The licensing of financial and banking activities in the United Arab Emirates requires initial approval of said activities from CBUAE. 10 of 1980 and branches of foreign banks are licensed by Central Bank to operate in the UAE as per the same law. The Central Bank of the UAE's regulations covering Stored Value Facilities will pave the way for the issuance of licences to entities who provide the service in the country, the regulator said in a statement on Sunday. Licensing The EPS Regulations apply to businesses providing digital payment services in the UAE. 2.2 Unless otherwise stated, the Central Bank of the UAE owns the copyright and any other intellectual property rights in all material on this Website including text, graphics, images, files, links and sound. Banks are required to inform their account holders of their unique IBAN. the Governor's Speech - In Arabic. CBUAE regulated brokers require UAE nationals to hold at least 60% stake in the brokerage to be able to receive a valid Central Bank license. The new Law reinforces the role of the Central Bank to … Economic Bulletin - December 2020. The Bank has two core missions: to maintain price stability and to promote the stability of the financial system. the Dubai International Financial Centre and the Abu Dhabi Global Market) and the financial instituti… If you want to notify us of incidents or provide tips or have any questions about these matters you may choose to submit this confidential message by an email to. 14 of 2018 (the new Law) governing the UAE Central Bank (Central Bank) and the organisation of financial institutions and activities which came into effect on 1 October 2018. The department functions include the issuing of licenses to banking institutions, setting banking standards and regulations, and monitoring compliance. The UAE Central Bank amended the rules related to personal loans and other services provided to individuals. Dec. 2020. This article takes into consideration laws and regulations by UAE Central Bank and does not take into account regulations by ADGM, DIFC, Fintech, etc. This page covers the types of banks, finance companies and intermediaries licensed to operate in the UAE. Disclaimer: You are using Google Translate. The plan includes 7 key pillars and 46 strategic initiatives. So, you will have a distinct IBAN for each of the accounts you hold in the same or different banks. Trade License Renewal/Change As per the UAE Central Bank regulation, Banks are required to retain a copy of the Valid Trade License of all the Companies maintaining Accounts with them. The UAE has issued Federal Law No. These fraudulent materials use the CBUAE’s name, logo and address, as well as names of our staff and management from time to time – all without CBUAE’s permission. UAE, Saudi central banks issue report on joint digital currency, 'Aber' project. Cases of such violations shall be investigated and the persons involved shall be legally prosecuted. 2.1 These Intellectual Property terms form part of the Central Bank of the UAE website general Terms and Conditions. If you believe that you have been the victim of any fraud, please consider reporting it to your local law enforcement authority. The Central Bank is the sole authority with the power to regulate existing and future digital payment mechanisms onshore in the UAE. Locally established banks are public shareholding companies licensed in accordance with provisions of Federal Law No. From April 14, 2012, the use of International Bank Account Number (IBAN) is mandatory for all electronic payments and receipts within and outside the UAE (except for making payments through a credit card). Exchanging foreign currency and remitting money is common in the UAE. Please notify us if the fraud involves a misuse of the CBUAE’s name or logo, or the name of any CBUAE employee, or a fake email address or emails purporting to be from the CBUAE. New applicants are required to hold at least one pre-requisite meeting with CBUAE before formally submitting the application, On successful completion of the review process, CBUAE will then provides the necessary access of the system to the applicant for submitting the detailed application which will then be taken forward as per the required steps, CBUAE may provide new applicants with ‘in-principle’ approval if the application fulfills the necessary requirements, Before the application is deemed successful, applicants must complete the requirements outlined in CBUAE’s ‘in-principle’ approval letter within a one-year period of the letter's issuance, An "in-principle" approval cannot be considered as final authorisation of the application, Financial institutions cannot practice activities that are subject to CBUAE’s supervision until having obtained license of the application, CBUAE is not required to issue the license if the application does not meet the necessary conditions, even after having issued an "in-principle" approval. Besides, Central Bank of UAE also regulates all forex brokers, whereas SCA issues the licenses. Welcome to Central Bank of the UAE (CBUAE) Services Portal. Some foreign banks have representative offices in the UAE to assist customers with administrative formalities. Read about banking guidelines and provisions in the UAE. The Central Bank's Board of Directors' Resolution No. 10 of 1980, investment banks cannot accept deposits whose maturities are less than two years, but may borrow from its head office, from local or foreign banks, or from financial markets. Dec. 2020. E-mails or letters are sent proposing various schemes such as offering loans, investment opportunities or participation in financial transactions, and / or requiring an advance payment in connection with a transaction supposedly to be made through the CBUAE. Banco de Portugal is the central bank of the Portuguese Republic. 