Banking expert rules ready

Top Stories

Banking expert rules ready

The UAE Banks Federation has succeessfully laid down the regulations for the appointment of legal banking experts, moving forward with its implementation in collaboration with the UEA Central Bank, Ministry of Justice and other judicial authorities.

By Staff Report (haseeb@khaleejtimes.com)

  • Follow us on
  • google-news
  • whatsapp
  • telegram

Published: Sun 28 Jul 2013, 2:32 PM

Last updated: Sat 4 Apr 2015, 9:42 AM

In a statement issued on Saturday, the federation said its efforts have yielded signing three memorandums of understanding on regulations of appointing legal banking experts in UAE.

AbdulAziz Abdullah Al Ghurair, chairman of UAE Banks Federation, said that the banks are keen to keep up with latest global developments and applying best international practices to improve the banking industry. “The industry has continuously offered the best solutions to major issues facing the banking sector in the country as our initiatives and proposals have contributed in enhancing the banking industry and serving the economy,” he said.

“Streamlining the legal banking experts’ profession is considered as one of the significant initiatives by the federation,” Al Ghurair added.

The federation has initiated, through its legal and compliance committee, the regulations of appointing of legal banking experts, which was adopted by the committee of examination of banking experts, made up of the Ministry of Justice, UAE Central Bank and the UAE Banks Federation.

The most prominent regulations of appointing legal banking experts encompass experts definition and report, and conditions for appointing a legal banking experts, where candidate must be a citizen of the UAE or a resident; holding a bachelor’s degree; having banking experience of not less than seven years for Emirati and 15 years for non-citizens; willing and able to perform before the court; and pass tests set by the committee of examination of banking experts.

In line with the Federal Law 7/2012 on regulating legal experts’ profession before UAE judicial authorities — which decided for the first time in the UAE, to classify experts — an MoU was signed in 2012 between the Ministry of Justice, UAE Central Bank and the 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.

In 2013, the UAE Central Bank and UAE Banks Federation had signed MoUs with Ras Al Khaimah Courts and Dubai Courts to promote, develop and regulate the legal experts’ profession before the judicial authorities in UAE.



More news from