UAE’s central bank issues new regulation for specialized banks
- Date: 03-May-2021
- Source: Salaam Gateway
- Sector:Financial Services
- Country:UAE
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.
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