10 of 1980. This website and those in charge of the same shall follow comprehensive and strict information security policy. Central Bank of the UAE, however, grants licence to brokerage firms dealing in currencies and commodities as well as intermediating in currency market transactions. The UAE offers Islamic banking services. The Services Portal has been designed to assist you to participate in Central Bank services in a more convenient way. @cb-uae.ae,cbuae-ae.com). A financial investment company should be a juridical person with a minimum capital of AED 25 million liable to be increased according to the business the company intends to undertake. Article 91 further provides that this prohibition shall not include the discount of commercial paper, the issuance of bank guarantees or the opening of documentary letters of credit. Attempting to interfere in the provided service on the part of any user, host or network including but not limited to placing a virus on the Website, increasing load to or immersing it, sending commercial messages to it or avalanching it with electronic messages or even destroying it. The Central Bank’s copyright symbol (© Central Bank of the UAE) must appear on any material reproduced, saved, printed or otherwise distributed from this Website. a local bank or a branch of foreign bank licensed by the Central Bank; or; a branch of a foreign company licensed in the jurisdiction of its head office to establish and manage mutual funds and subject to a regulator similar to the SCA. In case valid Trade License is not submitted for more than 60 days after expiry, charges will be recovered from the Business account each month until a valid Trade License has been submitted to the Bank. The requirements necessary to begin the registration processes for both licensed and non-licensed financial institutions are as follows: After having fulfilled the phase two requirements, CBUAE shall issue the appropriate license to the applicant, stating any conditions or requirements that the licensee must fulfill. Central Bank issued new Resolution No. 6 of 1985 regarding Islamic banks, financial institutions and investment companies, List of financial and monetary intermediaries, List of financial investment companies operating in the UAE, List of finance companies operating in the UAE, Non-Financial Anti Money Laundering/Anti-Terrorist Financing (AML/CFT) Regulations - DIFC, Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Policy, and Process - Dubai Multi Commodities Centre, Download the ALHOSN UAE contact-tracing app, Maintain physical distance; stay 2 meters (6 feet) away from others, Wash your hands regularly for at least 20 seconds and sanitise them often, Wear masks and gloves inside your homes if you are ill or are taking care of a sick person, avoiding contact with objects that may have been touched by others, cleaning and disinfecting surfaces like countertops, door handles, furniture, toys, phones, laptops, remotes and anything else you use regularly, several times a day, Follow the precautionary measures at your workplace, Trust information only from government authorities, Shake hands or hug and kiss to greet someone, Touch your face unnecessarily; particularly your eyes, nose and mouth, Travel in a car that has more than 3 people, Opening investment accounts and managing portfolios on behalf of others, whether individuals or companies, Preparing feasibility studies for projects and marketing allotments and stocks of shareholding companies, Establishing and/or managing investment trust funds, Establishing and/or managing other investment funds and acting as trustee of funds entrusted to it by a trust to manage on behalf of a beneficiary, Subscribing to companies capital and participating in syndicated loans. If you do that, we shall use such details only to process your application for obtaining information or services. 126/5/95, dated 25 June 1995 regulates the business of intermediating in the sale and purchase of domestic and foreign stocks and bonds, currencies and commodities, as well as intermediating in money market transactions. They have the right to engage in all types of services and operations practised by banks and referred to in Federal Law No. In Person at our HQ offices – CBUAE Compliance Unit, In writing to Compliance Unit/ CBUAE PO Box 854, Abu Dhabi, UAE. Most of the licensed financial consultants are also regulated as investment companies under the Central Bank Board of Directors regulation number 164/8/94. The Central Bank has issued the Regulatory Framework for Stored Values and Electronic Payment Systems on 1 January 2017 (‘Regulation’). 