The Central Bank of UAE (CBUAE) issued a regulation for small to medium-sized enterprises to promote best practices among licensed financial institutions (LFIs) when engaging with SMEs.

The goal of the regulation is to improve SMEs’ access to financial products and services. The Central Bank’s launch of this regulation is driven to strengthen financial consumer protection.

“SMEs play an important role in the UAE’s economy. The UAE government has placed great emphasis on developing the SME ecosystem and removing obstacles to a transparent, enterprising and innovative SME sector in the UAE, which has good access to various financial resources,” said Abdulhamid M. Saeed Alahmadi, governor of the Central Bank of the UAE, said.

“The Central Bank of the UAE aims to ensure that SMEs enjoy the highest business standard when interacting with licensed financial institutions, in line with our new consumer protection mandate. We are confident that this regulation will facilitate the provision of best-in-class products and services to SMEs,” said Alahmadi.

“SMEs play a vital role in the UAE’s economy. The UAE government has placed considerable emphasis on developing the SME ecosystem and removing obstacles for a transparent, entrepreneurial, and innovative SME sector in the UAE, which has good access to various financial sources,” added Alahmadi.

Source: Khaleej Times