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THE ECONOMY - CENTRAL BANK

Khalifa restructures U.A.E. Central Bank Board

Posted on 23/09/2014

President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued a Federal Decree restructuring the board of directors of the Central Bank of the U.A.E.. According to the Decree, the following board members will serve a four- year term: Khalifa Mohammed Al Kindi, Chairman of the Board, Khalid Juma Al Majid, Vice Chairman, Mubarak Rashid Khamis Al Mansouri, Governor, and Younis Haji Al Khoori, Khalid Ahmed Al Tayer, Khalid Mohammed Salem Balama and Hamad Mubarak Bu Amim as members. Any ...  >>MORE

Money Supply Aggregate, M0, increases to Dh72.1 billion in July: Central Bank

Posted on 15/09/2014

The U.A.E. Central Bank has announced that the money supply aggregate M0 (currency in circulation plus currency at banks) increased by 6.3%, from Dh 67.8 billion at the end of June 2014 to Dh 72.1 billion at the end of July of the same year. The money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) decreased by 0.2%, from AED 434.3 billion at the end of June 2014 to Dh 433.6 billion at the end of July of the same year. ...  >>MORE

Central Bank of the U.A.E. aware of consent order between New York State Department of Financial Services, Standard Chartered Bank

Posted on 22/08/2014

Central Bank of the U.A.E. announced that it has taken note of the Consent Order entered into by the New York State Department of Financial Services and Standard Chartered Bank on 19 August 2014. Under the said Consent Order, the bank was fined and is subject to certain procedures for not fulfilling the requirements of the New York State Department of Financial Services, among which closure of accounts relating to persons and companies holding nationalities that cannot transfer funds or deal ...  >>MORE

U.A.E. Central Bank announces 64% Emiratisation

Posted on 21/07/2014

The Central Bank of the U.A.E. has announced that the ratio of Emirati employees working at the Bank reached 64% at the end of the first half of 2014. The ratio of Emiratisation by job categories reached 100% within the leadership and Supervisory category, 71 % within the executive category and 44% within the specialised/technical category. The Central Bank's management has developed specialised training programmes to improve performance of staff, particularly national employees, in ...  >>MORE

Central Bank discusses new banking law

Posted on 13/07/2014

The Board of Directors of Central Bank of the U.A.E. discussed in its 4th meeting for the year 2014 the major subjects in the new banking law and reviewed a comparative analysis between it and Federal Law No-10 of 1980, Regarding the Central Bank, the Monetary System and Organization of Banking. The meeting, chaired by Khalifa Mohammed Al Kindi, Chairman of the Board, and attended by other board members and a group of senior Central Bank staff, reviewed a report regarding the latest ...  >>MORE

U.A.E. Central Bank announces money supply aggregate M1 increase by 3.5%

Posted on 11/06/2014

The U.A.E.'s Central Bank has announced that the money supply aggregate M1 (currency in circulation plus monetary deposits, i.e. current accounts and call accounts at banks) increased by 3.5%, from Dh 412.0 billion at the end of March 2014 to Dh 426.3 billion by the end of April 2014. In its statement, the Central Bank announced that the money supply aggregate M0 (currency in circulation + currency at banks) decreased by 0.2%, from Dh 65.3 billion to Dh 65.2 billion for the same period. The ...  >>MORE

Central Bank: Money supply aggregate M1 increased to Dh 396.6 billion by February

Posted on 09/05/2014

The money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 1.9%, from Dh 389.2 billion at the end of January 2014 to Dh 396.6 billion at the end of February 2014. UAE Central Bank in a statement announced that the money supply aggregate M0 (currency in circulation + currency at banks) increased by 1.1%, from Dh 63.5 billion at the end of January 2014 to Dh 64.2 billion at the end of February 2014. The money ...  >>MORE

UAE bank assets cross Dh2 trillion

Posted on 03/03/2014

The combined assets of the UAE banks crossed Dh2 trillion mark for the first time at the end of 2013 to maintain the country's position as having the largest banking sector in the Arab region, according to official data. The assets soared by nearly Dh34 billion to an all-time high of Dh2,025.8 billion at the end of December 2013 from Dh1,991 billion at the end of November, the Central Bank said in its monthly statistics report. The rise mean that the combined assets of the UAE's 23 national ...  >>MORE

