UAEBF initiative to bear success in regulating Legal banking Experts profession
UAE Banks Federation has succeeded to lay down the regulations of appointing legal banking experts, and moving forward with implementation in collaboration with the Central Bank, Ministry of Justice and other judicial authorities. UAE Banks Federation efforts have yielded signing three memorandums of understanding (MoUs) on regulations of appointing legal banking experts in UAE.
H.E AbdulAziz Abdullah Al Ghurair, Chairman of UAE Banks Federation: "We are very keen to keep up with latest global developments and applying best international practices to improve the banking industry, and we are proud today with our continuous success not only in offering best solutions to major issues facing the banking sector, but also in our initiatives and proposals that contribute primarily in enhancing the banking industry and serving the economy and the society; and so, streamlining the legal banking experts profession is considered as one of the significant initiatives by the Federation.
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The UAE Banks Federation have initiated through its Legal & Compliance Committee the regulations of appointing of legal banking experts, which was adopted by the Committee of examination of banking experts, made up of Ministry of Justice, Central Bank and UAE Banks Federation.
The most prominent regulations of appointing legal banking experts encompass experts definition and report; and conditions for appointing a legal banking experts, where candidate must be a citizen of the UAE or a resident, holding a Bachelor degree, having banking experience of not less than 7 years for citizens and fifteen years for non-citizens with strong background in banking, willing and able to perform before the court, and pass tests set by the Committee of examination of banking experts.
In line with the federal law 7/2012 on regulating legal experts’ profession before UAE judicial authorities, which decided for the first time in UAE, to classify experts; a MoU was signed in 2012 between the Ministry of Justice, Central Bank and UAE Banks Federation on regulations of appointing legal banking experts, the MoU included criteria and procedures of examination of banking experts in UAE courts and the mechanism for approval of banking experts firms and their experts. in 2013, the Central Bank and UAE Banks Federation have signed two MoUs with Ras Al Khaimah Courts & Dubai Courts to promote, develop and regulate the legal experts’ profession before the judicial authorities in UAE