Dubai: Shaikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, has chaired the inaugural meeting of the committee tasked with the preparation of two amendments to two federal laws concerning the UAE Central Bank.

The committee reviewed the main reason why the federal cabinet had requested the amendments to Federal Law 10/1980 regarding the Central Bank, the monetary system and organisation of banking and Federal Law 6/1985 regarding Islamic banks, financial institutions and investment companies.

The committee which was set up by a ministerial resolution issued earlier by Shaikh Hamdan, now oversees the process of amendment and determines any move by the cabinet to merge the two laws into one.

In the amendments, the body also works on determining and avoiding the gaps in the country's financial and banking system.

Present at the meeting were Obaid Humaid Al Tayer, Minister of State for Financial Affairs; Sultan Bin Saeed Al Mansouri, Minister of Economy; Khalil Mohammad Sharif Foulathi, Chairman of the Board of the UAE Central Bank; Younus Haji Khouri, Director General of the Ministry of Finance; and Faisal Ali Al Mansouri, Revenue Administration Director in the Ministry of Finance.