The UAE Central Bank has recommended that financial institutions adopt specific policies and procedures to ensure gender equality
The UAE’s Central Bank has urged bank and other financial institutions operating in the UAE to treat male and female customers equally, such as during loan applications and credit facilities.
In a notice sent to banks, the Central Bank recommended setting up specific policies and procedures to ensure gender equality when it comes to dealing with customers.
“In support of the UAE’s objectives of achieving gender equality as a sustainable approach, banks and other financial institutions are required to provide services to their individual and business-owner customers, from both genders, equally,” the notice said.
The notice added that banks should “develop policies and procedures that promote gender equality in all banking and financial transactions, including loans and credit facilities.”
According to the World Economic Reports 2018 Global Gender Gap Report, the UAE ranks second in the Arab World when it comes to gender equality, behind only Tunisia.
The report noted that the UAE has closed 64 percent of its overall gender gap, compared to Tunisia’s 65 percent and Kuwait’s 63 percent.
The UAE, however, ranked first in literary rate and sex ratio at birth, with the female literacy rate in the country reaching 95.8 percent.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.