UAESwitch spreads its connectivity

The UAE inter-bank switch has spread its connectivity to all GCC countries - except Saudi Arabia - which will also be linked shortly, the UAE Central Bank confirmed in a statement.

Following five-and-a-half years of operation, the UAE inter-bank switch (UAESwitch) has been connected to Qatar, Bahrain, Kuwait and Oman. The UAESwitch now connects 840 ATMs in the UAE and 829 ATMs across the GCC.

"This connection provides citizens and residents of the UAE and also citizens of the GCC with excellent banking service," the statement added.

Meanwhile, the UAE Central Bank earned a net profit of Dh1.11 billion for 2001, with total assets rising to Dh51.8 billion. The corresponding figures in 2000 were Dh1.61 billion and Dh50.13 billion respectively.

The bank's board of directors held its first meeting for this year last Wednesday under the chairmanship of Mohammed Eid Al Meraikhi.

At the meeting, the board approved the bank's profit and loss account and balance sheet for 2001, after it was reviewed by external auditors.

The board decided to distribute 50 per cent of net profit to the Ministry of Finance and Industry. More than Dh223 million, about 20 per cent, will go to the Sheikh Zayed Programme for Housing. And 30 per cent, or about Dh334 million, will go to the account of the permanent deposit of the federal government.

The board of directors were also briefed on the outcome of meetings of the Financial Action Task Force (FATF) held in Hong Kong, in late January, when the UAE reports were discussed.

The board was also briefed on efforts taken by the National Anti-Money Laundering Comm-ittee during the meetings of the FATF.

The board reviewed the applications submitted by banks and money exchange houses operating in the UAE to expand their business and approved applications that fulfilled the terms as per the laws.