Central Bank: Money Supply aggregate M0 increased by 0.8%

Posted on 27/02/2014

The UAE Central Bank has announced that the money supply aggregate, M0 (currency in circulation + currency at banks), increased by 0.8%, from Dh 63.4 billion at the end of November 2013 to Dh 63.9 billion at the end of December of the same year. The money supply aggregate, M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks), increased by 1.7%, from Dh 373.3 billion at the end of November 2013 to Dh 379.6 billion at the end of December of the ...  >>MORE

Central Bank announces money supply aggregate M0 increases by 1.0%

Posted on 29/01/2014

The UAE Central Bank has announced that the money supply aggregate M0 (currency in circulation + currency at banks) increased by 1.0% from Dh 62.8 billion at the end of October 2013 to Dh 63.4 billion at the end of November of the same year. The money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 3.3%, from Dh 361.5 billion at the end of October 2013 to Dh 373.3 billion at the end of November of the same ...  >>MORE

Monetary and Banking Developments - October 2013

Posted on 10/01/2014

The Central Bank have announced that the money supply aggregate M0 (currency in circulation + currency at banks), increased by 3.8% from Dh 60.5 billion at the end of September 2013 to Dh 62.8 billion at the end of October of the same year. The money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks), increased by 2.0%, from Dh 354.4 billion at the end of September 2013 to Dh 361.5 billion at the end of October of the same ...  >>MORE

Central Bank of UAE issues regulations Relicensing and Monitoring of Exchange Business

Posted on 07/01/2014

Central Bank of UAE has issued the regulations on licensing and monitoring of exchange business to regulate, enhance exchange business profession, support its geographical spread and facilitate the provision of exchange services throughout the UAE based on solid foundations. The Central Bank's Board of Directors has set a number of following definitions: "Licensed person"; means any natural or juridical person authorised to conduct exchange business under these Regulations. "Licence"; means ...  >>MORE

Central Bank discusses proposed financial and banking regulations for 2014

Posted on 22/12/2013

The Board of Directors of Central Bank of the UAE held its 8th meeting for the year 2013 in Abu Dhabi, under the chairmanship of Khalifa Mohammed Al Kindi, Chairman of the Board. The meeting, attended by Khalid Juma Al Majid, Deputy Chairman, Sultan bin Nasser Al Suwaidi, the Governor, and Board Members, reviewed latest developments regarding the project of assigning a consultative firm the task of preparing a study on Exchange business in the UAE. The Board also reviewed latest ...  >>MORE

UAE Central Bank Governor underscores UAE's efforts to advance financial inclusion

Posted on 11/12/2013

The Governor of the UAE Central Bank, Sultan bin Nasser Al Suwaidi, has underscored the UAE's efforts to advance financial inclusion and urged for aligning it with the country's efforts to implement the smart government initiative which requires providing all financial services in an electronic, safe and trustworthy way round the clock. Al Suwaidi made his remarks in his keynote speech read out by Saif Hadef Al Shamsi, Assistant Governor of the UAE Central Bank for Monetary Policy and ...  >>MORE

UAE banks safe, says Central Bank Governor

Posted on 28/11/2013

The banking industry is safe and secure in the United Arab Emirates, the Governor of the UAE Central Bank, Sultan Nasser Al Suwaidi, said yesterday. Overall confidence in the UAE banks is justifiably strong, he added, thanks to effective supervision and the fact that there are cautious mechanisms in place to safeguard the system. Addressing a press conference organised for foreign correspondents invited by the National Media Council to visit the country on the occasion of the UAE's National ...  >>MORE

Central Bank issues regulations re-monitoring large exposure limits

Posted on 18/11/2013

The Board of Directors of Central Bank of the UAE sets rules to govern ratio requirements to which all banks must adhere to ensure their liquidity and solvency, in particular, banks must follow a prudent credit policy in order to safeguard the assets entrusted to them.. The new rules are in accordance with Part Three, Chapter Two, of Union Law No. (10) of 1980 concerning the Central Bank and the Monetary System and Organisation of Banking. For the purpose of assessing whether a bank's credit ...  >>MORE

