UAE Banks Federation in regulation overhaul
The UAE Banks Federation has succeeded in laying down the regulations of appointing legal banking experts, and is moving forward with their implementation in collaboration with the Central Bank, Ministry of Justice and other judicial authorities, according to a report yesterday.
The UAE Banks Federation efforts have yielded the signing of three memorandum of understanding (MoUs) on regulations of appointing legal banking experts in UAE, the official news agency, WAM, said.
“We are very keen to keep up with latest global developments and applying best international practices to improve the banking industry, and we are proud today with our continuous success not only in offering best solutions to major issues facing the banking sector, but also in our initiatives and proposals that contribute primarily in enhancing the banking industry and serving the economy and the society; and so, streamlining the legal banking experts profession is considered as one of the significant initiatives by the Federation,” Abdul Aziz Abdullah Al Ghurair, Chairman of UAE Banks Federation, was quoted as saying in the report.
To be appointed a legal banking expert, the criteria for selection of a candidate include the person must be a citizen of the UAE or a resident, holding a Bachelor degree, having banking experience of not less than 7 years for citizens and 15 years for non-citizens with strong background in banking, willing and able to perform before the court, and pass tests set by the committee of banking experts, it added.
Commenting on the development, a Dubai-based analyst told Gulf News by telephone: “It seems, we are in the early stages of the legal banking expert appointments. The role of the legal banking expert doesn’t seem to have been clearly defined as yet. The UAE banks, as matters stand, have already large legal teams.”
“It appears, this could well be a move to get more UAE nationals on board,” he said.