UAE’s central bank issues new regulation for specialized banks

uae specialized regulation bank banks
UAE
  • Date: 03-May-2021
  • Source: Salaam Gateway
  • Sector: Financial Services
  • Country: UAE
  • Who else needs to know?

UAE’s central bank issues new regulation for specialized banks

Published 02 May,2021 via Asharq Alawsat (English Edition) - The Central Bank of the UAE (CBUAE) has issued a new regulation covering licensing, prudential and conduct requirements for specialized banks.

The objective of the new regulation is to provide a regulatory framework in which specialized banks can operate in the UAE financial sector in a "robust and prudent manner,” the CBUAE said in a statement.

Specialized banks are allowed to conduct their activities in the UAE Dirhams only and operate according to a low credit risk model, said the statement.

Check the history on the topic
Vote to feature