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- Dubai 04:26 05:44 12:20 15:47 18:50 20:08
Central bank laws, the monetary system and the organisation of banking are all being reviewed. (EB FILE)
A committee tasked with exploring a unified banking and finance law held its first meeting yesterday in Dubai under the chairmanship of Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance.
The committee has been requested by the UAE Cabinet to prepare amendments to two federal laws regarding the UAE Central Bank.
One of the two laws is the Federal Law 10/1980 that concerns the Central Bank, the monetary system and the organisation of banking in the country.
The second law is the Federal Law 6/1985 regarding Islamic banks, financial institutions and investment companies.
The committee, which was set up by a minsterial resolution issued earlier by Sheikh Hamdan now oversees the process of amendment and determines any move by the Cabinet to merge the two laws into one.
Through the amendments, the committee will also work on identifying and avoiding the gaps in the country's financial and banking system.
Present at the meeting were Minister of State for Financial Affairs Obaid Humaid Al Tayer, Minister of Economy Sultan bin Saeed Al Mansouri, Chairman of the UAE Central Bank Khalil Mohammed Sharif Foulathi, Director-General of the Ministry of Finance Younes Haji Khouri and Revenue Administration Director at the Ministry of Finance Faisal Ali Al Mansouri.
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