All banks required to help support heavily indebted Emiratis settle up

Sultan Al Suwaidi, the Governor of the UAE Central Bank, has said all banks are required to cooperate with the Debt Settlement Fund to help support heavily indebted Emiratis settle up.

All banks are required to cooperate with the Debt Settlement Fund to help heavily indebted Emiratis, Sultan Al Suwaidi, the Governor of the Central Bank, has said. Mr Al Suwaidi also said uncooperative banks would face penalties, Al Ittihad, the Arabic-language sister newspaper of The National, reported.

The Ministry of Finance and other authorities are working on re-drafting the banking laws to restrict banks’ freedom in tackling such matters, Mr Al Suwaidi said.

“The Central Bank gives great importance to the matter of loans for UAE nationals, with the aim of alleviating the burdens incurred by loans,” he said.