The default Emirati entrepreneurs can now protect themselves from prosecution, lawsuits, or police cases related to their bank loans, by taking advantage of the President’s Fund Support Programme being initiated in 2011, with the allocation of Dh10 billion. The new customer service invites those in debt to get their heavy debts cleared with the submission of a bank debt waiver application. Whereas 50% of the debtor’s loan would be waived off, the other half would be settled against the fund that would be reimbursed from the debtors through their salaries.
Furthermore, the Office of the Presidential Affairs, UAE, has warned the banks to cooperate and help heavily indebted Emiratis and ensure that their customer experience goes smoothly, otherwise strict action would be taken against them and they would be penalized. The Shaikh Khalifa’s Fund is certainly an added convenience and support to customers, providing concession to help clear the loans.
According to Ahmed Jumma Al Za’abi, Deputy Minister of Presidential Affairs and Chairman of the Fund for the Settlement of Bad Debts:
‘So far the fund has helped 2,700 out of 6,000 applicants clearing debts of over Dh1.8 billion with the support of banks. However, if we don’t see any cooperation from banks, action will be taken against them and (they will be) penalized.’
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