From this year until 2026
The Central Bank calls on banks to localize the departments of credit and risk grants
Banks received detailed letters from the Central Bank outlining requirements regarding housing for citizens.
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Ahmed Youssef: “The banking sector is the backbone of the economy in any country, and it is natural for citizens to occupy its vital and important positions.”
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The Central Bank asked banks and finance companies operating in the country to localize credit granting departments and departments, as well as important and vital functions in risk management.
An informed banker told «Emirates Today», who preferred not to be named, that «the banks received detailed messages from the Central Bank specifying the requirements related to housing citizens in these vital jobs in each bank separately, from this year until 2026 as part of the amendments that were added to the mechanism Implementation of the Emiratisation Points Strategy.
And he indicated that "there are already national bankers who have been prepared in cooperation with the Central Bank to fill important positions in the banks' risk departments, and with time they will be fully resettled."
For his part, the banking expert, Ahmed Youssef, said, “The banking sector in the country has the highest rate of Emiratisation among the rest of the other economic sectors, and over the past years, competencies have been trained and qualified to occupy leadership positions in banks, and currently these competencies have proven their ability to carry out their responsibilities with dedication. And great sincerity.”
He added that "the banking sector is the backbone of the economy in any country, and it is natural for citizens to occupy its vital and important positions," pointing out that "the citizen is stable in his country and does not leave it, and filling these positions will greatly reduce the stumbles and help in granting credit after better scrutiny without courtesy or favor".
And Youssef indicated that "there are banks currently that have citizens in important and leadership positions, but on the other hand, there are others that need to give way to the expertise and competencies of citizenship to take their chance."
It is noteworthy that the Central Bank issued a recent circular that it is necessary to appoint nationals who are new graduates or who have not previously worked in the banking sector, in order to meet the points requirements specified by it annually.
The Emiratisation decision by points was issued by the Council of Ministers in 2015, adopting the Emiratisation strategy in the banking and insurance companies sector, and the points system, which replaced the percentage system. In addition, the localization strategy has become highly dependent on the operating profits of banks and insurance companies, meaning the higher their profits, the higher the number of targeted points.
The decision includes “fine points” legally prescribed for banks and insurance companies that are not committed to the Emiratisation rates, with up to 20,000 dirhams for each point missing from the target number.
According to the latest data, Emiratisation rates in the banking sector range between 27 and 30%, and it is one of the best sectors in the country that permanently employs citizens.
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