Abu Dhabi [UAE], July 15 (ANI/WAM): The Board of Directors of the Financial Stability Council held its first meeting of 2025 virtually, chaired by Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs.
The meeting was attended by Board members, including Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE); Mohamed Ali Al Shorafa Al Hammadi, Chairman of the Securities and Commodities Authority; Ahmed Jasim Alzaabi, Chairman of the Abu Dhabi Global Market; Fadhel Al Ali, Chairman of Dubai Financial Services Authority; Younis Haji Al Khoori, Undersecretary of the Ministry of Finance; and Ebrahim Obaid Al Zaabi, Assistant Governor for Monetary Policy and Financial Stability at the CBUAE.
The Board reviewed the topics on the meeting's agenda and the progress of implementing decisions and directives issued by the Board, as well as reports from the relevant financial regulatory authorities concerning financial stability, developments of the local and global financial system, and the status of financial markets in light of current conditions.
The Board members also discussed the Financial Stability Council's work programme for 2025-2026, during which a decision was adopted to establish a Technical Advisory Committee responsible for overseeing technical matters related to financial stability. In addition, the formation of three working groups was approved.
The Digital Innovation Working Group, mandated to monitor market developments, assess risks, and provide policy recommendations aimed at safeguarding financial stability, while preserving the gains of digital innovation.
The Non-Bank Financial Intermediation Working Group, tasked with conducting a comprehensive review of the non-bank financial intermediation sector to identify and study the current situation, assess systemic risks, and identify regulatory opportunities.
The Data Development Working Group, responsible for reviewing data management practices, providing recommendations, and expanding the scope of data coverage related to financial stability. (ANI/WAM)