(MENAFN - Khaleej Times) The Ministry of Justice, the UAE Central Bank and the Emirates Banks Association on Tuesday signed a memorandum of understanding, or MoU, on rules of appointing banking experts to help courts to resolve financial disputes.
The MoU was signed by Justice Minister Dr Hadif bin Jowan Al Dhahiri, Governor of the Central Bank Sultan bin Nasser Al Suwaidi and Chairman of the Emirates Banks Association Abdul Aziz Al Ghurair.
Speaking on the occasion, the minister stressed the important role of banking experts whom the judicial authorities will task for reporting on the technical aspects of the banking disputes in the process of adjudicating various cases that may arise from time to time in light of the economic growth in the UAE in all fields. This requires the banking experts to have a high degree of efficiency and readiness and familiarity with the broad and the exact nature of banking professionalism, he added.
Before signing the MoU, they also held discussions on the efforts which are underway for modernising the existing laws.