The Central Bank of the UAE and the Institute of Internal Auditors in the country have signed a joint memorandum of understanding. This strategic move aims to enhance the business environment and modernize regulatory frameworks within the financial sector.
The memorandum was signed by Ibrahim Alhashmi, Assistant Governor of the Central Bank for the Executive Office Sector and Secretary-General of the Board, and Abdulkadir Obaid Ali, Chairman of the Institute, at the Central Bank’s headquarters in Abu Dhabi, with the presence of several senior officials from both sides.
The primary objective of this agreement is to strengthen the partnership between the two parties to elevate the standards of financial oversight in the UAE by adopting the highest international standards in the field of internal auditing.
Key points of collaboration include the launch of innovative initiatives aimed at developing oversight systems and updating governance frameworks. These efforts are designed to enhance trust in financial transactions while aligning with global best practices. Additionally, the partnership emphasizes investing in local talent by organizing specialized programs to enhance their skills and accelerate the localization of the profession within financial institutions. Both parties will share expertise and information, as well as organize joint events to promote and strengthen the culture of internal auditing in companies and institutions.
Ibrahim Alhashmi emphasized that the memorandum reflects the Central Bank’s commitment to the vision of wise leadership aimed at establishing the UAE’s financial sector as a leader. He stated, “We are focused on integrating efforts with all partners to develop professional institutions, modernize work mechanisms, and build specialized national capabilities. Establishing a robust culture of financial oversight is essential for making our financial institutions active partners in ensuring sustainable economic growth and prosperity in the country.”
Abdulkadir Obaid Ali noted that the strategic partnership with the Central Bank marks a significant milestone in the evolution of internal auditing in the UAE. He remarked, “Through this collaboration, we aim to empower Emirati auditors by providing them with the latest tools and knowledge that meet global standards. This joint effort ensures the enhancement of national institutions’ capabilities, enabling them to face future challenges confidently and efficiently.”