MoF prepares 16 federal laws for banking sector
Laws include those on Central Bank, money laundering and financial services
Abu Dhabi: The UAE’s Ministry of Finance said it is currently preparing more than 16 federal laws for the financial and banking sector aimed at strengthening the country’s economy.
The laws include those on the Central Bank, the monetary system, organising banking careers, money laundering, the Federal Financial Services Authority, financial services, the federal law for leasing, and mortgaging movable assets.
The ministry did not provide more details on the new laws or elaborate on a timeline.
In its report, the ministry also said the value of assets of operating banks in the UAE were valued at Dh2.42 trillion by the third quarter of 2015, marking an increase of 4.8 per cent compared with the same period in 2014.
The operating banks in the country were able to continue their credit bank activities, which increased by 7 per cent in Q3 2015 to reach Dh1.48 trillion.
The banks’ domestic credit rose to 8.3 per cent during the first 11 months of 2015, compared with 6.2 per cent in 2014.
By the end of Q3 2015, the UAE had 57 banks — 23 of which are national banks.
