Committee to explore unified banking laws

UAE Cabinet resquests amendments to two federal laws regarding the central bank.
Committee to explore unified banking laws
UNIFIED LAWS: A committee headed by Sheikh Hamad bin Rashid Al Maktoum will explore a unified banking and finance law. (Getty Images)
By Gavin Davids
Tue 29 Jun 2010 04:32 AM

A committee tasked with exploring a unified banking and finance law, chaired by Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, held its first meeting on Monday.

The UAE Cabinet has requested the committee to prepare amendments to two federal laws regarding the UAE Central Bank, according to a report by UAE daily Emirates Business.

The first law is Federal Law 10/1980, which concerns the Central Bank, the monetary system and the organisation of baking in the UAE.

The second law is Federal Law 6/1985, which refers to Islamic banks, financial institutions and investment companies.

Set up by a ministerial resolution issued earlier by Sheikh Hamdan, the committee now oversees the process of amendment and determines any move by the Cabinet to merge the two laws into one.

Through their work on the amendments, the committee will also work on identifying and avoiding the gaps in the country’s financial and banking systems.

Also present at the meeting were, Obaid Humaid Al Tayer, Minister of State for Financial Affairs, Sultan bin Saeed Al Mansouri, Minister of Economy, Khalil Mohammed Sharif Foulathi, Chairman of the UAE Central Bank, Younes Haji Khouri, Director General of the Ministry of Finance and Faisal Ali Al Mansouri, Revenue Administration Director at the Ministry of Finance.

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