The UAE adopts amendments to the "central" law and regulating financial institutions

Sheikh Khalifa bin Zayed Al Nahyan, President of the Emirates, recently issued a decree to amend a law on the central bank and the organization of financial facilities and systems.

The amendment stipulates that the Central Bank should aim to achieve the preservation of the stability of the national currency within the framework of the monetary system, and to contribute to strengthening and protecting the stability of the financial system in the country, and ensuring the management of Rationalization of the Central Bank's foreign reserves.

It also aims to provide the appropriate climate to develop and strengthen the role of the insurance industry in ensuring people, property and responsibilities against risks to protect the national economy, encourage fair and efficient competition and provide the best insurance services at competitive prices and coverage. Localization of jobs in the insurance market.

and based on the amendments issued by the Emirati President, the bank will assume the following tasks: Exercise tasks and specializations and implement monetary policy taking into account the general strategy of the state, exercise the privilege of issuing cash, and organize activities Licensed finance and laying the foundations for its practice.

The bank is also responsible for determining the standards required to develop and strengthen precautionary practices, setting appropriate regulations and standards to protect clients of licensed financial institutions, and monitoring the affiliation status in the country to contribute to achieving a balanced growth of the economy National, Foreign Reserves Administration.

The Central Bank of the Emirates is also in charge of organizing and developing the financial infrastructure in the country, including electronic payment systems, digital cash, and stored value facilities, supervising and maintaining their integrity.

and according to the amendment, the board of directors has full powers to achieve the goals upon which the Central Bank is based, and the Board of Directors in particular exercises the issuance of regulations, rules, standards, instructions and work controls to implement its tasks and functions and take all Measures and procedures necessary to implement the provisions of this Decree-Law.

The Board of Directors also sets policies for the recruitment and management of private funds and assets of the Central Bank and supervises their implementation, decides on matters related to the issuance of cash and withdraw it from circulation, and issues regulations for organizing activities Licensed financial services, issuing regulations, rules, standards, instructions and work controls related to insurance and reinsurance, insurance agents and related activities, and setting regulations and standards for protecting clients of licensed financial institutions.

The Board of Directors also has the powers to issue regulations, controls and procedures for combating money laundering, combating the financing of terrorism and illegal organizations, and adopting regulations and ...