Central Bank releases money supply aggregate figures

Posted on 11/11/2013

The UAE Central Bank has announced that the money supply aggregate M0 (currency in circulation + currency at banks) decreased by 0.3% from Dh 60.7 billion at the end of August to Dh 60.5 billion at the end of September. The Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 1.8%, from Dh 348.0 billion at the end of August 2013 to Dh 354.4 billion at the end of September of the same year. The Money supply ...  >>MORE

UAE Central Bank issues mortgage cap regulation

Posted on 31/10/2013

New bank lending norms an attempt to ward off the pitfalls of uncontrolled lending to property buyers. The UAE Central Bank issued on Tuesday a key mortgage cap regulation streamlining new bank lending norms in an attempt to ward off the pitfalls of uncontrolled lending to property buyers. The long awaited rules, based on loan-to-value ratio, will seek to limit home loans for expatriates to 75 per cent of a property's value for a first investment of less than Dh5 million. For Emiratis, the ...  >>MORE

Central Bank reviews reports on banking and monetary indicators

Posted on 30/10/2013

The Board of Directors of Central Bank of the UAE held its 7th meeting for the year 2013 in Abu Dhabi, under the chairmanship of Khalifa Mohammed Al Kindi, Chairman of the Board. The meeting was attended by Khalid Juma Al Majid, Deputy Chairman, Sultan bin Nasser Al Suwaidi, the Governor, and Board Members, and a group of senior Central Bank staff. The Board reviewed the latest developments regarding the draft financial services law and the actions taken so far in this respect. The Board also ...  >>MORE

UAE Central Bank and Bank of Korea sign currency swap framework agreement

Posted on 15/10/2013

The Central Bank of the U.A.E. signed a currency swap framework arrangement with the Bank of Korea (Central Bank of South Korea) on Sunday in Washington D.C. The signing took place on the margins of the Annual Meeting of the World Bank Group, WBG, and the International Monetary Fund, IMF. "This arrangement aims at promoting trade and investment between the U.A.E. and South Korea," said a spokesperson in a press release issued by the UAE Central Bank yesterday. Sultan Bin Nasser Al Suwaidi, ...  >>MORE

Central Banks of UAE and Malaysia sign MoU for exchange of information and expertise

Posted on 12/10/2013

Central Bank of the UAE announced that it has signed a Memorandum of Understanding (MoU) with the Bank of Negara Malaysia (Central Bank of Malaysia) on Thursday, 10th October 2013, in Washington D.C. at the margins of IMF/WB Annual meetings, aimed at cooperation, exchange of information and expertise, and training. Sultan bin Nasser Al Suwaidi, Governor of Central Bank of the UAE, signed the MoU with Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia. This MoU puts a mechanism to ...  >>MORE

Central Bank deposits double

Posted on 08/10/2013

The UAE Central Bank more than doubled its deposits with other banks in the first eight months of 2013 while its "held-to-maturity-investments” dipped by more than two per cent following a sharp rise in the previous months. The decline in investments did not affect the Central Bank's overall assets, which swelled by nearly 7.2 per cent to reach one of their highest levels at the end of August. Deposits with other banks hit an all-time high of around Dh94.6 billion at the end of August ...  >>MORE

Central Bank of UAE kicks off Direct Debit System from 5th October

Posted on 02/10/2013

Further to an earlier communication in April this year, the Central Bank of the UAE has announced that registration of banks and finance companies into the direct debit system has been completed, and all banks and finance companies are now ready to embark on to the first phase of using the system beginning on October 5th, 2013. A direct debit is a safe and convenient method of making payments and is ideally suited for making regular payments with fixed or variable amounts electronically. An ...  >>MORE

