UAE- Central Bank signs MoU on electronic interconnection with local courts

ABU DHABI, 7th November, 2016 (WAM) -- The Central Bank of the UAE has signed a Memorandum of Understanding, MoU, with Dubai Courts, on electronic interconnection with local courts, and the facilitation of the execution of judgments, orders and juridical decisions against individuals, companies, and financial institutions.

Muhammad Ali bin Zayed Al Falasi, Central Bank's Deputy-Governor, and Taresh Eid Al Mansouri, Director-General of Dubai Courts, signed the MoU in presence of a number of senior officials from both sides.

The MoU aims at establishing a strategic partnership, organising means of cooperation in matters of mutual interest, and developing necessary mechanisms and tools, such as electronic interconnection. This would ensures prompt and effective execution of judgments, orders, and decisions issued by Dubai Courts, which the Central Bank either execute or follow-up with entities subject to its supervision.

Al Falasi commented, "The MoU reinforces the continuous efforts exerted by the Central Bank to support electronic transformation of services provided by federal and local entities and authorities, in line with the vision of the UAE's leadership with respect to smart government."

Al Mansouri said, "This new cooperation paves the way for a new era of excellence in the field of achieving the objectives of electronic interconnection, in realization of the prudent vision and directives of Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum."