UAE Central Bank formulating new bank governance regulations
ABU DHABI 1 October 2017: UAE banks may not be able to arbitrarily do as they please when it comes to customers – for a new banking governance regulation is in the making.
During a meeting, the UAE Central Bank Board of Directors discussed draft regulations concerning banks governance, and took necessary decisions in this regard, in preparation for sending it to operating banks for consultation.
The meeting under the chairmanship of Khalifa Mohammed Al Kindi, also discussed draft regulations concerning financing companies, and approved the same after making some amendments.
The board discussed printing of new quantities of some banknotes denominations to cover the currency needs for 2018, and the authority Matrix for the Banking Operations and Payment System Department
The attendees also reviewed applications submitted by banks and other financial institutions operating in the UAE, approving the applications that fulfilled the conditions as per applicable law and regulations for each individual activity.
The board also reviewed the Central Bank’s Q2 report for 2017, presented by the Research and Statistics Department. The report covered international economic developments, domestic economic developments, financial stability indicators, banking liquidity, and monetary reserves management.
The board approved the Higher Juristic Authority benefits and allowances, and instructed to take necessary actions in this regards. It reviewed other topics presented by different CB Departments like Internal Audit Department and Financial Control division, and took necessary decisions.
The meeting was attended by Khalid Juma Al Majid, Deputy Chairman, Mubarak Rashed Al Mansoori, the Governor, and Board members Younis Haji Al Khoori, Khalid Ahmad Al Tayer, Khalid Mohammed Salem Balama, as well as Mohamad Ali bin Zayed Al Falasi, Deputy Governor, Saif Hadef Al Shamsi, Assistant Governor and a group of senior Central Bank staff.