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The Central Bank of the UAE (CBUAE) continues to demonstrate a robust approach to regulation and supervision across the financial services sector in the UAE. Over the past twelve months, CBUAE enforcement actions have appeared in the headlines more frequently, sending a strong message to the market and emphasising the importance of compliance and consequences of non-compliance. Read the full article to learn more:

This second installment in our three-part series examines the crucial impact of effective complaints handling on Licensed Financial Institutions (LFIs). We aim to provide valuable insights into conduct risk management and how LFIs can strengthen their control frameworks to meet the Central Bank of the UAE (CBUAE)’s Consumer Protection Regulation and Standards. GT UAE offers expertise in navigating the evolving regulatory landscape and the complexities of maintaining ethical standards while addressing consumer protection and market conduct risks.

This second installment in our three-part series examines the crucial impact of effective complaints handling on Licensed Financial Institutions (LFIs). We aim to provide valuable insights into conduct risk management and how LFIs can strengthen their control frameworks to meet the Central Bank of the UAE (CBUAE)’s Consumer Protection Regulation and Standards. GT UAE offers expertise in navigating the evolving regulatory landscape and the complexities of maintaining ethical standards while addressing consumer protection and market conduct risks.

The UAE’s financial sector is evolving with a focus on consumer protection, market conduct, and ethical practices, driven by innovation and sustainability. Key advancements include the rise of digital banking, fostering a cashless society and greater convenience. Retail lending has increased, boosting profitability, while fintech solutions enhance financial inclusion. CBUAE Consumer Protection Regulations & Standards emphasize integrating conduct risk management in financial institutions to ensure fairness, transparency, and accountability. Further, with the launch of the CBUAE’s Ombudsman “Sanadak” highlights the importance of consumer protection, market conduct and the importance of effective complaints handling. Institutions that neglect conduct risk may face regulatory and reputational issues, while those adopting strong market conduct frameworks can build resilience, consumer trust, and competitiveness. Read the full article to learn more.

Understanding the Central Bank of UAE's Fitness and Propriety Regulation and Standards The Regulation and Standards align with international standard setters and global best practices, reflecting the UAE’s commitment to maintaining and growing a globally competitive financial sector. By adhering to these standards, financial institutions in the UAE can enhance their reputation and credibility on the international stage.

The amendments emphasise the need for public joint stock companies to establish comprehensive internal control and risk management systems that align with global standards, particularly the COSO framework, tailored to their size, nature, and operational complexity. To learn more on what steps to take for compliance, read our report:

The Central Bank of the UAE (CBUAE) has launched the Standard Re. Shari’ah Compliance Function (SCF) to enhance the Islamic Finance regulatory framework. This standard sets clear expectations for Shari’ah compliance, including establishing an independent function, differentiating roles, and creating an annual compliance plan.

Our Discovery Series is an opportunity for us to give back to the community and country in which we serve, through the provision of business insights. We hope that these insights will enable and inform enhanced business performance and innovation across the UAE. The first report in our Discovery Series is Women on Audit Committees in the UAE 2024, and provides baseline data for female representation that we intend to track and benchmark across other regions and markets in subsequent reports. As a firm, we are committed to advocating for gender diversity at senior leadership levels and want to keep the spotlight on this important topic so that change and progress is being made.

As a member of Organization for Economic Development and Cooperation (OECD), and in response to an assessment of the UAE’s tax framework by the European Union Code of Conduct Group, the UAE has committed to ensuring standards related to Base Erosion and Profit Shifting (BEPS) are implemented.

The business environment in which Owner Managed Businesses (OMBs) operate within continues to evolve with the emergence of new technology, innovation, changes in financial management, client needs and increased regulation.

Hisham Farouk, Managing Partner of Grant Thornton, a leading global advisor to family-owned businesses talks about the recent changes in the UAE economy.

Hisham Farouk, Managing Partner of Grant Thornton, a leading global advisor to family-owned businesses talks about the importance of innovation and how it brings about change.

This report draws on insight from our International Business Report, plus data and interviews from Grant Thornton teams around the world. It explores what skills the boards of 2025 will need, and what needs to happen between now and then to get there. Businesses should not view these changes we have identified as additional extras.e

Our commitment to quality underpins all that we do. This report is a public statement of Grant Thornton’s commitment to provide high-quality assurance, tax and advisory services to businesses and organisations operating throughout the world.

Francesca Lagerberg says the global backlash against corporate tax avoidance means companies that trade across borders need to get their tax affairs in order sooner rather than later

Our 2015 women in business report looks at how to facilitate the career paths of women into senior management and offers 12 recommendations to society, government, businesses and women themselves about how to better support female advancement.