Dubai: The UAE’s banking sector expects the new insolvency law for individuals approved by the UAE Cabinet on Sunday will benefit the UAE economy and the banking sector.
The UAE Banks Federation (UBF), the representative body of banks operating in the country, commended the Ministry of Finance for the initiative.
“As the UAE advances its positioning as a regional economic hub and financial safe haven, regulations too will evolve to support the financial well-being and stability of local entrepreneurs and business owners. I commend the Ministry of Finance for taking such a crucial step in supporting individuals in their time of need and improving the ease of doing business in the country,” said AbdulAziz Al Ghurair, Chairman of UBF.
Insolvency law for individuals comes three years after the UAE government had introduced a similar insolvency law for companies in September 2016. With a well defined legal and regulatory framework for both individuals and companies in place, the UAE’s financial sector now stands at par with well-regulated global jurisdictions.