Central Bank
Central Bank of the U.A.E- CBUAE is the supervisory and regulatory authority of the banking and insurance sector. It promotes financial and monetary stability, and efficiency and resilience in the financial system.
It regulates the following:
- Conventional banks
- Islamic banks
- Financing companies
- Exchange business
- Representative offices
- Retail payment services
- Cards schemes
- Wholesale payment system
- Crowd funding
- Retail payment system
- Stored value facilities
- National insurance company
- Takaful insurance company
- Foreign insurance company
- Insurance brokers
- Insurance agents
- Surveyors and Loss Adjusters
- Insurance consultants
- Actuary
- TPA companies
- Prices comparison websites
- Insurance producers.
CBUAE Rulebook
The CBUAE Rulebook is a resource of the regulations, standards and guidelines issued by Central Bank of the UAE. It aims to provide easy access to compliance material and help individuals and businesses in the financial industry to stay aware of the same.
Features and benefits
The Rulebook has several features and benefits. It:
- serves as a ready reference for stakeholders in the financial sector
- empowers the public by providing access to content related to consumer protection regulation and standards
- can be accessed directly through any browser on any device, in Arabic and English
- can be easily navigated through a dynamic reference system that converts any reference into a clickable link
- has a versioning system that ensures users can keep up with the regulations as they evolve over time.
The recently launched Rulebook on the #CentralBankUAE website offers further accessibility to regulatory publications aimed at enhancing transparency and communication with licensed financial institutions, consumers, partners, and service users. pic.twitter.com/6ZOBVVDoCb
— Central Bank of the UAE (@centralbankuae) September 13, 2023
Conventional banks
The Central Bank of the UAE provides licences for conventional banks in order to carry out the following services:
- local banking for individuals
- foreign banking for individuals
- local corporate banking
- foreign corporate banking
- specialized banks.
Islamic banks
The UAE offers Islamic banking services. It is governed by Shari'a law and Federal Law No. 6 of 1985 Regarding Islamic Banks, Financial Institutions and Investment Companies. According to Article 3 of the law, Islamic banks have the right to carry on all or part of banking, commercial, financial and investment services and operations. They have the right to engage in all types of services and operations practised by banks and referred to in Federal Law No. 10 of 1980.
Central Bank’s licence ensures that this sector provides banking services that are fully compliant with the provisions of Islamic Shari’a. Islamic banking services are divided as follows:
- local banking for Individuals
- foreign banking for Individuals
- local corporate Banking
- foreign corporate Banking
- specialised banks.
The Islamic banking sector has become an integral part of the UAE’s financial industry, accounting for 23 per cent (equivalent to AED 845 billion) of total banking assets in 2022. For more information read the UAE Islamic Finance Report 2023 (PDF, 1 MB).
Opening a bank account
Citizens can open bank accounts in any of the conventional and Islamic banks operating in the UAE. They must provide:
- a copy of the passport or family book
- salary certificate or a no-objection letter from the employer.
As for the residents in the UAE, they must submit:
- a copy of the passport with valid residence visa
- a copy of the Emirates ID card
- salary certificate or a no-objection letter from the employer or sponsor.
Citizens and residents of the country can also open joint accounts with one another, and the procedures in this regard vary from bank to bank.
IBAN
From 2012, the use of International Bank Account Number (IBAN) is mandatory for all electronic payments and receipts within and outside the UAE (except for making payments through a credit card).
IBAN complies with the ISO 13616 standard and is unique to each account number.
So, you will have a distinct IBAN for each of the accounts you hold in the same or different banks. Banks are required to inform their account holders of their unique IBAN.
Related links:
Moneychangers
According to the Exchange Business Regulation No. C 7/2025, of the Central Bank of the UAE, licensed exchange houses and related entities are authorised and regulated to carry out the following activities:
- sale and purchase of foreign currencies and travellers’ cheques – i.e., currency exchange services for both cash and travel cheque products
- executing remittance operations – transferring funds domestically and internationally in both local (AED) and foreign currencies
- wage payment services – facilitating wage disbursement by linking to the UAE’s Wages Protection System (WPS)
- other exchange-related products and services authorised by the Central Bank – i.e., any additional activities that CBUAE approves under the regulation.
Finance companies
The Central Bank's Board of Directors Resolution No. 3/2023 dated 23/05/2023 regulates finance companies in the UAE.
The resolution sets the rules and standards that finance companies must follow, with regard to licensing requirements, regulatory supervision, rules for working with agents, and the activities they are allowed to perform. The goal is to strengthen financial stability, protect consumers, and support the growth of the finance market in the UAE.
Updated on:
15 Dec 2025