Non-oil growth may hit 4.5%

Posted on 30/09/2013

The UAE's non-oil economic growth is all set to reach four per cent with a strong possibilities of touching 4.5 per cent this year on the back of strong performance put up by the service and tourism sectors, UAE Central Bank Governor Sultan bin Nasser Al Suwaidi said. He stressed that the progress made by the UAE helped in overcoming the effects of the global economic crisis, and pointed out that the non-oil GDP of the UAE grew at constant prices at a rate of between 2.3 per cent and 3.5 per ...  >>MORE

Central Bank: Money supply aggregate increases to Dh 61.2 billion at the end of July

Posted on 11/09/2013

The UAE Central Bank has announced that the money supply aggregate M0 (currency in circulation + currency at banks) increased by 3.0% from Dh59.4 billion at the end of June 2013 to Dh61.2 billion at the end of July. Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) decreased by 0.6%, from Dh346.7 billion at the end of June 2013 to Dh344.7 billion at the end of July. Money supply aggregate M2, which comprises M1 plus ...  >>MORE

UAE bank deposits at all-time high

Posted on 21/08/2013

Deposits with UAE banks climbed to an all-time high at the end of the first half of 2013 while assets also peaked at their highest level and loans picked up sharply. Official data showed the UAE's 23 national banks and 28 foreign units are pushing ahead with a provisioning drive to bolster their financial base in the wake of the 2008 global fiscal distress, with allocations for loan loss provisions gaining around Dh500 million to reach their highest level of nearly Dh72.9 billion at the end of ...  >>MORE

Central Bank announces Monetary '&' Banking Developments for June 2013

Posted on 19/08/2013

Central Bank announced that money supply aggregate M0 (currency in circulation + currency at banks) decreased by 1.0% from Dh 60.0 billion at the end of May 2013 to Dh 59.4 billion at the end of June of the same year. Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 1.6%, from Dh 341.4 billion at the end of May 2013 to Dh 346.7 billion at the end of June of the same year. Money supply aggregate M2 which ...  >>MORE

Board of Directors of Central Bank of the UAE reviews new amendments to Draft Financial Services Law

Posted on 05/08/2013

The Board of Directors of Central Bank of the UAE has reviewed the new amendments to the Draft Financial Services Law "the Framework Law", introduced by the Legal Advisor. The Board instructed that the technical team assigned to review financial legislations should meet to discuss these amendments and submit a report thereon to the Board in its upcoming meeting. The Board's 6th meeting for the year 2013 was held at 12:00 pm on Thursday, 1 August 2013 in Abu Dhabi chaired by Khalifa Mohammed ...  >>MORE

Central Bank Board took note of latest banking and financial developments

Posted on 22/07/2013

The Board of Directors of Central Bank of the UAE held its 4th meeting for the year 2013 during which it took note of the latest developments regarding draft of the Mortgage Loans Regulation, which had previously been referred to the concerned agencies for study and feedback, and instructed follow-up with the said agencies. The Board also took note of the final proposed amendments to the Liquidity Regulations and instructed final review of the regulations in preparation for approval and ...  >>MORE

Central Bank officially announces liquidation of BCCI (SA) branches in UAE

Posted on 06/07/2013

The Central Bank of UAE today formally announced the liquidation of BCCI (SA) branches in the country. Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank of the UAE met with Mr. Jacques Delvaux, the Global Liquidator of BCCI (SA) Luxembourg, and the local liquidators of UAE Branches of the said bank, on the occasion of the official announcement of completion of the liquidation of UAE Branches of BCCI (SA), in accordance with Chairman of the Board of Directors decision No- 01/2013, ...  >>MORE

UAE Banks Federation: "Code of Conduct" is our priority

Posted on 30/06/2013

In order to streamline the banking business and promote cooperation between banks, as well as achieve the highest standards of quality and excellence and build a professional and transparent environment to serve the customers interests and rights, the UAE Banks Federation is developing the "Code of Conduct" for the banking industry in UAE The UAE Banks Federation has recently formed a specialised committee covering legal, compliance, HR, retail and corporate aspects, dedicated to develop the ...  >>MORE

