CBUAE is set to begin imposing a fine on banks that do not complete or adhere to the Emiratisation Points scheme
Abu Dhabi: The Central Bank of the UAE has provided banks with a 30-day grace period, starting 31 December, to complete the points required in the Emiratisation Points system that was endorsed by the Council of Ministers in the financial and banking sector, local media reported.
The CBUAE is set to begin imposing a fine on banks that do not complete or adhere to the Emiratisation Points scheme, where each unrealised point will cost a bank AED 20,000.
The points system, which was originally enforced earlier in 2018, aims to raise the level of Emiratisation in the banking, financial, and insurance sector in the UAE.
The system should support the hiring, training, and development of Emirati citizens and cadres.
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