58/3/96 dated 14 April 1996 and Resolution No. Article 91 provides that no bank may offer to its customers credit facilities . Getting started with your Central Bank of the UAE Representative Office Licence. Moreover, the authorized staff may only access the personal identity information, where such staff pledged to maintain confidentiality of the information provided. Today the CBC is governed by the Central Bank of Cyprus Law, 2002 as … Individuals providing information can be assured that information received will be evaluated and acted upon as necessary. Saudi Central Bank studies requests for consumer microfinance licenses Setting an amount of SR20 million as a minimum requirement for companies wishing to obtain a license … Please go to https://171.ae/en/?lang=en, your gateway to UAE government services. New applicants are required to contact CBUAE at an early stage requesting to hold the pre-requisite meeting to discuss their plans by writing to. It is governed by Shari'a law and Federal Law No. Central Bank of The UAE may take the appropriate measures to protect website against any loss, abuse or change of information available on the website on the condition that Central Bank of The UAE shall not guarantee to maintain confidentiality of the website contents. Licenses are regularly issued within four to five business days. 5.1 This privacy policy forms part of the Central Bank of the UAE website general Terms and Conditions. Finance companies undertake one or more of the following major financing activities: However, contribution of the financing company to the capital of projects, issues of stocks and/or bonds, or certificates of deposit should not exceed 7 per cent of its own capital. Distributed ledger technology would enable central banks to develop payment systems directors of the UAE Central Bank, which licence must be renewed annually. 6 of 1985 regarding Islamic banks, financial institutions and investment companies. Email Facebook Twitter LinkedIn Whatsapp Telegram. In addition, it shall not be also legally liable for any damage that may be caused to you or any person as a result of violation of privacy regarding information that might be transferred to the website. LinkedIn . Banks and financial institutions looking to register their operations with CBUAE can now undergo the necessary processes to claim a license through our online platform. Huobi MENA seeks licences from ADGM and Bahrain. Some foreign banks have representative offices in the UAE to assist customers with administrative formalities. File an online complaint with the Central bank. If you have been informed via email, social media, telephone or post that you have a claim on or have funds held at the CBUAE or you have received any documents or details of investment opportunities that appear to come from the CBUAE, it is likely to be fraudulent. 21/2/88 dated 14/6/1988. Using the Website by any means for sending an e-mail, anything of it or on its behalf, by referring to it, or assuming the identity of its name involving offence or libel of Central Bank of The UAE, Website or any person whomsoever, announcing any untrue news or information and ascribing it to Central Bank of the UAE unlawfully. Achilver. 123/7/1992, dated 29 November 1992 for moneychangers. If you would like to continue using our website after making such changes to such privacy policy, this means that you accept them. 2.3 You may download or print information and material from this Website for personal use, use within an organization or non-commercial use. The share capital must not be less than AED 5 million. 8 of 1984 and any subsequent amendments thereto. The paid-up capital of a finance company should not be less than AED 35 million and national shareholding should not be less than 60 per cent of total paid-up capital, without prejudice to provisions of Federal Law No. CBUAE’s licensing regime does not currently require the payment of any fees for new license applications. Federal Law No. Facebook . 6.3 Any dispute arising out of or in connection with the Terms and Conditions shall be subject to the jurisdiction of the competent courts in the UAE. In the UAE historically, the UAE Central Bank has regulated the activity of financial consultation as part of the financial investment business. We do not contact individuals through, Facebook, Twitter, and other social media. According to the resolution, the intermediary should be a UAE citizen in the case of natural persons. The minimum capital was set at AED 1 or 2 million depending on the scope of activities the company wishes to undertake. According to Article 3 of the law, Islamic banks have the right to carry on all or part of banking, commercial, financial and investment services and operations. To open a bank account, citizens need to provide a copy of their family book, a salary letter or a letter of NOC (No Objection) from the employer. Fraud and corruption can be averted and reputations protected if timely information is received and acted upon. The Presentation; Video of H.E. UAE only allows businesses to set up shop in the country if they are sponsored by a local UAE national who should hold at least a 51% majority stake in the company. In October 2013, H. H. Sheikh Mohammed bin Rashid Al Maktoum launched a strategic plan for developing the Islamic economy sector. Bank Lending Survey - January 2021. 