Federal National Council holds 5th session

Abu Dhabi, Feb 8, 2012 (WAM) - The Federal National Council (FNC) yesterday held its fifth session under the chairmanship of Mohammed Ahmed Al-Murr, Speaker of Federal National Council. The session was attended by Humaid Mohammed Obaid Al Qattami, Minister of Education, Dr. Anwar Mohammed Gargash, Minister of Federal National Council Affairs, Dr. Hadef Jowan Al Dhahiri, Minister of Justice and Dr. Obaid Humaid Al Tayer, Minister of State for Financial Affairs The FNC was briefed on the written reply from Sheikh Hamdan bin Mubarak Al Nahyan, Minister of Public Works, Chairman of the Board of Sheikh Zayed Housing Programme, on a motion raised by the FNC MP Abdul Aziz Abdullah Al Zaabi, on percentage of accomplishment regarding the donation of the UAE President to construct 40, 000 residential units for citizens to ensure the family stability and good living conditions. Sheikh Hamdan referred to the directives by the UAE President to provide appropriate accommodation to Emirati families, especially the families whose guardians are those with the limited income. He reiterated the impact of directives on the UAE Strategic Plan that makes Emirati citizen a top priority. He noted that the Programme has received confirmations to receive support to implement the project, citing that in 2008, about 20, 000 initial approvals were announced to study the submitted applications to help the Programme issue 8, 000 approvals annually. Sheikh Hamdan added in his reply to the FNC MP that 6, 321 decisions for residential loans worth Dhs3.157 billion were issued, indicating that the World Financial Crisis had negatively affected the provision of the required amounts. But he indicated that the Programme decided to cover the gap from its budget after the increment of government support. He said the Programme signed the Memorandum of Understanding with the UAE Central Bank to amend some regulations of the residential financing to get more additional amount with very easy conditions. The FNC was also briefed on the written reply from Mohammed Abdullah Al Gergawi, Minister of Cabinet Affairs, regarding the motion raised by MP Ali Eisa Al Nuaimi, on activation of article 5 of year 1985, on the Islamic Banking. Al Gergawi said the query should be answered by the UAE Central Bank, being a competent authority in charge of regulating, licensing and inspecting the banks in accordance with the article 2 of the Islamic Banks Law No. 6 of year 1985. - Emirates News Agency, WAM