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Emiratization of Banking and Insurance Sectors by the Central Bank of the UAE

On December 13, 2021, the Central Bank of the UAE conducted its fifth board meeting of this year. The meeting was held at Qasr Al Watan and was chaired by the Chairman of the Board of Directors of the Central Bank of the United Arab Emirates (CBUAE), and H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs. On the other hand, CBUAE Governor Khaled Mohamed Balama and Vice-Chairmen Abdulrahman Al Saleh and Jassem Mohammad Buatabah Al Zaab along with the board members: Younis Al Khoori, Sami Dhaen Al Qamzi, and Ali Mohammed Bakheet Al Rumaithi attended the meeting.

What was the prime discussion of the meeting?

The proposal was made in favor of Emiratization of leading professions by qualified UAE citizens in the Banking and Insurance sectors and also the requirements to conduct a study on job nationalization program was laid down. However, the Chairman of the Central Bank of the UAE (CBUAE), Deputy Prime Minister, and Minister of Presidential Affairs seemed positive about the proposal and the board further approved the vision, mission & values, strategic objectives & indicators, and the key projects and initiatives.

Key Highlights of the Meeting:

  • The Central Bank’s various departments were appreciated by his highness, Sheikh Mansour for the efforts made by them for maintaining the financial stability of the banking sector of the country.
  • Digitization was also kept as an integral part of the meeting which included penetration of digital and green technologies in the financial system of the country to protect the integrity of the country’s economy.
  • The Central Bank of the UAE’s budget was approved by the board for the year 2022.
  • To ensure the clear-cut approach of loan exposure for the real estate sector, the board endorsed the criteria governing banks' loan exposure to the real estate sector to take effect from December 30, 2021.
  • Approval for the National Payment System Strategy (NPSS CBUAE) Phase III was also given by the board which was aligned with adoption by the executive departments concerned.
  • To contain the repercussion of the Covid-19 the board underwent a briefing on the latest developments of the Targeted Economic Support Scheme (TESS). Also, the TESS’s amendments and updates were approved which were kept in line with the scheme's updated criteria.
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