Latest news with #CentralBankUAE
Emirates 24/7
a day ago
- Business
- Emirates 24/7
‘Ethraa' Career Fair wraps up in Dubai with strong Emirati participation
The 8th edition of the Ethraa Career Fair concluded in Dubai, recording strong participation from Emirati talents and a wide range of employers in the financial sector. Organised by the Emirates Institute of Finance (EIF), in cooperation with the Central Bank of the UAE, the Emirati Talent Competitiveness Council (Nafis), the Emirati Human Resources Development Council – Dubai, and Al Futtaim Group, the event brought together more than 60 government entities, banks, insurance firms, exchange houses, and financial institutions operating in the UAE. The fair attracted 679 job seekers, offering direct employment opportunities alongside specialised skill development workshops. A dedicated career guidance booth also witnessed significant engagement from Emirati participants, reflecting strong interest in career advancement and professional growth. The event forms part of the Ethraa initiative, which aims to support Emiratisation in the financial, banking, and insurance sectors by creating over 10,000 job opportunities for UAE nationals by 2027. The initiative also seeks to equip Emiratis with the skills needed to contribute to the future of key economic sectors and strengthen their role in sustainable national development. Abdullah Ali bin Zayed Al Falasi, Director-General of Dubai Government Human Resources and Vice Chairman of the Emirati Human Resources Development Council in Dubai, said, 'The Ethraa Career Fair serves as a strategic platform to showcase the Council's efforts in developing a robust professional empowerment system for national talent and raising awareness of the quality opportunities available within the financial sector. We believe that such events contribute to generating accurate data on market trends and needs, enriching planning tools and enhancing the effectiveness of Emiratisation-related policies. The organisational success witnessed in this edition reflects an advanced model of coordination among partners and opens new avenues for expanding impactful initiatives in alignment with the Dubai Economic Agenda (D33) and the emirate's vision for strengthening the future readiness of national talent'. Saif Humaid Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the Central Bank of the UAE and Vice Chairman of the EIF Board of Directors, stated that the Ethraa Career Fair reflects the Central Bank's strong commitment to developing and empowering national talent in the financial sector. This is achieved by providing strategic platforms that accelerate Emiratisation and enhance the development of Emirati human capital, in alignment with the UAE's vision for a more sustainable and competitive future. He noted that the fair's continued success demonstrates the effectiveness of public-private partnerships in supporting economic development goals and praised the pivotal role of the Nafis Programme in opening broad career pathways for Emiratis and enabling them to assume leadership roles across the financial industry. Follow Emirates 24|7 on Google News.
ARN News Center
3 days ago
- Business
- ARN News Center
Two foreign bank branches fined AED 18 million for regulatory breaches
The Central Bank of the UAE has issued major financial penalties against two foreign bank branches operating in the country. The first bank was fined AED 10.6 million, while the second faces a penalty of AED 7.5 million. This comes after examinations by the Central Bank uncovered violations of anti-money laundering laws and failures to comply with regulations on combating the financing of terrorism and illegal organisations. The names of the banks involved have not been disclosed by the authority. In a statement, the Central Bank said it remains committed to ensuring that all banks and their employees follow national laws and uphold the highest standards of transparency, compliance and financial integrity. The #CentralBankUAE imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to AED10,600,000 for the first bank and AED7,500,000 for the second bank, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering… — Central Bank of the UAE (@centralbankuae) May 28, 2025
Khaleej Times
3 days ago
- Business
- Khaleej Times
Reaping benefits of credit cards through rewards and savings
The UAE credit card market has shown significant growth and is a key component of the country's financial landscape, which is considered one of the bests worldwide due to solid foundation laid down by the Central Bank of the UAE. Credit cards have become an important part of our life as they provide an array of benefits from zero per cent interest financing to free shipping access as well as offers rewards through loyalty programmes. Perhaps it is one of the most lucrative perks for cardholders to earn rewards if they channelise their spending through credit cards. Rewards come in all shapes and sizes, providing the card users with cash back, points or airmiles that they can redeem for statement credits, travel, gift cards and much more. Most of the reward programmes offer cardholders incentives for spending, turning everyday purchases into opportunities for savings and benefits. UAE Leads the Region Today, the UAE leads the region in credit card usage as the tech-savvy population prefers plastic cards over carrying a cash in their wallet. According to a recent Consumer Lifestyle survey, the UAE's credit card usage in terms of the average size of transactions and number of transactions per month is far ahead of other countries in the region. 'The UAE tops the Gulf region in terms of frequency of card use too as 31 per cent of the cardholders using their credit cards more than 10 times during a month. While 32 per cent of the card users preferred to use three to five times during a month, 19 per cent used between six to 10 times,' according to the survey. Vijay Valecha, Chief Investment Officer at Century Financial, referring to GlobalData, a prominent data and analytics firm, said the UAE's card payments market is projected to expand at a compound annual growth rate (CAGR) of 10.6 per cent from 2024 to 2028, reaching Dh764.1 billion ($208.2 billion) by 2028, as reported by GlobalData, a prominent data and analytics firm. While referring to Bain & Company, he said the UAE merchant acquiring market, i.e., the Credit Card Market, reached a total payment volume of approximately $150 billion in 2024, representing a compound annual growth rate of 13-14 per cent since 2020. In 2025, it is expected to grow by 10.6 per cent, reaching $166 billion. Looking ahead, it is expected to grow at a CAGR of 9.6 per cent, reaching $240 billion by 2029. 'The main reason for this growth is three primary factors: increased population, high consumer propensity to spend, and increased adoption of digital payment via government initiatives. Looking ahead, these are expected to be the main drivers of growth,' Valecha told Khaleej Times. He said credit card users in the UAE have a wide variety of cards offered by various banks that provide benefits to consumers in multiple ways. 