UAE Central Bank supports m-Government

Posted on 18/06/2013

The Central Bank of the UAE has hosted a meeting in support of the m-Government initiative launched on 22nd May, 2013. The meeting was attended by Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank, with senior staff of the Central Bank, Ahmed Abdul Karim Julfar, CEO of Etisalat Group and some senior staff of Etisalat, Osman Sultan, CEO of Du, and Tirad Mahmoud, CEO of Abu Dhabi Islamic Bank, representing the UAE Banks Federation. The meeting explored how best to remove obstacles to ...  >>MORE

NAMLC discusses report on of legal, regulatory, supervisory and corporate framework enhancement for anti-money laundering

Posted on 16/06/2013

The National Anti-Money Laundering Committee (NAMLC) held its 2nd meeting for the year 2013 at Head Office of the Central Bank in Abu Dhabi, under the Chairmanship of Sultan bin Nasser Al Suwaidi, Governor of the Central Bank, Chairman of the NAMLC. The meeting, which was attended by the members of the Committee, reviewed a report regarding the 17th MENAFATF Plenary Meeting, 16th Technical Assistance '&' Typologies Working Group Meeting, 20th Mutual Evaluation Working Group Meeting and 7th ...  >>MORE

Central Bank of UAE signs MoU with Bank of Korea

Posted on 04/06/2013

The Central Bank of the UAE has announced that it has signed a Memorandum of Understanding (MoU) with the Bank of Korea (Central Bank of South Korea) on Monday 3rd June 2013 in Seoul, aimed at co-operation, exchange of information and expertise, and training. Sultan bin Nasser Al Suwaidi, Governor of Central Bank of the UAE, signed the MoU on behalf of the Central Bank of the UAE. Dr. Choongsoo Kim, Governor of Bank of Korea, signed the MoU on behalf of the Bank of Korea. The MoU establishes ...  >>MORE

Central Bank, Emirates Investment Authority to establish mint in UAE

Posted on 30/05/2013

The Central Bank of the UAE and Emirates Investment Authority have announced the signing of a memorandum of understanding (MoU) to establish and operate a mint in the UAE to meet the Central Bank's entire needs of printed currency notes. "The establishment of the mint is mainly aimed at meeting the Central Bank's entire needs of printed currency notes. A secondary objective would be to market whatever surplus capacity in international markets," the apex bank said in a press release. "Emirates ...  >>MORE

Central Bank: Money Supply aggregate M1 increases to Dh336 billion at end of April

Posted on 30/05/2013

Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e. current accounts and call accounts at banks) increased by 2.6%, from Dh 327.4 billion at the end of March to Dh336 billion at the end of April. The Central Bank of the UAE announced in a press release that the money supply M0 (currency in circulation + currency at banks) decreased by 1.0% from Dh59.4 billion at the end of March to Dh58.8 billion at the end of April. Money supply aggregate M2, which comprises M1and ...  >>MORE

Central Bank of the UAE, TRA sign MoU

Posted on 25/05/2013

Central Bank of the UAE represented by the Department of Information Technology and the Telecommunications Regulatory Authority (TRA) represented by Computer Emergency Response Team, have signed the Memorandum of Understanding (MoU) to ensure the security system of the Central Bank, clients and exchange of data and research between the two parties. The deal was signed by Sultan bin Nasser Al Suwaidi, Governor of Central Bank of the UAE and Mohammed Nasser Al Ghanem, Director General of TRA. ...  >>MORE

Central Bank revokes licenses of two exchange companies

Posted on 09/05/2013

Central Bank of the UAE announced that it has decided to revoke the licenses of the following two exchange companies as of yesterday for violating financial regulations: 1- Al Hilal Exchange; and 2- Asia Exchange Centre 'As the first company had major regulatory and Anti-Money Laundering (AML) compliance violations, and the second company had major regulatory violations,' a Central Bank press release said yesterday. 'Based on revocation of the licenses, the two companies were prohibited from ...  >>MORE

