CBUAECentral Bank of the United Arab Emirates
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The Repo Rate applicable to borrowing short-term liquidity from CBUAE against Certificates of Deposits has also been decreased by 25 basis points, reported Emirates news agency Wam, citing a CBUAE statement.
Following rigorous consultation with CBUAE, Dubai Courts, and MOJ, the UBF then developed the online exam, which is professionally based on a highly complex algorithm that randomly selects a set of equal difficult questions for the examinees, in order to ensure fairness and standardisation.
Nevertheless, banks need to remain vigilant to counter potential risks, ensuring that necessary prudential and risk mitigation actions are in place," the CBUAE said in the report.
The Central Bank of the UAE (CBUAE) has warned consumers about "malicious WhatsApp messages" from banks.
All financial entities and Designated Non-Financial Businesses or Professions (DNFBPs) have to register on this system by 27th June, they said at a press conference convened at the CBUAE headquarters.
The August 2018 regulations laid out by the CBUAE are accompanied by a separate 'standards' release which provides additional clarity on what banks should be doing to achieve best practice.
"CBUAE and Sama intend to execute a joint crypto-currency and distributed ledge proof-of-concept (PoC)," the Central Bank said in a statement.
In terms of personal loans, the CBUAE's board stated that any borrower is entitled to transfer his personal loan from any bank or a finance company operating in the country in return for an early repayment commission not exceeding one per cent of the remaining amount of the loan.
This follows a recommendation from the Higher Sharia Authority of CBUAE.
The new multiple-choice online examination, designed and developed in cooperation with the Center for Executive and Professional Education (CEPE) at the American University of Sharjah (AUS), and support of MoJ and CBUAE, will replace the present paper-based tests system with an online format, in accordance with best international practices and standards.
Earlier in the year, the Governor of the Central Bank of the UAE (CBUAE), HE Sultan Bin Nasser Al Suwaidi reviewed the historical development of Islamic banking in the UAE, noting the establishment and incorporation of Dubai Islamic Bank (DIB) in 1975 as the starting point for Islamic finance in the country.