H.E. Sultan bin Saeed Al Mansouri, Minister of Economy, reviewed today with H.E. Ahmed Humaid Al Tayer, Deputy Chairman of Emirates Banks Association (EBA), the economic situation in the country, performance of banking sector and measures taken by the government to stimulate commercial and economic activities and the banks’ role in this respect.

A press release issued by EBA said the meeting had also discussed a set of proposals submitted by EBA previously to the ministry on amendment of some articles of the commercial transactions law regarding cheque and joint bank account.

The meeting, the EBA added, had also stressed the need for reviewing and updating select commercial legislations dealing with the banking operations to keep abreast of the latest industry developments.

EBA and the UAE Central Bank are considering relevant laws and legislations in light of draft updates presented by EBA members.

The two sides stressed the need for enacting a leasing finance law in view of the growing business in this sector.

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