FINANCIAL NEWS

UAE’s central bank to approve banks’ boards

06 Apr 2011

(MENAFN) The UAE’s central bank issued a circular instructing commercial banks in the country to gain approval from the central bank regarding any new board member designations, in an attempt to make sure that qualified people are appointed, reported Arabian Business.

The central bank stated that it aims at ensuring that board members at banks have adequate academic qualification, needed business and banking experience and what the bank called “a sound character”.

The central bank clearly claims the right to disapprove any members that would be found under-qualified.

It is worth noting that previously, commercial banks were required to get approval only on senior managers, however, after the collapses in the banking sector in the past two years, the central bank is trying to ensure better qualifications at banks.

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