Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

UAE - Central bank plans to regulate outsourcing, financial bonuses  Join our daily free Newsletter

MENAFN - Khaleej Times - 22/12/2013
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) The UAE Central Bank will introduce a series of new rules, next year to regulate outsourcing, Shariah banking and CEO's financial bonuses under a comprehensive project to be carried out in year 2014.

At the meeting of the board of directors that took place the other day, the directors reviewed a list of some of the important projects currently being implemented and are expected to be completed during the next year.

Development of these projects will enhance performance and ensure conformity with international standards and best practices.

The board approved proposed regulations to be prepared or reviewed during 2014 in the area of supervision of banks and other financial institutions, such as outsourcing, disaster recovery, banks' ceos bonuses, financial statements regulations and regulations regarding Shariah-compliant banking transactions besides others.

The central bank is planning to introduce financial services law (framework law), the new banking law and a new law regarding criminalisation of money laundering.

In the area of monetary policy instruments and reserve management, central bank is considering to introduce a discount window, a settlement system linked to securities custody and financial stability

Also, the central bank is working to launch a virtual banking system to link banks to it in order to facilitate the smart government on mobile phone and financial inclusion.

The board of directors also agreed the establishment of an Economic research department at the central bank along with the establishment of a risk monitoring unit.

The board also approved central bank's 2014-2016 strategic plan and the central bank's 2014 operational plan.

The board discussed re-printing of new quantities of currency notes of Dh100 and Dh50 denominations or to meet banks' future demand.

The board reviewed a report on systemic prudential ratios for the banking system, banking stability, and liquidity indicators of the banking sector, submitted by monetary policy and financial stability department.

Furthermore, the board reviewed applications submitted by banks and other financial institutions operating in the UAE for extension of their activities and opening new branches. The board approved the applications that fulfill the terms and conditions as per the law and regulations applicable to each business activity.

In the sphere of banking supervision, the directors approved the project on the Implementation of the US Foreign Account Tax Compliance Act or FATCA under which US nationals will be subjected to disclosures with the US taxmen in line with the new law.

 


Khaleej Times




  MENA News Headlines
 Sep 4 2015 - UAE spa tourism set for USD411m earnings in 2015MENAFN
(MENAFN) The UAE has taken the first place among Arab countries in terms of spa tourism, with visitor numbers set to double by the next two years.MENA region is the second fastest-growing market in ...

 Sep 4 2015 - Key Arab countries' USD367b of GDP faces threatMENAFN
(MENAFN) Lloyd, a specialist insurance market, has a recent research showing that the economic development for Middle East's key countries which sets at USD367 billion of GDP is at serious risk over ...

 Sep 4 2015 - Boeing joins forces with KSA to develop infrastructureMENAFN
(MENAFN) Boeing, the US aerospace giant which is worth more than USD90 billion, has partnered with Saudi kingdom to build local capabilities in aviation and defense sectors.The firm has teamed up ...

 Sep 4 2015 - Lights out for movie houses in Libya's 'Mermaid of Med'AFP
(MENAFN - AFP) The Libyan capital once boasted grand movie houses that packed in smartly dressed couples for a special night out, but how times have changed. Today, the sole major cinema left in ...

 Sep 4 2015 - Qatar shares end lower as index drops 38.75 pointsGulf Times
(MENAFN - Gulf Times) Qatar Stock Exchange (QSE) index dropped 38.75 points or -0.34% on Thursday when it closed at 11,347.15 points.The market capitalisation declined to QR 598.911bn from QR ...

 Sep 4 2015 - UAE- Gulf bourses consolidate as global markets steady Dubai surges 1.6%Gulf Times
(MENAFN - Gulf Times) Gulf stock markets consolidated yesterday after oil prices and global equities steadied, while Egypt jumped on strong economic data and corporate news.Oil moved little yesterday ...

 Sep 4 2015 - UAE Business Council set up in New DelhiGulf Times
(MENAFN - Gulf Times) Sheikh Abdulla bin Zayed al-Nahyan, UAE Minister for Foreign Affairs along with Sushma Swaraj, India's External Affairs Minister after the inauguration of UAE Business Council ...

 Sep 4 2015 - UAE- Jewellery group seeks time to repay debtsGulf Times
(MENAFN - Gulf Times) A Dubai-based gold and jewellery retailer that defaulted on loans worth about 500mn dirhams ($136mn) has asked banks for time to put together a repayment plan, the company said ...

 Sep 4 2015 - French judges drop probe into Arafat's deathGulf Times
(MENAFN - Gulf Times) French judges investigating claims that Palestinian leader Yasser Arafat was murdered have closed the case without bringing any charges, a prosecutor said yesterday. "At the ...

 Sep 4 2015 - Russia delays UN probe of Syria chemical attacksGulf Times
(MENAFN - Gulf Times) Russia said yesterday it was considering details of how to establish a UN team to investigate chemical weapons attacks in Syria, holding up final Security Council approval to ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help