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The banking sector regulation in the UAE crossed a number of landmarks this year with new central bank initiatives and efforts from within the industry to introduce self regulation.
The central bank initiated a number of regulatory initiatives this year to protect the asset quality and balance sheet strength of the UAE banks. ?The health of the financial sector is our priority in introducing new regulations. The recent initiatives such as the mortgage regulations and lending restrictions based on exposure limits are a few of such initiatives,? said Sultan Nasser Al Suwaidi, the Governor of the UAE Central Bank.
The central bank recently granted a five-year time frame to UAE banks to reduce their excess balance sheet exposure to government related entities GREs. Banks are now allowed to reduce excess lending to state entities by 20 per cent per annum until they reach the exposure ceiling set by the central bank.