|01 April, 2020

Central Bank of the UAE hosts its 3rd Board of Directors Meeting for 2020

The meeting took place under the chairmanship of H.E. Hareb Masood Al Darmaki, the Chairman of the Board.

Abu Dhabi: The Board of Directors of the Central Bank of the UAE (CBUAE), held their third meeting this year   via Video Conference on Thursday 26th March 2020. The meeting took place under the chairmanship of H.E. Hareb Masood Al Darmaki, the Chairman of the Board.

The meeting was attended by H. E. Abdulrahman Saleh Al Saleh, Deputy Chairman of the Board and H. E. Mubarak Rashed Al Mansoori, the Governor, and Board members including: Their Excellencies Younis Haji Al Khoori, Khaled Mohammed Salem Balama, Khalid Ahmad Al Tayer and Ali Mohammed Al Madawi Al Remeithi, and a group of senior CBUAE employees.

H.E the Chairman opened the meeting discussing the implementation of the Targeted Economic Support Scheme to contain the repercussions of the coronavirus (COVID-19) pandemic, which was approved by the board during its remotely convened meeting held on Friday 13 March 2020.

Following deliberations and discussions, the Board instructed continuous follow-up of implementation of the scheme and taking necessary measures and actions in this regard. 

The Board also discussed its agenda which included:

  • Several topics presented by the Banking Operations Department regarding:
  • Reuse of excess banknotes from the re-printing orders for the years (2017, 2018 and 2019) for the AED 100 and AED 500 denominations.
  • Revising fees related to credit and debit cards (IRF & MDR); being one of important tools that is widely used in payment transactions executed on the points of sale of merchants, or on the websites supporting e-commerce.

Following that, the Board then discussed a memo presented by the Higher Sharia Authority regarding the Sharia governance standards for Islamic financial institutions. The Board approved the governance standards developed by the Higher Sharia Authority, pursuant to the provisions of Decretal Federal Law No- (14) of 2018 and the Higher Sharia Authority’s Charter, according to which the Authority undertakes setting of rules, general principles and standards for Islamic businesses and activities, develop a general framework for Sharia governance and issue fatwas and eligibility standards.

This standard is considered complementary to the governance of banks.       

Moreover, the Board reviewed a memo presented by Financial Stability Department regarding Stress Testing the UAE Banking Sector.

The Board also reviewed applications submitted by some Banks and   financial institutions and granted approvals to applications that met their respective requirements, as per the law and established regulations.   

The Board also discussed a memo presented by Regulatory Development in Banking Supervision Department regarding “Transfer of Significant Ownership Regulation”. The Board approved the said regulation and instructed publication thereof following audit and review.

The Board also reviewed Central Bank’s Q4 Report for the year 2019 covering international economic developments, domestic economic developments, financial stability indicators, banking liquidity, monetary aggregates and the Central Bank balance sheet. The board instructed publication of the report on the Central Bank’s Website.

In addition, the Board reviewed the External auditor’s report on the Central Bank’s financial statements as at 31 Dec. 2019.

The Board completed the discussion of the remaining topics listed on its agenda, as well as other topics, and took appropriate decisions.

-Ends-

© Press Release 2020

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.

More From Press Releases