The following terms and phrases shall have the meaning assigned to them below for the purposes of the Regulation:

1. 1.1 Bank: Any juridical person licensed in accordance with the provisions of the Central Bank Law, to primarily carry on the activity of taking deposits, and any other Licensed Financial Activities.
    
2. 1.2 Board: the Specialized Bank’s board of directors.
    
3. 1.3 Central Bank: The Central Bank of the United Arab Emirates.
    
4. 1.4 Central Bank Law: Decretal Federal Law No. (14) of 2018 regarding the Central Bank & Organization of Financial Institutions and Activities as amended or replaced from time to time.
    
5. 1.5 Person: natural or juridical person.
    
6. 1.6 Senior Management: The executive management of the Bank responsible and accountable to the Board for the sound and prudent day-to-day management of the Bank, generally including, but not limited to, the chief executive officer, chief financial officer, chief risk officer, and heads of the compliance and internal audit functions.
    
7. 1.7 Specialized Bank: any Person licensed in accordance with the provisions of this Regulation.
    
8. 1.8 UAE Residents: all Persons who are resident of the UAE according to the applicable UAE Laws.