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His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister for Presidential Affairs, Chairman of the Board of Directors of the Central Bank of the United Arab Emirates, chaired the third meeting of the Board of Directors today at Qasr Al Watan in Abu. Dhabi.
The meeting was attended by the Deputy Chairman of the Board of Directors of the Central Bank His Excellency Abdul Rahman Saleh Al Saleh, His Excellency Jassim Muhammad Al Zaabi, His Excellency Khalid Muhammad Balama, Governor of the Bank, and members of the Board of Directors Younis Haji Al Khoury, Sami Daen Al Kamzi and Dr. Ali Muhammad Al Rumaiti.
The Board of Directors of the Central Bank reviewed the topics on its agenda and approved the introduction of a new flexible organizational structure of the bank, which allows the Central Bank to keep pace with the development of the financial services sector.
The Board approved the appointment of Ibrahim Obeid Al Zaabi, Assistant Governor, Monetary Policy and Financial Stability Sector, Dr. Sabri Hamed Al Azazi, Assistant Governor, Operations Sector, Mr. Ahmed Said Ghanem Al-Kamzi, Assistant Governor, Banking and Insurance Supervision Sector and Mr. Saif Hamid Al-Dhaheri, Assistant Governor, Strategic Affairs Branch, Financial Infrastructure and Digital Transformation, and Ms. Fatima Abdullah Al-Jabri, Assistant Governor, Financial Crimes Branch, Market Behavior and Consumer Protection.
As part of the Strategy for National Payment Systems, the Council approved the selection and appointment of a consortium of companies as a provider of instant payment platform solutions and responsible for the implementation of the second phase of the draft National Payment Systems Strategy.
The Council also approved the proposed action against financial institutions that violate the instructions and regulations of the Central Bank.
He discussed the proposed amendments to the draft system for the application of financial penalties for breach of strict obligations and agreed to adopt the system with the proposed amendments.
The Council reviewed the 2020 report of the Supreme Sharia Council, which included the outcome of the Authority’s meetings, the most important decisions it made and the efforts it made to standardize Sharia standards in the country to overcome challenges, as well as present future projects and initiatives aimed to achieve the desired goals. The Board of Directors also reviewed the 2020 Financial Stability Report.
At the end of the meeting, His Highness Sheikh Mansour bin Zayed Al Nahyan thanked the senior and executive departments of the Central Bank for their efforts to maintain financial stability in the banking sector and their ongoing work to overcome the impact of the Covid 19 pandemic and ensure that the monetary and financial system in the country did not suffer, instructing His Highness to continue to work diligently to develop the banking sector.
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