ABU DHABI, July 8th, 2013 (WAM) -- The UAE Central Bank and UAE Banks Federation today signed a Memorandum of Understanding (MoU) with Dubai Courts, on regulations of appointing legal banking experts. This follows the MoU signed with the Ministry of Justice last year to ensure the execution of the Federal Government strategy in modernising laws and Federal economic legislation to keep pace with UAE economic growth, and in line with Federal Law 07/2012 on regulating the profession of legal experts before UAE judicial authorities.
The MoU was signed at the Ministry of Justice premises in Abu Dhabi in the presence of Dr. Hadef bin Jouan Al Dhaheri, Minister of Justice, and in the presence of AbdulAziz Abdulla Al Ghurair, Chairman of the UAE Banks Federation, Saeed Abdulla Al Hamiz, Assistant Governor for Banking Supervision, Central Bank, and Dr. Ahmed Saeed bin Hazim, Director-General of Dubai Courts. The MoU is intended to promote, develop and regulate the legal experts? profession before the judicial authorities, since banking disputes incorporate sophisticated technical banking issues, given the ongoing dynamic and continuous development of the industry. Based on the MoU, candidates wishing to obtain licenses to practice as legal banking experts in Dubai Courts are requested to present their applications to Dubai Courts, who will forward them to the Ministry of Justice, and thereafter refer them to the Central Bank for evaluation and opinion. After this, the applications are sent back to the Ministry of Justice for decision making by the committee of examination of banking experts, which is made up of the Ministry of Justice, the Central Bank and the UAE Banks Federation. In coordination with the Ministry of Justice, the Central Bank has developed a mechanism and regulations to approve banking experts firms and the licensing of their experts. Renewal of these firms will be evaluated by the above committee based on the regulations set by the Ministry of Justice. In May 2012, a MoU was signed between the Ministry of Justice, Central Bank and UAE Banks Federation on regulations of appointing legal banking experts. The MoU included criteria and procedures of examination of banking experts in UAE courts and the mechanism for approval of banking experts firms and their experts. Following on from that MoU, the UAE Central Bank and UAE Banks Federation signed in June 2013 a further MoU with Ras Al-Khaimah Courts, on regulations of appointing legal banking experts. The banking experts? role is highly important, as judicial authorities may entrust to them the task of providing reports on the technical aspects of banking disputes, under consideration by the courts, which requires the expert to have a high degree of competence and knowledge of the broad and technical nature of the banking business.Copyright Emirates News Agency (WAM) 2013.
