CB UAE Sheikh Mansour
Sheikh Mansoor bin Zayed chaired the Central Bank of the UAE's board meeting on Tuesday. Image Credit: WAM

Abu Dhabi: The Board of Directors of the Central Bank of the UAE (CBUAE) convened on Tuesday (December 13, 2022) at Qasr Al Watan under the chairmanship ofSheikh Mansoor bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Presidential Court, and Chairman of the CBUAE's Board of Directors.

The CBUAE Board went over the meeting's agenda, reviewed the issues brought up by the various CBUAE divisions, and evaluated how well projects and plans were progressing in alignment with the national economic and future goals before making the required decisions.

The Board deliberated the financial infrastructure reform programme for the nation's financial and insurance sectors.

The meeting covered a series of topics, including the progress of the Central Bank's initiative regarding the Emiratisation programme in the banking, financial, and insurance sectors, while looking into statistics and initiatives aimed at boosting Emiratisation rates in these sectors, particularly in exchange and financing companies.

The Board members examined the National Payment Systems Strategy Programme's advancements, approved the Union Payments Company's creation as a Central Bank subsidiary, and laid out the company's mission and services.

They looked over the latest updates relevant to the domestic payment scheme and made the required decisions.

The Board also approved the issuance of relevant regulations, including the amended Takaful insurance system, the governance system and standards for insurance companies, the risk management system and standards, and internal controls for insurance companies, all of which are intended to support the financial and insurance sectors.

The Board approved the creation of an autonomous unit to handle grievances pertaining to the banking and insurance industries and to develop guidelines and procedures for them.

In order to maintain financial stability, the Board evaluated the requests of a number of banks and financial institutions during the meeting and made the required decisions within the constraints and guidelines established by the Central Bank.

Monetary, financial stability and integrity

At the conclusion of the meeting, Sheikh Mansoor applauded the CBUAE's efforts and plan to transform the financial infrastructure of the financial and insurance sectors, as well as the steps aimed at ensuring monetary and financial stability and integrity.

He also called for continuing these efforts to fulfil the Central Bank's objectives and vision to expand the financial sector.

The meeting was attended by Deputy Chairmen Abdulrahman Saleh Al Saleh and Jassem Mohammad Al Zaabi; and CBUAE  Governor Khaled Mohamed Balama, along with board members Younis Al Khoori, Sami Dhaen Al Qamzi, and Ali Mohammed Bakheet Al Rumaithi.