors to increase cooperationJordan News Agency
(MENAFN - Jordan News Agency) Jordanian and Kazakh officials have called upon the private sectors in both countries to take advantage of investment opportunities, especially after political ...

 May 3 2015 - Results of poll of Ensour's government to be announced tomorrowJordan News Agency
(MENAFN - Jordan News Agency) The University of Jordan's Center for Strategic Studies will hold a press conference on Monday to announce the results of a poll regarding Prime Minister Abdullah ...

 May 3 2015 - Jordan adopts special strategy to counter terrorism, says interior ministerJordan News Agency
(MENAFN - Jordan News Agency) Interior Minister Hussein Majali said Jordan is making every effort to counter terrorism and extremism through developing a strategy involving civil society ...

 May 3 2015 - Iraq voices concern over US Congress billJordan News Agency
(MENAFN - Jordan News Agency) Iraqi Prime Minister Haider Al-Abadi received a telephone call from United States Vice President Joe Biden, in which al-Abadi discussed his concerns over a bill before ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help