'The most common way that banks reward credit card customers is through cashback. These could be offered on various expenses like groceries, fuel, dining, Salik, education, utilities, among others,' he said. Safety, Saving and Rewards Credit cards offer a variety of rewards, benefits, and potential savings that can significantly enhance spending experience of the users. One of the most appealing features of credit cards is the rewards programmes that allow cardholders to earn points, cash back, or travel miles for every dirham spent. Depending on the card, rewards can be tailored to specific categories like grocery shopping, dining, or travel, giving consumers the opportunity to maximise their earnings on everyday purchases. Another significant advantage of credit cards is the convenience and security they provide. Unlike carrying cash, a credit card allows for safer transactions, especially when traveling or shopping online. Many credit cards also come with added benefits such as extended warranties on purchases, purchase protection, and identity theft protection, which can provide peace of mind and additional savings if an issue arises. Furthermore, utilising credit cards responsibly can help build a strong credit score. A good credit history opens doors to better loan terms and lower interest rates in the future, resulting in long-term financial savings. Experts advise the cardholders always to go for cards which offer value for money. Some of the credit cards offered by leading financial institutions such as Commercial Bank of Dubai and Mashreq, among others, come with additional benefits providing cash back, rewards and savings to build long-term relations and retain their customers. They further suggest that the customers should go for credit cards offering international benefits with a global network such as Visa that facilitates digital payments in over 200 countries and territories. In summary, credit cards can be an effective tool for rewards and savings. By understanding their benefits, consumers can strategically choose a credit card that aligns with their spending habits, enhancing their financial health while enjoying perks that come from responsible use. HOW TO MAXIMISE REWARDS It is very important to understand how to maximise the credit card rewards as smart usage of plastic cards can lead to significant financial advantages. Rewards: Most credit cards offer rewards tailored to specific spending habits. Cash-back cards provide 1-10% back on purchases, with higher rates in categories like dining or groceries. Travel cards focus on miles or points for flights, hotels, or upgrades often with bonuses for specific merchants. Choosing a card aligned with your spending — whether gas, groceries, or travel — maximises rewards. Benefits: Credit cards provide perks like purchase protection, extended warranties, or travel insurance. Premium cards often include airport lounge access, annual travel credits, or concierge services. Fraud protection is another universal benefit, shielding users from unauthorised charges. Savings: Strategic use of rewards can yield substantial savings. Redeeming points for high-value options, like travel or gift cards, often provides better returns than cash. Sign-up bonuses amplify savings for new cardholders meeting spending thresholds. To maximise value, choose a card matching your lifestyle, pay off balances, and track rotating bonus categories. Always read terms to avoid pitfalls like annual fees or expiring points. Used wisely, credit card rewards can enhance financial flexibility and savings.
Dubai Eye
3 days ago
- Business
- Dubai Eye
Two foreign bank branches fined AED 18 million for regulatory breaches
The Central Bank of the UAE has issued major financial penalties against two foreign banks operating in the country. The first bank was fined AED 10.6 million, while the second faces a penalty of AED 7.5 million. This come after examinations by the Central Bank uncovered violations of anti-money laundering laws and failures to comply with regulations on combating the financing of terrorism and illegal organisations. The names of the banks involved have not been disclosed by the authority. In a statement, the Central Bank said it remains committed to ensuring that all banks and their employees follow national laws and uphold the highest standards of transparency, compliance and financial integrity. The #CentralBankUAE imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to AED10,600,000 for the first bank and AED7,500,000 for the second bank, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering… — Central Bank of the UAE (@centralbankuae) May 28, 2025
Zawya
3 days ago
- Business
- Zawya
Comera Finance receives in-principle approval from the Central Bank of UAE for a finance company license
Abu Dhabi, UAE – Comera Finance, part of Comera Financial Holding and Abu Dhabi's Royal Group, has received in-principle approval from the Central Bank of the UAE to operate as a fully licensed Non-Banking Financial Company (NBFC). This significant milestone reinforces Comera's commitment to delivering a seamless, tech-powered financial ecosystem tailored for the UAE's digitally connected future. Comera Finance will offer the entire spectrum of products including Retail, SME and Corporate lending. These would include Credit Cards, Personal Loans, Mortgages, Vehicle Finance and other borrowing requirements of Consumers and Letters of Credits, Bank Guarantees, Performance Bonds, Working Capital lending and tailor made Supply Chain Finance to its SME's and Corporate clients. At the heart of Comera's offering will be its advanced digital infrastructure. Built on scalable cloud architecture, the platform leverages real-time processing, advanced security, AI-driven fraud detection, and instant payment notifications to create a frictionless experience for users. This approval aligns with the UAE leadership's ambitious vision to build a world-class digital economy, promoting financial inclusion, innovation, and seamless access to digital services. As part of this national vision, Comera Finance will integrate with AANI, the Instant Payment Platform (IPP) and support Jaywan card issuance—paving the way for greater adoption of cashless transactions across the country. 'With this NBFC license, Comera is stepping into a transformative role in the UAE's fintech ecosystem,' said Akhtar Saeed Hashmi, Chief Executive Officer and Managing Director of Comera Financial Holding. 'Our technology-first approach supports the nation's long-term goal of a cashless, digitally empowered society led by visionary leadership and robust regulatory frameworks.' As the UAE accelerates toward becoming a regional fintech leader, Comera stands ready to support that journey—merging innovation with trust to reshape financial experiences for the modern era. Comera Finance is expected to go live to public by end of Q3 2025 with a host of digital offerings.