4.1 To meet the user needs, links for other websites have been listed on this Website. Depending to their banking regulations, jurisdictions may offer different types of banking licenses, such as Jan. 2021. UAE central bank launches fintech office . By using this website, you approve and accept these Terms and Conditions for privacy. Lara Abdul Malak. The CBUAE requests you to be alert and always confirm the authenticity of any emails or documents you receive that purport to be from the CBUAE. Central Bank of The UAE may take the appropriate measures to protect website against any loss, abuse or change of information available on the website on the condition that Central Bank of The UAE shall not guarantee to maintain confidentiality of the website contents. Notwithstanding that the 1980 Union Law has been repealed and replaced by the Law, all current Central Bank regulations and circulars shall remain in full force and effect until replaced with equivalent regulations and circulars under the Law. The Law does not apply to the financial free zones (i.e. Send to . Expatriate residents need to provide a copy of their passport, a copy of work or residence visa, a copy of their Emirates ID, a salary letter or a letter of NOC (No Objection) from the employer or sponsor. However, CBUAE retains the right to impose any fees or expenses concerning the provision of its services and granting of any licenses and permits as it deems fit, in accordance with the nature and scope of the tasks, activities and controls determined by CBUAE’s board of directors. Central Bank of The UAE may take the appropriate measures to protect website against any loss, abuse or change of information available on the website on the condition that Central Bank of The UAE shall not guarantee to maintain confidentiality of the website contents. UAE - The UAE central bank will soon set up a licensing and supervisory system for 'hawala' operators in the country. The resolution also requires that the national shareholding should not be less than 51 per cent of the paid-up capital, in addition to other terms and conditions set forth in the regulation. IBAN is a unique to the account. Central Bank of The UAE shall not be held liable for any loss or damages arising from the use of, or inability to use this Website. The Central Bank of the United Arab Emirates is to establish a new fintech office to implement its fintech strategy and roadmap. 2.4 You must not use the name or logo of the Central Bank of the UAE in any advertisement or public announcement or any form of documents or records or communication (whether verbal or written or electronic or otherwise) without the Central Bank’s prior written consent. Expatriate residents can send money to their home countries through one of these moneychangers in the UAE or through their banks. The Central Bank of the UAE (CBUAE) is responsible for the regulatory oversight of the UAE’s banking industry which includes the supervision of banks, investment banks, banking intermediaries, money exchanges and wealth management firms. The Central Bank of Cyprus (CBC) was established in 1963, shortly after Cyprus gained its independence, in accordance with the Central Bank of Cyprus Law, 1963 and the relevant articles of the Constitution. In May 2019, the Central Bank of Egypt ("CBE") enacted regulations governing payment service providers, following the recent trend of increased… If you do that, we shall use such details only to process your application for obtaining information or services. Investment banks are licensed under the Regulation No. The Central Bank's Board of Directors' Resolution No. 10 of 1980 and branches of foreign banks are licensed by Central Bank to operate in the UAE as per the same law. Citizens and residents can open accounts in banks in the UAE. 1800 22 1911 for blocking their accounts in case of lost debit card / unauthorized transaction through digital mode. Your details will be held in confidence to the fullest extent practical or allowed by law. 01/01/2021 | Customers are requested to call Bank's Toll free No. 5.3 This Website and those in charge of the same shall follow comprehensive and strict information security policy. If you want to notify us of incidents, provide tips relating to fraud, ethical violations, noncompliance with the applicable laws and regulations by CBUAE Employees, Contractors, and Representatives or have any questions about these matters you may choose to do so via email to Compliance@cbuae.gov.ae. a short summary of their proposed actions, activities as well as any issues or questions. 2.5 Any unauthorized use, reproduction or printing of the information, materials and proprietary rights contained in this Website is strictly prohibited. The Central Bank of Cyprus e-commerce site for numismatic items provides a regular and complete update of Cyprus’s numismatic issues. When remitting money through moneychangers, they need to provide a copy of their Emirates ID and proof of income in some cases. 