UAE banks will be under enhanced oversight as internal policies regarding loans and management of real estate risk exposure are set to be fortified.
That's according to a decision from the Central Bank of UAE who met for the fifth board meeting this year at Qasr Al Watan.
The monitoring period will be applied until the end of 2022, and will "improve identification, benchmarking and oversight of real estate exposure," according to a report by national media WAM.
Also discussed during the meeting was a proposal for conducting a study on a job nationalisation programme and Emiratisation of leading professions by qualified UAE citizens in the banking and insurance sectors.
The board also approved the Retail Payment System, the Large-Value Payment Systems (LVPS) and Card Schemes Regulation.
Additionally, the licensing and monitoring of exchange business will see amendments.
The Board was also briefed on the latest developments of the Targeted Economic Support Scheme (TESS) to contain the repercussion of COVID-19.
Updates and amendments to the TESS were approved in line with the scheme's updated criteria where liquidity requirements are eased, and capital buffer and stable funding relief will be extended from December 20, 2021 till June 30, 2022.
This will be applied to all banks operating in the UAE.
Economic stability is being given utmost importance as the UAE continues to rapidly adapt to international practices.
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