H.H. Sheikh Hamdan Bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and President of Dubai Health Authority, chaired the sixth meeting of the Higher Committee overseeing the development of laws regulating the UAE Financial Sector.

 

A statement issued at the end of the meeting said: With the rapid developments in the financial sector and in the quest to avoid falling into any crises that might face the global Financial Sector, the thinking about creating an integrated financial system that contributes to the protection of the country's rights as well as the protection of consumers had become a matter of urgency. Accordingly, the Committee adopted several recommendations that were proposed for submitting to the cabinet , which in turn will contribute to the development of the country's financial sector through legislation with a view to become one of the best legal systems in the world.

 

Among these recommendations were the adoption of a binary system called "Twin Peaks", which is based on the establishment of a state control mechanism as precautionary measures and to avoid structural risks in the banking and financial system in the country.

 

The committee was attended by Minister of State for Finance and the Committee's Vice Chairman Obaid Humaid Al Tayer, Minister of Economy, Chairman of Securities and Commodities Authority and the Insurance Commission Sultan Bin Saeed Al Mansouri, Chairman of the Board of Directors of the UAE Central Bank Khalil Mohammed Sharif Foulathi, Central Bank Governor Sultan Bin Nasser Al Suwaidi, Undersecretary of the Ministry of Finance Younis Haji Khouri, and the Director of Revenue Development Department at the Ministry of Finance Faisal Ali Al Mansouri.