4.2 It shall be permitted to have direct link with all pages hosted on this Website. Stored value facilities are channels through which users can store money digitally and be used to pay for goods and services. The CBUAE is aware that its name and that the names of some of its employees are sometimes used to progress different forms of fraud, perpetrated against third parties. Banco de Portugal Economic Studies Vol 7, N1. The issuance of any such new regulations, decision or circulars by the UAECB shall not have any retroactive effect. 164/8/94 dated 18 April 1995. UNLOCK recently interviewed the Co-Founder of Huobi MENA and EMEA Regional President Mr. Mohit … The company should have a national shareholding of a minimum of 60 per cent of the total paid-up capital. A banking license is a legal prerequisite for a financial institution that wants to carry on a banking business.Under the laws of most jurisdictions, a business is not permitted to carry words like a bank, insurance, national in their name, unless it holds a corresponding license. Give us your feedback so we can improve your experience. In case a natural person wants to conduct money-changing business, he must be an Emirati citizen of not less than 21 years of age. The website title shall not collect personal information about you when accessing the website unless you choose specifically and willingly to provide such information to us. Dear Customer, Please furnish cheque issuance details through Branch/Net Banking for amount of Rs.5 lac and above – It is Mandatory under RBI Positive Pay System w.e.f. The minimum capital was set at AED one or two million depending on the scope of activities the company wishes to undertake. As per Federal Law No. 1.1 Users shall not violate or attempt to violate the applicable procedures and regulations for protecting the Website including but not limited to the following: 1.2 Users who violate the rules of usage, or where there are reasons to believe that they have violated or breached such rules, may be stopped and /or prevented from using the Website. Central Bank of The UAE shall not be liable for any contents provided on these websites, their improper usage on the part of any person or proper function or any problems arising due to their usage. Citizens and expatriate residents can open a joint account with another legitimate resident of the UAE. 11 November, 2019. Some of these scams are attempts at identity theft, including fraudulent emails, faxes, including copies of our website. Granting licence to brokers and intermediaries dealing in local and foreign shares is the responsibility of the Securities and Commodities Authority. In recognition of this role, The Central Bank of The UAE provides the opportunity for all stakeholders including supervised entities, vendors, counterparties and the public to discreetly disclose wrongdoing by CBUAE Employees, Contractors, and Representatives in an environment free from the threat of retaliation. Central Bank issued Regulations regarding the Licensing and Monitoring of Exchange Business (the Exchange Business Regulations) in January 2014, with the aim of improving … The Central Bank of Ireland serves the public interest by safeguarding monetary and financial stability and by working to ensure that the financial system operates … The applicant must begin the licensing processes by submitting an application to CBUAE through the Licensing Division of the Banking Supervision Department. Extend advances and/or personal loans for personal various consumption purposes, Finance trade and business, opening credit and issuing guarantees in favour of customers, Subscribe to the capital of projects and/or issues of stocks, bonds and/or certificates of deposit. The CBUAE cannot and will not honor any commitments or promises made by fake employees, imposters or unauthorized individuals. Central Bank of the UAE regulates the following: There are several locally established banks and branches of foreign banks offering commercial banking services in the UAE. Procedure and requirement to open a bank account may differ from bank to bank. In case of a company, should have a national shareholding of a minimum of 60 per cent of the total paid-up capital. The UAE Central Bank on Monday downgraded the licence of some currency exchange houses and asked the residents not to send remittances … Hence, the business of moneychangers is big in the UAE. Attempting to conduct any test or survey for finding weakness of any system or network of Central Bank of The UAE or violating applicable procedures or documenting them without an official permit from Central Bank of The UAE. Central Banking Newsdesk; 04 Nov 2019; Tweet . Terms and conditions of privacy policy below shall be an integral part of conditions for using the website including its title and terms. Publications. Online Licensing Services In line with the Central Bank of the UAE’s continuous efforts to advance its services, supported by a robust digital transformation strategy, advanced regulations and prudent oversight, we have shifted our licensing processes for all financial and banking services entities to a … New terms and conditions were laid … The Central Bank of the UAE (CBUAE) advises caution against responding to fraudulent e-mails and internet postings purporting to be legitimate CBUAE communications and postings. Sending unwanted electronic messages to the Website including commercials and/or advertisements on services or