The Central Bank provided banks operating in the country 30 days after 31 December 2018, to complete the points required in the system of Emiratisation Points in the financial sector and banking issued by the Council of Ministers.
The Central Bank told the banks that the National Commission for Settlement in the financial and banking sector decided to impose a fine on banks worth 20 thousand dirhams for each point is not realized in the system of Emiratisation points.
He added that the failure to achieve the targeted settlement points will be calculated through the periodic report of each bank, which is delivered on 31 December 2018.
The Central Bank of Egypt issued a copy of the circular stating that the bank supervision department will calculate the incomplete points from the data provided, and then advise and advise the failing banks to achieve the required settlement points within the next 30 days To receive data through a time-out called '30-day window'.
He added that after the end of this deadline will be a letter to banks that did not meet the points required of them, including the value of the fine imposed on them.
In its circular, signed by the Assistant Governor for Banking Supervision, the Central Bank requested to communicate with the staff of the Control Department for any clarification on the circular.
The Points System is one of the Emiratisation strategies in the banking and insurance sector, with the aim of increasing Emiratisation rates in this vital and strategic sector of the UAE, enhancing the participation of national cadres in addition to the training and development of citizens working in the banking and financial sectors and enhancing their participation in the market. Work in accordance with an integrated vision that supports the principles of «UAE Vision 2021», and in implementation of the directives of the leadership on enhancing the participation of national cadres in the banking and financial sector.
The "Points System" was set up to meet the Emiratization targets, as part of the Emiratization strategy in the banking and insurance sector approved by the Council of Ministers, which will ensure strategic leadership to achieve the Emiratization targets. And will achieve the objectives to raise the rate of Emiratisation in the sector in quantity and quality. The system is characterized by giving flexibility to banks and insurance institutions in achieving the points required of them.
It is noted that the system of localization points began to take effect from the beginning of 2018.