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  • Section One: The Board of Directors

    • Article (10): Members of the Board of Directors

      The Central Bank shall be managed by a Board of Directors of seven (7) members, including the Chairman and the Governor.

      This article has been amended by Decretal Federal Law No. (02) of 2021. You are viewing the latest version. To view the previous version, click the version box below.
      Version 1(effective from 31/10/2018 to 08/03/2021)

       

      The Central Bank shall be managed by a Board of Directors of seven (7) members, including the Chairman, Deputy Chairman and the Governor

       

    • Article (11): Members Appointment

      1) Members of the Board of Directors shall be appointed by a federal decree based on recommendation of the Cabinet, and shall serve for a four (4) year term renewable for similar periods. The Decree designates from among the members of the Board of Directors one or more deputy chairman.
      2) The Chairman, his Deputies and the Governor, shall each have the rank of Minister.
      3) The Chairman issues a decision defining the powers of his Deputies.
      4) Subject to item three (3) of this article, should the Chairman be absent or his post became vacant, the Deputy Chairman shall replace him; and should both the Chairman and his Deputies be absent or their posts became vacant, the Governor shall replace them both.

      This article has been amended by Decretal Federal Law No. (02) of 2021. You are viewing the latest version. To view the previous version, click the version box below.
      Version 1(effective from 31/10/2018 to 08/03/2021)

       

      1) Members of the Board of Directors shall be appointed by a federal decree based on recommendation of the Cabinet, and shall serve for a four (4) year term renewable to similar periods.

      2) The Chairman, the Deputy Chairman and the Governor, shall each have the rank of Minister. Should the Chairman be absent or his post became vacant, the Deputy Chairman shall replace him; and should both the Chairman and his Deputy be absent or their posts became vacant, the Governor shall replace them both

       

    • Article (12): Membership Conditions

      1) Be of UAE nationality.

      2) Have experience in economic, financial or banking affairs.

      3) Not have been declared bankrupt or ceased repaying his debts.

      4) Not have been convicted of a felony or a misdemeanor involving moral turpitude or dishonesty, unless rehabilitated.

      5) Not an active minister, excluding the Chairman of the Board of Directors.

      6) Not a member of the Federal National Council.

      7) Not holding any position, a job or board of directors’ membership of any institution licensed by any of the Regulatory Authorities in the State or by any of the regulatory authorities in the Financial Free Zones.

      8) Not a controller or auditor of accounts of a Licensed Financial Institution, nor owner, agent, or partner in any accounts audit firm.

       

      This article has been amended by Decretal Federal Law No. (1) of 2020.You are viewing the latest version. To view the previous version, click the version box below.
      Version 1(effective from 31/10/2018 to 09/07/2020)

       

      A member of the Board of Directors shall satisfy the following conditions:

      1) Be of UAE nationality.

      2) Have experience in economic, financial or banking affairs.

      3) Not have been declared bankrupt or failed to repay his debts.

      4) Not have been convicted, of a felony or a misdemeanor involving moral turpitude or dishonesty, unless rehabilitated.

      5) Not an active minister or member of the Federal National Council.

      6) Not holding any position, a job or board of directors’ membership of any institution licensed by any of the Regulatory Authorities in the State or by any of the regulatory authorities in the Financial Free Zones.

      7) Not a controller or auditor of accounts of a Licensed Financial Institution, nor owner, agent, or partner in any accounts audit firm.

       

    • Article (13): Resignation or Vacancy of Office

      Should a member of the Board of Directors resign, or his seat becomes vacant for any reason whatsoever prior to the expiry of his tenure, a successor shall be appointed, in accordance with the membership conditions referred to in Article (12) of this decretal law, for the remaining term of the Board of Directors.

    • Article (14): Termination of Membership

      1) Membership of the Board of Directors terminates upon end of the term without renewal, or through death, or resignation. Membership of the Board of Directors may also be terminated by a federal decree, based on the Cabinet approval, in any of the following cases:

      1. a. If the member committed grave mistakes in the management of the Central Bank, or committed serious breach of his duties.
      2. b. If the member absented himself from three (3) consecutive meetings of the Board of Directors without the Board of Directors’ approval, unless such absence was due to being on an official assignment, annual or sick leave, or due to any other acceptable reason.
      3. c. If the member no longer satisfies any of the membership conditions referred to in Article (12) of this decretal law.
      4. d. If the member was rendered incapable of performing his functions, for any reason whatsoever.

      2) Where term of the membership of the Board of Directors has expired without renewal, members of the Board of Directors shall continue to perform their functions until such time new members are appointed.