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Thursday 13 June 2024


Thursday 13 June 2024

The CBUAE issues its 2023 Annual Report

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About the CBUAE

The Central Bank of the UAE promotes financial and monetary stability, efficiency and resilience in the financial system, while also working to protect consumers.

About the CBUAE

The CBUAE is the supervisory and regulatory authority of the banking and insurance sector.

 

The CBUAE promotes financial and monetary stability, efficiency and resilience in the financial system, and the protection of consumers through effective supervision that supports economic growth for the benefit of the UAE and its people.

About the CBUAE

Vision, Mission and Objectives

Our Vision

To be among the top central banks globally in promoting monetary and financial stability and supporting the UAE’s competitiveness.

Our Mission

Enhancing monetary management, financial stability, and protecting consumers through effective supervision of Licensed Financial Institutions, prudent management of reserves, robust financial infrastructure, and the adoption of digital technologies.

Strategic Objectives

• Support UAE competitiveness and diversity & growth of the financial sector in line with future economic trends.

• Establish robust and innovative financial market infrastructure, and support shaping the future of the UAE’s financial technology and digitalisation Journey.

 

Core Objectives


• Enhance monetary and financial stability.

• Advance the regulatory and supervisory framework for licensed Financial Institutions.

• Enhance trust and confidence in the UAE’s financial services sector.

• Strengthen the role of the insurance sector in providing the necessary protection for the society and the economy.

 

Common Enabler


• Attract, retain and empower top talent and provide efficient and effective corporate services as well as digital infrastructure.

• Implement innovative practices to further improve the flexibility, proactivity and responsiveness of the CBUAE's work environment.

Responsibilities

For the purpose of achieving its objectives, the Central Bank shall undertake the following functions and jurisdictions:

Draw up and implement monetary policy while considering the State’s general strategy.

Exercise the privilege of Currency issuance.

Organize Licensed Financial Activities, establish the foundations for carrying them on, and determine the standards required for developing and promoting prudential practices in accordance with the provisions of this decretal law and international standards.

Set up appropriate regulations and standards for protection of consumers of Licensed Financial institutions.

Monitor the credit condition in the State, in order to contribute to the achievement of balanced growth in the national economy.

Manage foreign reserves to maintain, at all times, sufficient foreign currency assets to cover the Monetary Base as per the provisions of this decretal law.

Regulate, develop, oversee and maintain soundness of the Financial Infrastructure Systems in the State, including electronic payment systems, digital currency, and Stored Value Facilities.

Regulate, develop and oversee the insurance sector and business, and propose and implement regulating legislation in this regard.

Receive requests for establishing and opening branches and representative offices for insurance and reinsurance companies, insurance agents and the professions associated therewith, and issuing the necessary licenses for them in accordance with the regulating legislation in this regard.

Protect the rights of the insured and the beneficiaries of the insurance business and monitor the financial solvency of insurance companies to provide adequate insurance coverage to protect these rights.

Work to raise the performance and efficiency of insurance companies and oblige them to the rules and ethics of the profession to increase their ability to provide better services to the beneficiaries of insurance, and to achieve positive competition among them.

Our Leadership

Our Leadership

Our Operations

Our Operations

Our History

Since its establishment in 1980, the CBUAE has played a vital role in the rapid development of the UAE’s financial system and the growth of a diverse, globally-competitive economy.  

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Our History

Key Reports

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Integrated Management System (IMS)

To deliver its mandate and mission, the CBUAE developed an Integrated Management System (IMS) to set and maintain the organisation’s standards, and to deliver excellence in all that we do.

 

We communicate our IMS policy to all employees, relevant stakeholders and interested parties, which we review and update regularly in line with the CBUAE’s strategy and mission.

 

Integrated Management System (IMS)

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Last updated on: Friday 16 February 2024

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