Wherever mentioned in this Resolution, the following words and expressions shall have the meanings assigned to each of them, unless the context requires otherwise:

The provisions of this Resolution shall apply to all bad debts and non-performing credit facilities that have not been recovered despite the exhaustion of all necessary administrative, legal, and judicial procedures and measures, or the debts that continue to be classified as "Non-Performing Loans" for a full period of (5) years, according to the classification adopted by the Central Bank of the United Arab Emirates.

The full value of bad debts shall be written off according to the procedures to be determined by a Resolution from the Board of Directors, provided that the following controls are applied:

The following controls shall apply when writing off bad debts for accounting purposes:

1. The Board of Directors shall have the highest authority to approve the write-off of bad debts, or any part thereof, in accordance with the provisions of this Resolution and the resolutions issued pursuant thereto.

The Board of Directors shall issue the necessary resolutions to implement the provisions of this Resolution.

Cabinet Resolution No. (19) of 2015 Regarding the Bad Debts Write-Off System, as well as any provision that contradicts or conflicts with this Resolution, shall be repealed.

This Resolution shall be published in the Official Gazette, and shall enter into force as of the day following the date of its publication.