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UAE’s financial sector laws under review

A new task force is charged with unifying the country’s laws governing the monetary system and the central bank.

June 28, 2010 11:10 by

Sheikh Al Maktoum has convened a task force to consider a unified banking and finance law, Emirates Business 24/7 reported Monday.

The task force, chaired by Sheikh Al Maktoum, will consider legislation to amend two federal laws governing the UAE Central Bank.

The two laws to be amended are Federal Law 10/1980, which concerns the banking architecture in the UAE, the Central Bank, and the country’s monetary system. The second law is Federal Law 6/1985, which deals with Islamic financial institutions.

The committee will oversee the amendment process and efforts to merge the two laws into a single piece of legislation. Additionally, the committee will also seek to avoid or address loopholes in the UAE’s financial and banking system, the report added.

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