Abu Dhabi: The Board of Directors of the Central Bank of the UAE (CBUAE), held their seventh meeting for 2019 on Thursday 5th September. The meeting hosted at CBUAE Head Office, 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, Saif Hadef Al Shamsi, Deputy Governor and a group of senior CBUAE staff.
The Board reviewed a presentation by the Prime Minster Office’s team regarding the 2018 Study on Happiness & Positivity in CBUAE Work Environment. The presentation covered methodology and layout of the study, key positive findings in the work environment, job satisfaction, job harmony, loyalty and gender balance. The Board instructed implementation of various programs and initiatives that are likely to elevate ratios of happiness and positivity in the work environment which would, in turn, contribute to improved performance and productivity.
The Board also reviewed a report on the “Islamic Finance Project” and adopted a decision to approve the Islamic finance development framework in the UAE, in line with the vision that the UAE becomes a leading Islamic finance hub. The framework is aimed at identifying key success factors for the development of a comprehensive and integrated Islamic financial system. This would include development of prudential regulations and standards that take into account the distinctive characteristics of Islamic finance, in line with best international practices and standards. It would also include enhancing Islamic financial institutions’ regulatory and supervisory systems and tackling the challenges facing Islamic financial institutions in areas of human resources, technology and infrastructure tools.
The Board reviewed a memorandum on amendment of CBUAE Risk Bureau’s scope of work, which included a proposal to cancel CBUAE Risk Bureau’s Customer Rating System (individuals), and by such amendment, banks and other financial institutions shall obtain the required data on their customers from Al Etihad Credit Bureau System only. The Board took appropriate decision in this regard.
The Board also reviewed the CBUAE Quarterly Review for the 2nd quarter of 2019 presented by the Research & Statistics Department. The review covered international and domestic economic developments, including developments in the financial and banking systems and CBUAE financial position. The Board instructed publication of the report after taking into consideration the comments made by members of the Board.
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 2019Disclaimer: 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.
