By Neil Halligan
Move is in line with an order issued by King Abdullah
A Saudi development fund has written off just over SAR243 million ($64.7 million) in debt owed to it by 1,158 deceased citizens.
The Real Estate Development Fund (REDF) has completed the procedures to write off the debt in line with an order issued by the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud, Saudi Press Agency reported.
The fund exempted the deceased borrowers after details and relevant data was supplied by families and relatives.
The REDF ended proceedings to claim back full payment of outstanding loan repayments for 1,158 deceased after details and relevant data on the loans taken out was supplied by families and relatives.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.