Avanta seeks to tap into Middle East’s booming beauty market industry
The Central Bank of the UAE (CBUAE) has issued new regulations for specialised banks to operate according to a low credit risk model.
Specialised banks’ activities involve serving the local community, such as account opening, card issuance, and retail and wholesale lending. In the UAE, specialised banks are permitted to provide their services to nationals and residents only.
The regulation sets a minimum paid-up capital requirement of Dh300 million that specialised banks must maintain and a risk-based capital adequacy requirement that they should continuously adhere to.
It also sets the total consolidated assets of specialised banks which should not exceed Dh25 billion.
The Central Bank said specialised banks are allowed to conduct their activities in dirham only and operate according to a low credit risk model. They can be established either as a conventional specialised bank without Islamic windows, or as an Islamic specialised bank.
The apex bank stressed on the importance of specialised banks’ compliance with all regulations, standards, and notices issued for the banking sector, except where there are specific provisions contained in the new regulation which apply to specialised banks only.
The new regulation came into effect on April 30, 2021, it said.
— waheedabbas@khaleejtimes.com
Avanta seeks to tap into Middle East’s booming beauty market industry
The platform crafts tailor-made solutions for businesses, leveraging immersive technologies such as the Metaverse, AR, VR, MR, XR, conversational AI, and metahumans
He was reportedly shooting visuals of wild elephants crossing a river in Palakkad
Add prosperity to this year’s Akshaya Tritiya with a wide range of exquisite jewellery collections to celebrate the festivity
One of Fawzi’s key initiatives has been integrating sustainable practices into every aspect of Blooms Group’s operations
The mission urged them to avoid crowded places and follow safety instructions
The country also stresses the need to ensure the safe and unhindered flow of humanitarian aid and delivery of life-saving supplies
Ramesh Cidambi has been named as new Managing Director with Salah Tahlak as Deputy Managing Director