UBF asserts the banks’ endeavor to ease the burdens of Nationals in cooperation with the Nationals Debt Settlement Fund
UBF commends the ongoing efforts to ensure success for this noble initiative in a record time
The UAE Banks Federation (UBF) appreciated and commended the efforts of the Nationals Defaulted Debt Settlement Fund for its great support to UAE Nationals to achieve social development, ease their living burdens and secure decent life and stability for their families. UBF praised the ongoing cooperation between the Fund and the member banks of UBF and Central Bank to implement and ensure success of this noble initiative, in line with banking sector social responsibility mandate and key role in promoting stability and sustainability in UAE.
The UBF continues to urge all banks to fully cooperate and coordinate with the Fund as the banks’ contribution to improve the economic and social environment as well as support the financial health of the citizens and ease their financial burdens, have become a must.
H.E. Abdul Aziz Al Ghurair, Chairman of the UBF said: "We are proud today that the Fund has managed to resolve a large number of delinquent debt cases of citizens in cooperation with the banks in the UAE. We are confident that the success story is going on, and providing a decent life for citizens is the duty of all of us."
H.E. added: "UBF is currently working effectively on reducing the number of non-performing loans. Towards that purpose, UBF has launched its Code of Conduct for member banks emphasizing Customer Services and rights protection as well as Financial Education and Literacy specially on prudent borrowing and wise spending. Furthermore UBF cooperation with Al Etihad Credit Bureau will certainly help reduce the cases of the default.
"We are proud, not only that we have the largest banking sector in the Arab world, but also the most informed and responsible sector towards the Nationals. Hence, banks will continue the open cooperation and joint efforts with the Fund in the future for implementation of the initiative of His Highness Sheikh Khalifa bin Zayed Al Nahyan - may Allah protect him."
The UBF appreciates the ongoing efforts of all member banks, which contribute to the success of this noble initiative.
