The Central Bank of the United Arab Emirates (CBUAE) and the UAE Internal Auditors Association (UAE IAA) have signed a Memorandum of Understanding (MoU) to develop the business environment and modernise regulatory frameworks in the financial sector.

The MoU aims to strengthen bilateral ties and partnership to elevate the level of financial oversight in the UAE by adopting the highest international internal auditing standards.

The cooperation includes launching innovative initiatives to develop oversight systems and modernising corporate governance frameworks to bolster confidence in financial transactions and align with global best practices.

The partnership also focuses on investing in UAE talent through specialised programmes designed to enhance skills and accelerate the Emiratisation of the profession in financial institutions. Furthermore, both entities will exchange expertise and information, and organise joint events to promote a culture of internal oversight across companies and institutions.

"This MoU embodies CBUAE’s commitment to the vision of our wise leadership towards pioneering the UAE financial sector," Al Hashemi stated.

He added, "At the CBUAE, we are keen on integrating efforts with all partners to develop professional institutions, modernise work mechanisms, and build specialised national capabilities. Strengthening the culture of financial supervision is a fundamental pillar in making our financial institutions active partners in the sustainable growth and economic prosperity in the UAE."

Ali expressed his pride in this strategic partnership with the CBUAE, considering it a milestone in the evolution of internal auditing in the country.

"Through this collaboration, we aim to empower Emirati auditors and provide them with the latest tools and knowledge that match global standards. This synergy ensures the enhancement of national institutions' capabilities, enabling them to anticipate future challenges with confidence and efficiency," he said.

The MoU was signed by Ibraheem Al Sayed Mohamed Al Hashemi, Assistant Governor for Executive Office and Secretary-General of the Board of Directors at CBUAE, and Abdulqader Obaid Ali, Chairman of the UAE IAA, at the CBUAE headquarters in Abu Dhabi, in the presence of senior officials from both sides.