Banks in the United Arab Emirates risk becoming over-regulated amid tightening central bank rules that may hurt economic growth, said Abdul Aziz Al Ghurair, chief executive officer of Mashreqbank PSC. (MASQ)
Lenders in the country plan to introduce a code of conduct next year to help banks regulate themselves and “to avoid over- regulation,” Al Ghurair, who is also the chairman of the Dubai International Financial Authority and head of the Emirates Banks Association, said in an interview yesterday.
“Banks are concerned the central bank is imposing too many regulations,” he said. “If the trend continues, we’ll swing to heavy regulation. We need to have balanced regulation to encourage the economy.”
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