UAE Central Bank and UAE Banks Federation have signed today Wednesday(June 26,2013) a Memorandum of Understanding (MoU) with Ras Al Khaimah Courts,on regulations of appointing legal banking experts,following the MoU signed with the Ministry of Justice last year,to ensure the execution of the federal government strategy in modernizing laws and the federal economic legislations to keep up with economic growth, and in line with the federal law on regulating legal experts’professionin UAE judicial authorities, recently issued (December 2012), which decided for the first time in UAE to classify experts.
The MoU was signed at the Ministry of Justice premises in Dubai, in the presence of H.E.Dr. Hadef bin Jouan Al Dhaheri, Minister of Justice, and in the presence of Mr. Saeed Abdulla Al Hamiz, Assistant Governer for banking supervision,Central Bank;H.E. AbdulAziz Abdulla Al Ghurair, Chairman of UAE Banks Federation; and H.E Ahmed Mohammed Al Khatiri, President of Ras Al Khaimah Courts Department. The MoU is intended to promote, develop and regulate the legal experts’profession before the judicial authorities in the country,since banking disputes in corporate technical banking issues which are of sophisticated nature,given the ongoing dynamicity and continuous development of banking industry.
Based on the MoU, candidates wishing to obtain licenses to practice as legal banking experts in Ras Al Khaimah Courts, are requested to present their applications to Ras Al Khaimah Courts,who will be forwarding them to the Ministry of Justice, and thereafter referred to Central Bank for evaluation and opinion, and then sent back to the Ministry of Justice, for decision making by the concerned committee made up of Ministry of Justice, Central Bank and UAE Banks Federation. In coordination with the Ministry of Justice, The central bank has developed a mechanism and regulations to approve banking experts firmsand their experts. Renewal of these firms will be evaluated by the above committee based on the regulations set by the Ministry of Justice.
During 2012,a MoU was signed between the Ministry of Justice, Central Bank and UAE Banks Federation on regulations of appointing legal banking experts. The MoU included criteriaand procedures of selecting banking experts in UAE courts and the mechanism for approval of banking experts firmsand theirexperts.
The banking experts’ role is highly important as the judicial authorities may entrust to them the task of providing reports on the technical aspects of banking disputes, under consideration by the courts, which requires theexpert to have a high degree of competence and knowledge of the broad and technical nature of banking business.
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