Plan will also reinforce the legislative, regulatory, and supervisory environment for Islamic finance
posted by MyownDubai
The Central Bank of the UAE discussed and approved its five-year strategic plan during a retreat it had held on 30th and 31st August at Jebel Ali Hotel and Resort.
The retreat, which comes in the context of the federal government’s fourth strategic cycle (2017-2021), was chaired by Mubarak Rashed Al Mansouri, Governor of the Central Bank of the UAE, in the presence of the bank’s senior management.
Al Mansouri stated that the strategy is based on the central bank’s role in achieving the UAE Vision 2021.
He further revealed that the central bank’s new strategy includes a number of initiatives which were added in response to the outcomes of the Ministerial Retreat held at the end of January 2016 in the presence of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
He also announced the vision for the Central Bank as ‘Promoting monetary and financial stability towards sustainable economic growth’.
“This will be achieved through enhancing monetary and financial stability through effective supervision, prudent reserve management, and robust financial infrastructure in line with international best practices and standards,” the central bank said.
The UAE central bank’s new strategy for 2017- 2021 includes “Major Strategic Objectives” that focus on the bank’s role in “enhancing financial stability in the UAE; strengthening the monetary and reserve management; enhancing the regulatory and supervisory framework for banks and other financial institutions, the Central Bank’s role in the national economy and UAE’s competitiveness; improving banking operations services and ensure safe, sound and efficient clearing and settlement systems within the UAE.”
The promotion of a culture of innovation has been added as one of the objectives to the bank’s new strategy is in line with the National Innovation Strategy.
The major initiatives that the central bank will focus on according to the strategy include upgrading the legislative and regulatory system for banks and financial institutions and improving financial institutions’ licensing procedures and processes.
The bank will also focus on supporting and encouraging the banking sector to finance small and medium enterprises, in addition to reinforcing the legislative, regulatory, and supervisory environment for Islamic finance.
Emiratisation of the banking sector is also a priority in the coming period, in addition to enhancing anti-money laundering plans in line with the international criteria and the UAE’s competitiveness in these areas.
The bank said the issue of reinforcing the consumer protection system is of special significance for it.