The CBUAE, a federal entity under the laws of the United Arab Emirates. CBUAE is the regulator of the Banking sector in the UAE, the largest in the Middle East with assets reaching $726 billion, comprising 54 banks, of which Islamic banks are 8. CBUAE was established under the name of “United Arab Emirates Currency Board” on 19 May 1973 as per the Union Law No. 2 of 1973 with the main responsibility to issue a national currency to replace currencies in circulation during the period following the establishment of the Federation of the United Arab Emirates in 1971. Through Union Law No. 10 of 1980 the UAE Currency Board was transformed to a central bank named the “Central Bank of the United Arab Emirates” which was given wider authorities, among which are organization of the monetary, banking and credit policies. Also the Central Bank was made responsible for the issuance and maintenance of the value of the United Arab Emirates Dirham and to ensure its free convertability, in addition to acting as the banker of banks and the banker and financial advisor to the Government of the United Arab Emirates.

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