U.A.E. Banks, RBI Fines, Danes’ Free-for-All: Compliance
23 Jul 2013 07:24 GMT
 
Banks in the United Arab Emirates are seeking five years to comply with a central bank regulation to limit their exposure to government entities in th (more)

Banks in the United Arab Emirates are seeking five years to comply with a central bank regulation to limit their exposure to government entities in the second-biggest Arab economy.

The banks are also seeking to exclude marketable bonds and sukuks from the proposal, according to an e-mailed statement yesterday from the U.A.E. Banks Federation.

The central bank said in April 2012 that banks must not lend more than 100 percent of their capital to local governments and the same amount to government-related entities to help reduce risk, and must comply with the new regulations by Sept. 30, 2012. There was no limit under previous rules. The central bank in December delayed implementing the regulations.


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