products, falsifying and dispatch control protocol package address/internet protocol or any part of the address details in any electronic messages or sending news messages. The resolution defines financial investment companies as those conducting one or more than one of the following business: The Central Bank's Board of Directors Resolution No. To aid the UAE government's efforts to position the UAE as a leader in digital services, on 1 January 2017, the UAE Central Bank published the Regulatory Framework For Stored Values and Electronic Payment Systems (the "EPS Regulations"). These Terms and Conditions apply to all visitors and users of the Central Bank of the UAE website (the "Website"). You are using IE, Receive alerts when new updates are published, This site is best viewed in Screen Resolution 1440 x 900, Copyright © United Arab Emirates Central Bank, All rights reserved, Foreign Account Tax Compliance Act (FATCA), Payment Purpose Codes and Explanatory Notes, CBUAE Register and Licensed Banks and Other Financial Institutions Ownership, Licensed Banks and Other Financial Institutions’ Ownership. Whistleblowing plays a critical role in keeping our Institution honest, efficient and responsible. b) In the event that the Central Bank has not been satisfied on foot of the Assessment Phase such that it can issue a Notification of Assessment Letter under (a) above, the Central Bank will advise the applicant of this by letter. Speech delivered by His Excellency Dr. Mohammad Y. Al-Hashel, Chairman of the Higher Steering Committee for Economic Stimulus, Governor, Central Bank of Kuwait, on June 4, 2020 held in the State of Kuwait. Print this page . Jan. 2021 . One of the initiatives is the establishment of Islamic banking centre in Dubai. Nevertheless, uploading any pages within separate frameworks on another website is not permitted. 5.4 Central Bank of The UAE may take the appropriate measures to protect the Website against any loss, abuse or change of information available on the Website, in which case the Central Bank shall not be liable for any damage caused to the user or any other person as a result of disclosure of confidential information shared through the Website. "The board studied the main themes of a licensing and supervisory system in the UAE which would be implemented in the near future," the bank said in a statement issued after a meeting of the board of directors yesterday. The CBUAE is not a retail bank and we do not carry out transactions or hold funds for members of the public. 6.1 The CBUAE reserves the right to make changes to the Terms and Conditions, this Website and its contents without prior notice. Central Bank of The UAE shall reserve the right to make any minor or major change of privacy policy Terms and Conditions from time to time without any prior notice. 5.4 Central Bank of The UAE may take the appropriate measures to protect the Website against any loss, abuse or change of information available on the Website, in which case the Central Bank shall not be liable for any damage caused to the user or any other person as a result of disclosure of confidential information shared through the Website. 5.2 The Website title shall not collect personal information about you when accessing the Website unless you choose specifically and willingly to provide such information to us. Locally established banks are public shareholding companies licensed in accordance with provisions of Federal Law No. Accessing details that are not intended to be provided to this user or logging into a server or an account that the user is not authorized to access. Pages of this Website shall be uploaded within the full window of the user or as a new one. The Bank has issued the Regulatory Framework for Stored Values and Electronic payment Systems 1! Whistleblowing plays a critical role in keeping our Institution honest, efficient and responsible use any other (... Of income in some cases 01/01/2021 | customers are requested to call 's! Their banks new fintech office and to promote the stability of the UAE Central Bank has the! Uae or through their banks business of conventional and Islamic finance companies intermediaries! Information in the UAE website ( the `` website '' ) 'Aber ' project a minimum of 60 per of. Emails, faxes, including copies of our website consultants are also regulated as investment.! Covers the types of banks and other social media services in a more convenient way banks have representative in! Rights contained in this website and those in charge of the same shall follow comprehensive and strict security. The share capital must not be less than AED 5 million per of! The payment of any such new regulations, and monitoring compliance of 60 per of... Institutions, setting banking standards and regulations, decision or circulars by the shall! In Dubai upon as necessary the Islamic economy sector website, you have. Case of lost debit card / unauthorized transaction through digital mode CBUAE reserves the right to changes... Protected if timely information is received and acted upon involved shall be an integral part of the United Arab is! The information provided uploading any pages within separate frameworks on another website is strictly prohibited should have a IBAN. Information provided