CBUAE and DoF to facilitate Dubai fees payment

The Dubai Department of Finance (DoF), and Central Bank of the UAE (CBUAE), have signed a Memorandum of Understanding, MoU, aimed at facilitating the payment of fees owed by consumers of Dubai government entities and to ultimately advance the UAE’s digital transformation strategy for public services.

The MoU was signed by Abdulhamid M. Saeed Alahmadi, Governor of the Central Bank of the UAE, and Abdulrahman Saleh Al Saleh, Director General of Dubai Department of Finance.

Government entities in Dubai and their customers will now be able to access CBUAE’s direct debit service to facilitate customer payments through the different banks in the UAE. The service aims to enhance the DoF’s relationship with both parties while ensuring increased efficiency throughout the collection process.

The MoU stipulates the development of a detailed action plan through the identification of common challenges and appropriate solutions in line with the public’s best interest. It also entails the establishment of necessary procedures that ensure a continuous technological connectivity between the two parties.

Abdulhamid Alahmadi said: “This agreement reinforces the UAE’s ambitious journey towards digital transformation. It is a testament to CBUAE’s continuous efforts to effectively contribute to the achievement of this transformation as we aim to support institutions and ensure their services are of the highest standard, agility and efficiency.”

Commenting on this occasion Saleh Al Saleh said: “This MoU will provide consumers with access to a streamlined payment process as we aim to support the UAE’s strategy towards digital adoption. This achievement is part of our keenness to raise the happiness of customers by improving the quality of the services provided and by offering secure, fast and effective payment channels.”

The Central Bank of the UAE recently signed a Memorandum of Understanding (MoU) with the Dubai Islamic Economy Development Centre (DIEDC) to reinforce and expand the reach of the Islamic banking sector, and to advance cooperation in areas of mutual interest.

 Saif Hadef Al Shamsi, Deputy Governor of the Central Bank of the UAE, and Abdulla Mohammed Al Awar, CEO of DIEDC, signed the agreement. In addition to the cooperation in Islamic banking, Central Bank of the UAE and DIEDC will work together to publish joint research and exchange knowledge to enhance expertise.

Furthermore, the two entities will jointly host international seminars, conferences and meetings, develop awareness projects, build technical capabilities and cooperate in fields that support the development of Islamic finance. As a first order of business, Central Bank of the UAE and Dubai Islamic Economy Development Centre will establish a joint team to follow up on the implementation of the MoU. The team is tasked with preparing regular update reports that will be shared with key decision makers across each entity.

Speaking on the new partnership with DIEDC, Al Shamsi said, “The MoU reflects the Central Bank of the UAE’s commitment to strengthen strategic ties with various entities in the banking and financial sector, and unify efforts to ensure that plans and initiatives are aligned with the future directions of the country and to achieve the common goals.”

Al Shamsi also highlighted that the UAE has become world’s leading hub for finance and business and it is an important centre for Islamic finance. Through the Memorandum of Understanding, the Central Bank and the Dubai Islamic Economy Development Centre endeavour to accelerate growth opportunities and the development of the banking and financial Islamic sector, in addition to attracting and preparing competencies through coordination in proposing and organising programs that will contribute in achieving the best outcomes to promote Islamic banking and finance in the UAE.

 For his part, Al Awar said, “Our latest agreement with the Central Bank of the UAE to enhance strategic cooperation in Islamic banking is part of our sustained efforts to expand the Centre’s strong base of strategic partners in all sectors of the Islamic economy and will contribute significantly to implementing our operating plans to boost Dubai’s credentials as a global capital of Islamic economy.”

He added, “As a pivotal sector of the Islamic economy, DIEDC prioritises the advancement of Islamic banking. We have made considerable headway in developing a global charter in collaboration with our strategic partners that serves to expand the scope and uptake of the Islamic finance sector and the wider Islamic economy.

WAM