UAE waives AED 834 million in loan interest for low-income retirees

UAE's Defaulted Debts Settlement Fund has waived more than AED 834 million in accrued loan interest for 2,339 low-income Emirati retirees across the country, state news agency WAM reported.

The initiative was launched under directives from President Sheikh Mohamed bin Zayed Al Nahyan and followed up by Vice President Sheikh Mansour bin Zayed Al Nahyan.

Who qualifies for the UAE loan interest waiver?

The initiative targets Emirati retirees aged 50 and above with limited incomes.

It forms part of broader efforts under the UAE's Year of the Family 2026 program to improve quality of life and strengthen the financial stability of retirees.

Participating banks will directly contact eligible beneficiaries covered by the initiative.

Which banks are waiving loan interest for UAE retirees?

ADCB Group leads the initiative with AED 655 million waived, followed by First Abu Dhabi Bank at AED 150 million and Abu Dhabi Islamic Bank at AED 18.5 million.

Emirates NBD Group and Emirates Islamic waived AED 6.7 million combined, while Dubai Islamic Bank waived AED 2.3 million.

Smaller contributions came from Commercial Bank of Dubai (AED 792,000), Sharjah Islamic Bank (AED 716,000) and National Bank of Ras Al Khaimah (AED 566,000).

Will retirees still need to repay their loans?

Under the initiative, banks will waive both accrued and future interest and profit payments on loans. Beneficiaries will continue repaying only the principal amounts through facilitated repayment schedules.

The fund thanked participating banks, saying their support would ease financial burdens on citizens and strengthen family and social stability across the UAE.