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The UAE Central Bank will introduce a series of new rules, next year to regulate outsourcing, Shariah banking and CEO?s financial bonuses under a comprehensive project to be carried out in year 2014.
At the meeting of the board of directors that took place the other day, the directors reviewed a list of some of the important projects currently being implemented and are expected to be completed during the next year.
Development of these projects will enhance performance and ensure conformity with international standards and best practices.
The board approved proposed regulations to be prepared or reviewed during 2014 in the area of supervision of banks and other financial institutions, such as outsourcing, disaster recovery, banks? ceos bonuses, financial statements regulations and regulations regarding Shariah-compliant banking transactions besides others.
The central bank is planning to introduce financial services law (framework law), the new banking law and a new law regarding criminalisation of money laundering.