His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of the Board of Directors of the Emirates Central Bank, chaired yesterday the third meeting of the Board of Directors, at Qasr Al Watan in Abu Dhabi. His Highness Sheikh Mansour bin Zayed Al Nahyan thanked the senior and executive management of the Central Bank for their efforts in maintaining financial stability in the banking sector, and their continuous work in facing the repercussions of the Covid 19 pandemic, and ensuring that the monetary and financial system in the country is not affected, directing His Highness to continue the hard work of the sector’s growth. banking.
The meeting was attended by Vice Chairman of the Board of Directors of the Bank Abdul Rahman Al Saleh, Jassem Al Zaabi, Khalid Muhammad Balama, Governor of the Bank, and members of the Board of Directors Younis Al Khoury, Sami Al Qamzi and Dr. Ali Al Rumaithi.
The Board of Directors of the Central Bank reviewed the topics on its agenda, and approved the implementation of the new organizational structure of the bank, which is flexible and enables the Central Bank to keep pace with developments in the financial services sector.
The Council approved the appointment of Ibrahim Al-Zaabi, Assistant Governor, Monetary Policy and Financial Stability Sector, Dr. Sabri Al-Azazi, Assistant Governor, Operational Operations Sector, Ahmed Al-Qamzi, Assistant Governor, Banking Supervision and Insurance Sector, and Saif Al-Dhaheri, Assistant Governor, Strategic Affairs Sector, Structure Financial Infrastructure and Digital Transformation, and Fatima Al-Jabri, Assistant Governor, Anti-Financial Crimes Sector, Market Behavior and Consumer Protection.
Payment Systems Strategy
As part of the national strategy for payment systems, the council approved the selection and appointment of a consortium of companies, to be the provider of instant payment platform solutions and responsible for the implementation of the second phase of the project of the national strategy for payment systems.
The Board also approved the proposed enforcement measures against financial institutions that violate the instructions and regulations of the Central Bank.
It discussed the proposed amendments to the draft system for applying financial penalties for violations of strict obligations, and agreed to adopt the system with the proposed amendments.
Unification of legal standards
The Council reviewed the report of the Supreme Sharia Board for the year 2020, which included the outcomes of the meetings of the Authority, the most important decisions it took, and the efforts it made to standardize Sharia standards in the country, in order to overcome challenges, in addition to presenting future projects and initiatives that achieve the desired goals. The Board of Directors also reviewed the Financial Stability Report for the year 2020.
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