The Central Bank of the United Arab Emirates has extended financial relief to nearly 156,000 bank customers across the country, covering loans totaling 16.9 billion dirhams ($4.33 billion). The relief measures, which include repayment deferrals and fee waivers, will continue through the end of August, according to figures released on October 5.

Retail customers constitute the majority of beneficiaries, with 148,681 individuals receiving deferrals on repayments amounting to 2.3 billion dirhams ($626 million). Additionally, 849 private sector companies obtained support valued at 10.7 billion dirhams ($2.91 billion), while 6,441 small and medium-sized enterprises (SMEs) secured deferrals totaling 2.9 billion dirhams ($790 million).

These measures are part of the Financial Institutions Resilience Package (FIRP), introduced by the Central Bank of UAE in March following a regional conflict that erupted on February 28. The program is designed to support business continuity and sustain economic growth amid ongoing uncertainties.

The uptake of relief options has steadily increased since the package’s inception. By early May, 65,300 customers had benefited from deferrals worth 6.2 billion dirhams ($1.69 billion). By the end of July, that number rose to 135,031 customers and 13.5 billion dirhams ($3.68 billion) in deferred loans. Prominent lenders such as Abu Dhabi Islamic Bank and Emirates NBD have implemented their own initiatives complementing the central bank’s efforts, providing additional deferrals and waiving fees.

Despite the challenges, UAE banks have maintained resilience. By the end of August, banking sector assets increased by 12.9 percent year-on-year, with lending up 18.8 percent and deposits growing 13 percent. The non-performing loan ratio improved, declining to 2.6 percent, and the net ratio rose to 1.2 percent.

Central Bank Governor Khaled Mohamed Balama emphasized the importance of accelerating digital transformation, enhancing consumer protection, and expanding financial inclusion within the sector. He also underscored the need for robust governance, risk management, and regulatory compliance as key factors to sustain the banking industry’s strength moving forward.