Dubai PR Network, Online Press Release from Dubai and Middle East
Banking & Insurance(Banking & Investments)
Filter PR by
Central Bank and UAE Banks Federation sign MoU with Dubai Courts
Central Bank and UAE Banks Federation sign MoU with Dubai Courts

July 8, 2013: UAE Central Bank and UAE Banks Federation have signed today Monday (July 8, 2013) a Memorandum of Understanding (MoU) with Dubai Courts, on regulations of appointing legal banking experts, following the MoU signed with the Ministry of Justice last year, to ensure the execution of the federal government strategy in modernizing laws and the federal economic legislations to keep up with UAE economic growth, and in line with the federal law 7/2012 on regulating legal experts' profession before UAE judicial authorities, which decided for the first time in UAE, to classify experts.

The MoU was signed at the Ministry of Justice premises in Abu Dhabi, in the presence of H.E. Dr. Hadef bin Jouan Al Dhaheri, Minister of Justice, and in the presence of H.E. AbdulAziz Abdulla Al Ghurair, Chairman of UAE Banks Federation; H.E Saeed Abdulla Al Hamiz, Assistant Governer for banking supervision, Central Bank; H.E. Dr. Ahmed Saeed Bin Hazim, Director General of Dubai Courts. The MoU is intended to promote, develop and regulate the legal experts' profession before the judicial authorities in the country, since banking disputes incorporate technical banking issues which are of sophisticated nature, given the ongoing dynamicity and continuous development of banking industry.

Based on the MoU, candidates wishing to obtain licenses to practice as legal banking experts in Dubai Courts, are requested to present their applications to Dubai Courts, who will be forwarding them to the Ministry of Justice, and thereafter referred to Central Bank for evaluation and opinion, and then sent back to Ministry of Justice, for decision making by the committee of examination of banking experts made up of Ministry of Justice, Central Bank and UAE Banks Federation. In coordination with the Ministry of Justice, The central bank has developed a mechanism and regulations to approve banking experts firms and their experts. Renewal of these firms will be evaluated by the above committee based on the regulations set by the Ministry of Justice.
In May 2012, a MoU was signed between the Ministry of Justice, Central Bank and UAE Banks Federation on regulations of appointing legal banking experts. The MoU included criteria and procedures of examination of banking experts in UAE courts and the mechanism for approval of banking experts firms and their experts.  Following that, the UAE Central Bank and UAE Banks Federation have signed in June 2013 a MoU with Ras Al Khaimah Courts, on regulations of appointing legal banking experts.

The banking experts' role is highly important as the judicial authorities may entrust to them the task of providing reports on the technical aspects of banking disputes, under consideration by the courts, which requires the expert to have a high degree of competence and knowledge of the broad and technical nature of banking business.

Posted by : Dubai PR Network Editorial Team
Viewed 18758 times
PR Category : Banking & Investments
Posted on : Monday, July 8, 2013  2:27:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of
Previous Story : Standard and Poor's reaffirms it's ‘A-' rating of Oman Insur...
Next Story : Noor Islamic Bank Executes US $1.4 Billion Islamic Mandates ...
Email this article Print this article

Share this article with your friends and followers
Back to Section Home

Related Stories

Most Viewed Press Release posted in the last 7 days
Chloé's Iconic “Carlina” Sunglasses In a Precious New Interpretation [9492-Views]
Holiday Hair-Styling Essentials from VIERRO [6155-Views]
Luxe Beauty Gifts for your Loved Ones this Festive Season [5954-Views]
'Tis the Season to Be Glamorous - Beauty Essentials from! [5661-Views]
Homegrown Jewellery Brand Sumaya Bakkar Collections Curated Festive Gift List [5325-Views]
Your Holiday Gift Guide for Her [5289-Views]
Arabic version of Zoho Creator launched to help businesses create custom applications [4904-Views]
Berkan Steakhouse Launches in Dubai [4679-Views]
Union Coop Pays Tribute to the Martyrs on Commemoration Day' [4508-Views]
New year, New You with Lunette [4246-Views]
ENEC Releases 'Tasamoh' a Rehabilitated Green Turtle and organizes Beach Cleanup at Barak... [4178-Views]
Uncovering the Beauty of Mechanics' [4142-Views]
China Homelife the Largest China Sourcing Platform Set to Showcase a Wide Variety of Produ... [3971-Views]
Dubai Festival City Mall Visitors In for A Jolly Festive Season Like No Other in Dubai [3745-Views]
Dubai Cares' Volunteers bring hope to children in remote village in Senegal [3733-Views]
Cole Haan Makes Its Debut at Sole Dxb 2019 Showcasing Footwear Collaborations [3709-Views]
Emotional and highly dynamic: the design of the MINI John Cooper Works GP. [3587-Views]
Free gold coins at Malabar Gold & Diamonds Festival. [3489-Views]
NYU Abu Dhabi Class of 2017 graduate Alioune Fall named as 2021 Schwarzman Scholar [3483-Views]
Customs World inks MoU with Indonesia to roll out World Logistics Passport [3465-Views]
The Middle East Organic Market's Premiere Business Event Opens In Dubai [3270-Views]
Statement Cardigans [3257-Views]
GROHE received the “Red Dot: Brand of the Year” [3239-Views]
Best Menswear Items [3154-Views]
Weather-proof your hair with HASK [3111-Views]
RSS Facebook Twitter LinkedDin
Top Sections
Top Stories