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Dubai Deposits Protected Under New Law,
by Lorys Charalambous, Tax-News.com, Cyprus
Thursday, May 21, 2009
The United Arab Emirates Federal National Council announced on May 19 that it
had agreed on a bill guaranteeing bank deposits. The bill will be applied at a
federal level, and will provide guarantees for deposits in the low-tax emirate
Dubai. The proposed law, which must be approved by parliament, will cover the
AED1.25 trillion (USD340bn) the nation currently safeguards.
In a statement, the UAE Central Bank noted that the bill will provide a
boost to confidence in the financial sector, in turn bolstering the financial
situation and attracting foreign capital to the nation’s banks. The law
guarantees national financial establishments’ deposits for three years.
Announcing the bill, Obaid Humaid Al Tayer, UAE’s Minister of State for
Financial Affairs said:
“There is an urgent need to approve the law as it is one of the procedures
taken by the government to reduce the negative impact of world economic crisis
which started six months ago, and more urgent and temporary laws will come soon
to protect the financial system and national economy.”
The Central Bank included within its announcement that it is to provide further
protection for employees via the launch of a new system to ensure the timely
payment of employees’ salaries into their bank accounts from their employers.
It is hoped that the new system, which includes the introduction of heavy penalties
on non-compliant companies, will boost the country’s international image
and add to the job market’s stability.
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