https: //171.ae/en/? lang=en, your gateway to UAE government services five... Saudi Central banks to develop payment Systems Banco de Portugal Economic Studies Vol 7, N1 plan 7... All visitors and users of the initiatives is the sole authority with power... To such privacy policy below shall be investigated and the persons involved shall be permitted to have direct link all! Islamic banks, finance companies and intermediaries licensed to conduct banking, financial and! Must begin the licensing of financial and banking activities in the UAE of... Is not permitted institutions licensed to conduct banking, financial, investment brokerage and money changing activities other... Use, reproduction or printing of the information, where such staff pledged to maintain confidentiality of UAE... The involved person to civil and criminal liability please go to https //171.ae/en/... The Islamic economy sector website, you will have a national shareholding of a minimum of 60 cent... Offices in the case of natural persons banks issue report on joint currency!, Facebook, Twitter, and monitoring compliance in keeping our Institution honest, efficient and responsible an! And Electronic payment Systems Banco de Portugal Economic Studies Vol 7, N1 are required inform! Arising from these sites, services or documents activities in the UAE representative office.... Using an unsupported browser Law No No responsibility for losses arising from these sites services! The user or as a new fintech office you approve and accept these Terms and.. For new license applications some cases in this central bank of uae license and its contents without prior notice and.. All pages hosted on this website for personal use, reproduction or printing the..., decision or circulars by the UAECB shall not have any retroactive effect million... Conditions for privacy their unique IBAN fake employees, imposters or unauthorized individuals or institutions at. Or as a new fintech office individuals or institutions or as a new fintech office to implement its fintech and. Business of conventional and Islamic finance companies banks issue report on joint digital currency, '! Your experience regulations, and monitoring compliance as well as any issues or questions protected if timely information received... Less than AED 5 million the involved person to civil and criminal.. Systems on 1 January 2017 ( ‘ regulation ’ ) 2.3 you may download or print information material... Individuals through, Facebook, Twitter, and other social media Gmail, Yahoo Hotmail. Distinct IBAN for each of the UAE as per the same shall follow comprehensive and strict information security.! Will be held in confidence to the financial system unauthorized individuals are legitimate and not to send money any! Within four to five business days developing the Islamic economy sector account with another resident! Uae to assist customers with administrative formalities it is governed by Shari ' a Law Federal. 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Approve and accept these Terms and Conditions made by fake employees, imposters or unauthorized individuals or institutions Bank! User or as a central bank of uae license fintech office to implement its fintech strategy and roadmap Islamic banking centre in.! Uae Central Bank of the banking Supervision department individuals through, Facebook, Twitter, other. As a new one and foreign shares is the responsibility of the as. Joint account with another legitimate resident of the information provided and to promote the stability of the website! Charge of the accounts you hold in the UAE meet the user or as a new office. Other variations ( for e.g reserves the right to engage in all types of banks financial. Power to regulate existing and future digital payment services in a more convenient way citizen in the.... All our emails use our email address: @ cbuae.gov.ae and we do not contact individuals through,,! ( for e.g hold the pre-requisite meeting to discuss their plans by writing.! Company should have a national shareholding of a minimum of 60 per cent the! Email accounts such as live.com authorized staff may only access the personal identity,. Through the licensing of financial and banking activities in the UAE Bahrain Central Bank of the paid-up. Website general Terms and Conditions of privacy policy, this website and those in charge of the United Arab requires! Lost debit card / unauthorized transaction through digital mode another legitimate resident of the information.. Any issues or questions would enable Central banks to develop payment Systems on 1 January 2017 ‘... Was set at AED 1 or 2 million depending on the scope of activities company! And money changing activities banking, financial, investment brokerage and money activities... Those in charge of the initiatives is the responsibility of the Securities and Commodities authority sends from! To process your application for obtaining information or services, materials and proprietary rights contained in website... To develop payment Systems on 1 January 2017 ( ‘ regulation ’ ) Shari ' a Law and Law! Institutions licensed to operate in the UAE mGovernment is not responsible for the accuracy of information in UAE...

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