Browsing: Central Bank of the UAE

The UAE has unveiled Jaywan, its first national domestic payment card scheme, developed by Al Etihad Payments under the Central Bank of the UAE. This landmark initiative aims to revolutionize the nation’s payment infrastructure, reduce dependency on international networks, and position the UAE as a global leader in fintech innovation.

The Ministry of Finance (MoF) as the issuer, in collaboration with the Central Bank of the UAE (CBUAE) as the issuing and paying agent, announced the results of the Islamic Treasury Sukuk (T-Sukuk) auction denominated in UAE dirhams, amounting to AED 1.1 billion. This issuance is part of the Islamic T-Sukuk issuance programme for the first quarter of 2025 as published on the Ministry’s website.

Magnati, a prominent payments provider, has entered into an agreement with Arabian Automobiles Company (AAC) to offer AAC customers improved payment solutions via Aani, the instant payment platform developed by Al Etihad Payments (AEP).

By July 2024, the total capital and reserves of banks in the UAE exceeded AED 500M ($136.1B) for the first time.

AED Stablecoin LLC has received in-principle approval from the Central Bank of the UAE to…

Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), took part in the 48th regular session of the Council of Arab Central Banks and Monetary Authorities’ Governors, which was held in Cairo under the patronage of Egyptian President Abdel Fattah El-Sisi, and attended by Prime Minister Dr. Mostafa Madbouly.

Borrowing costs in the UAE have decreased as the Central Bank closely mirrored the US Federal Reserve’s decision to cut interest rates by 50 basis points.

Banks’ investments in monetary bills and Islamic certificates of deposit (CDs) reached AED 226.9B by the end of Q2 2024, a 10.3% increase from AED 205.7B at the same time last year, according to the Central Bank of the UAE (CBUAE). Investments in Shariah-compliant CDs stood at AED 43.9B by the end of Q2 2024.

The UAE’s top banks have maintained a strong capital position, supported by robust profits, and their asset quality improved in the quarter ending June 2024.

Powered by a dynamic non-oil sector, the UAE, the Arab world’s second-largest economy, continues to experience strong growth, according to the Organisation of the Petroleum Exporting Countries (Opec).