The Central Bank of Egypt (CBE) inked a memorandum of understanding (MoU) with the Dubai Financial Services Authority (DFSA) to strengthen cooperation between the two parties and facilitate the performance of their respective supervisory tasks.
A DFSA statement released today said the MoU enhances the safety and soundness of banks in their respective jurisdictions, including combating financial crime, conducting consolidated supervision of common firms, and discussing crisis management.
“We are honoured to be working hand-in-hand with the CBE. This MoU will enhance the cooperation and relationship between the two bodies by promoting stable and transparent financial services in our respective jurisdictions as well as contribute to strengthening investor confidence,” chief executive of the DFSA in Dubai Bryan Stirewalt stated.
CBE Governor Tarek Amer said the MoU will help facilitate the exchange of information and performance of the supervisory tasks as well as promote the safety and soundness of banks in jurisdictions, exchanging staff experience and training in the scope of banking supervision.
The Dubai financial authority has enjoyed a close working relationship with its Egyptian counterparts for many years. In September 2006, the Capital Markets Authority of Egypt (the predecessor to the Egyptian Financial Supervisory Authority) was the first regulator outside the UAE to sign an MoU with the DFSA.
In 2014, the DFSA signed an MoU with the then newly established Egyptian Financial Supervisory Authority, which has a broad regulatory remit for supervising and regulating non-banking financial markets and instruments, including capital markets, securities exchange, insurance services, mortgage finance, financial leasing, factoring and securitisations.