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Central Bank of the United Arab Emirates

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Central Bank of the United Arab Emirates

Central Bank of the United Arab Emirates

The CBUAE is an association responsible for managing the banking regulation, monetary policy, and currency in the United Arab Emirates.

The Bank was established in 1973. This pursues the formation of the U.A.E. as an independent state in 1971. New U.A.E. The dirham was put into circulation as soon as the currency board was formed.

At that time, the U.A.E. did not have the full authority of the Central Bank of the Monetary Council. Its obligation was to hold the currency and the country’s gold and foreign exchange reserves, although he had no authority over the U.A.E monetary policy.

The U.A.E. Central Bank currently has the authority to issue and manage currency; As well as ensuring monetary stability, managing the U.A.E. credit policy, overseeing and developing the banking system, and providing economic and financial assistance to the government; Liability for gold and foreign exchange reserves; Submission to the International Monetary Fund.

The Central Bank of the United Arab Emirates head Office is in Abu Dhabi. The Bank also has branches in five other cities: Sharjah, Al Ain, Dubai, Fujairah, and Ras Al Khaimah.

Examination Department

The Banking Examinations Department is responsible for regulatory oversight of the U.A.E banking industry. A powerful portion of the department is at the Bank’s Dubai office, as the banking industry in the U.A.E. is mainly within this city.

Its regulatory mandate includes foreign banks operating in the country, local banks, non-bank financial institutions, financial companies, payment service providers.

The functions of the department include setting banking standards and regulations, issuing licenses to banking institutions, monitoring compliance; As well as relations and cooperation with banking organizations and bodies of international standards, especially the Bank for International Settlements, the Financial Action Task Force, the International Monetary Fund and the World Bank.

The Banking Operations Department is primarily responsible for managing the following issues:

U.A.E. Currency sorting, design, features, quality assurance.

They are promoting internal financial market infrastructure, opening current accounts with the central Bank for federal and governmental entities, financial institutions operating in the country, and other regional and international institutions, issuing coins by significant bank policies and procedures, Relations, and all related transactions with relevant international entities.

The Research and Statistics Department consists of two divisions: the Research and Analysis Center and the Statistics and Data Center. The main activities include publishing high-quality reports and improving the ranking of global competitiveness indicators.

The Bank participates in monetary and external sector statistics, including monthly statistical reports, which account for the largest share of the financial sector. In addition, it publishes quarterly reports on annual balance of payments statistics. The data is readily available on the website to meet the daily needs of researchers and stakeholders.

The Bank’s Administration Department includes several office functions. These include archive records, public relations, facility management, procurement management, and so on.

As for the Department of Finance, it oversees and supports the allocation of financial resources by providing the following services:

Cash management monitoring, financial planning/accounting, reporting, treasury operations, and settlement – The internal audit function is to provide objective and independent consulting services.

The mission of an audit is to protect risk-based organizational value through advice and objective assurance.

The Internal Audit Department has a crucial role in the corporate governance structure to manage risk and achieve its goals. Internal audit acts as the third line of defense, ensuring independent assurance governance, managing risks, and establishing internal controls over effectiveness.

The Department of Consumer Protection protects consumers from financial misconduct through policy development, education, and grievance redressal.

Consumer Protection

The Department of Consumer Protection protects consumers from financial misconduct through policy development, education, and grievance redressal.

As a consumer of a financial institution, you may at any time have a question about the company’s products and services. It is likely that financial institutions will provide accurate and understandable information that will fully satisfy the customer’s interests.

When a customer has a problem of any kind, the first step is to clarify the issue to try to discuss the case with the facility branch or contact center.

If all this fails and the problem has no solution, the second step is to file a formal complaint with the Bank’s grievance department. In fact, it is the responsibility of the Bank to resolve customer complaints within a reasonable time.

If the case is still unresolved and there is a dispute over the liability to the Bank, the customer should seek legal advice. Also, if necessary, the customer can file an issue in court. The complaint can even be registered with the Consumer Protection Department, While reviewing the Bank and remain unresolved. Then a special department defines Whether there is a violation of the law or any type.

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