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FINANCIAL NEWS
UAE CB to introduce IBAN system
19 Oct 2011
(MENAFN) The Central Bank of the UAE said that starting November, the bank would introduce the International Bank Account Number (IBAN), reported Khaleej Times.
The bank added that the IBAN system would be used as a standard to recognize all bank accounts in the country, moreover, it could be used to all account categories.
It also said that the use of the IBAN would be a strategic initiative that would align the UAE banking system with the standards applied in other banking systems worldwide.
It is worth noting that all bank account holders will be given an exclusive 23-digit account number that will replace their existing account number for all transaction purposes.
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