Money supply up to Dh 59.4 billion by March end: Central Bank

Posted on 08/05/2013

Central Bank of the UAE announced that money supply M0 (currency in circulation + currency at banks) increased by 1.0% from Dh58.8 billion at the end of February 2013 to Dh59.4 billion at the end of March of the same year. Money supply aggregate M1 (currency in circulation plus monetary deposits, i.e., current accounts and call accounts at banks) increased by 3.2%, from Dh317.4 billion at the end of February 2013 to Dh327.4 billion at the end of March of the same year. Money supply aggregate ...  >>MORE

UAE's Central Bank reports increase in number, value of UAE's Central Bank reports increase in number, value of UAESWITCH financial transactions in Q1 2013

Posted on 16/04/2013

The Central Bank of the UAE has announced that the statistics of the UAESWITCH for the 1st quarter of 2013 have shown an increase in the number and value of financial transactions, carried-out electronically through the UAESWITCH. The total number of financial transactions has increased to 16.898 million transactions in the said quarter, compared to 16.821 million transactions in the 4th quarter of 2012, i.e. an increase of 0.45%, the apex bank said. The total value of financial transactions ...  >>MORE

Central Bank of UAE to introduce the Direct Debit System

Posted on 10/04/2013

The Central Bank of UAE has announced the introduction of the ‘Direct Debit System' in the UAE with effect from 15th June 2013. It added that the implementation of Direct Debit will enable customers to make regular, automatic payments from their bank accounts towards mortgage loans or credit card payments or personal loan instalments. "The facility is designed to eliminate the need to sign several post-dated cheques for instalments upon obtaining a loan/finance, allowing banks to reduce their ...  >>MORE

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Quick List

Khalifa restructures U.A.E. Central Bank Board


Money Supply Aggregate, M0, increases to Dh72.1 billion in July: Central Bank


Central Bank of the U.A.E. aware of consent order between New York State Department of Financial Services, Standard Chartered Bank


U.A.E. Central Bank announces 64% Emiratisation


Central Bank discusses new banking law


U.A.E. Central Bank announces money supply aggregate M1 increase by 3.5%


Central Bank: Money supply aggregate M1 increased to Dh 396.6 billion by February


UAE bank assets cross Dh2 trillion


Central Bank: Money Supply aggregate M0 increased by 0.8%


Central Bank announces money supply aggregate M0 increases by 1.0%


Monetary and Banking Developments - October 2013


Central Bank of UAE issues regulations Relicensing and Monitoring of Exchange Business


Central Bank discusses proposed financial and banking regulations for 2014


UAE Central Bank Governor underscores UAE's efforts to advance financial inclusion


UAE banks safe, says Central Bank Governor


Central Bank issues regulations re-monitoring large exposure limits


Central Bank releases money supply aggregate figures


UAE Central Bank issues mortgage cap regulation


Central Bank reviews reports on banking and monetary indicators


UAE Central Bank and Bank of Korea sign currency swap framework agreement


Central Banks of UAE and Malaysia sign MoU for exchange of information and expertise


Central Bank deposits double


Central Bank of UAE kicks off Direct Debit System from 5th October


Non-oil growth may hit 4.5%


Central Bank: Money supply aggregate increases to Dh 61.2 billion at the end of July


UAE bank deposits at all-time high


Central Bank announces Monetary '&' Banking Developments for June 2013


Board of Directors of Central Bank of the UAE reviews new amendments to Draft Financial Services Law


Central Bank Board took note of latest banking and financial developments


Central Bank officially announces liquidation of BCCI (SA) branches in UAE


UAE Banks Federation: "Code of Conduct" is our priority


UAE Central Bank supports m-Government


NAMLC discusses report on of legal, regulatory, supervisory and corporate framework enhancement for anti-money laundering


Central Bank of UAE signs MoU with Bank of Korea


Central Bank, Emirates Investment Authority to establish mint in UAE


Central Bank: Money Supply aggregate M1 increases to Dh336 billion at end of April


Central Bank of the UAE, TRA sign MoU


Central Bank revokes licenses of two exchange companies


Money supply up to Dh 59.4 billion by March end: Central Bank


UAE's Central Bank reports increase in number, value of UAE's Central Bank reports increase in number, value of UAESWITCH financial transactions in Q1 2013


Central Bank of UAE to introduce the Direct Debit System