The Central Bank of the United Arab Emirates and the UAE Internal Auditors Association have signed a Memorandum of Understanding to enhance the business environment and modernise regulatory frameworks across the financial sector.
Moreover, the agreement seeks to deepen cooperation between the two entities to elevate financial oversight standards in the UAE. The initiative, therefore, centres on adopting leading international internal auditing practices to strengthen regulatory effectiveness.
Strengthening Oversight and Governance
Additionally, the partnership includes the launch of innovative initiatives to upgrade oversight systems and modernise corporate governance frameworks. As a result, the move aims to reinforce confidence in financial transactions while aligning local practices with global benchmarks.
Furthermore, both sides will exchange expertise and organise joint events to promote a stronger culture of internal oversight across institutions. The collaboration also prioritises investment in national talent through specialised programmes designed to enhance professional skills and accelerate Emiratisation within financial institutions.
“This MoU embodies CBUAE’s commitment to the vision of our wise leadership towards pioneering the UAE financial sector,” Al Hashemi stated.
He added, “At the CBUAE, we are keen on integrating efforts with all partners to develop professional institutions, modernise work mechanisms, and build specialised national capabilities. Strengthening the culture of financial supervision is a fundamental pillar in making our financial institutions active partners in the sustainable growth and economic prosperity in the UAE.”
Focus on National Capability Building
Additionally, Abdulqader Obaid Ali described the agreement as a milestone for the country’s internal auditing profession.
“Through this collaboration, we aim to empower Emirati auditors and provide them with the latest tools and knowledge that match global standards. This synergy ensures the enhancement of national institutions’ capabilities, enabling them to anticipate future challenges with confidence and efficiency,” he said.
The MoU was signed in Abu Dhabi by Ibraheem Al Sayed Mohamed Al Hashemi, Assistant Governor for Executive Office and Secretary-General of the Board of Directors at the central bank, and Abdulqader Obaid Ali, Chairman of the association, in the presence of senior officials from both entities.
