The Federal National Council (FNC) today held part of its 10th session behind closed doors.
In the closed doors session, the FNC discussed the policy of Dirham's peg to US Dollar and the lack of national employees in the Emirates Management Services Corporation with HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs and HE Nasser Al Suwaidi, Governor of the Central Bank.
The open doors part of the session was dedicated to discussing Emiratisation of banking sector and licensing of Islamic banks.
Al Suwaidi said the number of UAE nationals working for the UAE-based banks rose from 3,700 in 2002 to 10,218 in 2007. He added that nationals now represent 31.8 percent of the 27,000 strong banking workforce.
On granting licenses to Islamic banks, he said the federal law 6 for 1985 specified methods of granting licenses to Islamic banks.
He noted that the seven Islamic banks currently operating in the UAE have a combined asset of AED 170 billion or 13.5 percent of the banks' assets in the UAE.
Asked about the Sharia supervisory committees which handle the Fatwa in the Islamic banks, Al Suwaidi said the government saw that no interference was needed in the committees' operations, "however, the Central Bank continues to monitor risks according to international standards and builds its decisions on that." Al Tayer revealed that a committee was formed to oversee that issue by virtue of the law 6 for 1985 but the government was content that the banks' Fatwa committees were compliant with Sharia rules.
The FNC members approved a draft federal law on repealing federal law 3 for 1981 on the establishment of Administrative Development Institute. They also endorsed a proposal to issue a law on groundwater conservation.
The FNC Speaker delivered a speech which centred on the Arab summit, held last month in Syria.
He praised the summit's outcome and thanked the Arab countries for renewing the call to end Iranian occupation of the UAE's three islands of Lesser Tunb, Greater Tunb and Abu Musa. WAM
In the closed doors session, the FNC discussed the policy of Dirham's peg to US Dollar and the lack of national employees in the Emirates Management Services Corporation with HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs and HE Nasser Al Suwaidi, Governor of the Central Bank.
The open doors part of the session was dedicated to discussing Emiratisation of banking sector and licensing of Islamic banks.
Al Suwaidi said the number of UAE nationals working for the UAE-based banks rose from 3,700 in 2002 to 10,218 in 2007. He added that nationals now represent 31.8 percent of the 27,000 strong banking workforce.
On granting licenses to Islamic banks, he said the federal law 6 for 1985 specified methods of granting licenses to Islamic banks.
He noted that the seven Islamic banks currently operating in the UAE have a combined asset of AED 170 billion or 13.5 percent of the banks' assets in the UAE.
Asked about the Sharia supervisory committees which handle the Fatwa in the Islamic banks, Al Suwaidi said the government saw that no interference was needed in the committees' operations, "however, the Central Bank continues to monitor risks according to international standards and builds its decisions on that." Al Tayer revealed that a committee was formed to oversee that issue by virtue of the law 6 for 1985 but the government was content that the banks' Fatwa committees were compliant with Sharia rules.
The FNC members approved a draft federal law on repealing federal law 3 for 1981 on the establishment of Administrative Development Institute. They also endorsed a proposal to issue a law on groundwater conservation.
The FNC Speaker delivered a speech which centred on the Arab summit, held last month in Syria.
He praised the summit's outcome and thanked the Arab countries for renewing the call to end Iranian occupation of the UAE's three islands of Lesser Tunb, Greater Tunb and Abu Musa. WAM
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