Financial services, Government, UAE

UBF introduces online initiative to empower court banking experts

The UAE Banks Federation (UBF) has announced that the successful implementation of an advanced online exam, launched last year, has raised the bar for Court Banking Experts.

The implementation sought to enhance the efficiency of certifying Court Banking Experts in Dubai and Northern Emirates courts. The qualification process was introduced in full collaboration with the Central Bank of the UAE (CBUAE), Dubai Courts, and Ministry of Justice (MOJ).

The exam is divided into two main parts: a written multiple-choice exam followed by a face to face interview, to ensure that only those who are qualified are accepted.

A Court Banking expert is a professionally qualified person who can be called upon by a judge to provide financial expertise and analysis in court cases, mainly in relation to banking and financial complex matters.

Following rigorous consultation with CBUAE, Dubai Courts, and MOJ, the UBF then developed the online exam, which is professionally based on a highly complex algorithm that randomly selects a set of equal difficult questions for the examinees, in order to ensure fairness and standardisation.

The fully automated online exam was launched in early 2018 and is managed by the Department of Finance at the American University of Sharjah. It is the only exam in the UAE that certifies Court Banking experts at such required high standard.

Applicants that pass the exam are still required to sit before a panel of oversight professionals comprising several authorities, including The Central Bank of the UAE, Courts/Ministry of Justice, and UAE Banks Federation, who collectively give a second score to the applicant which is then added to the final exam score for a final pass or fail result.

AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, said, “Having a robust legal framework with world-class Court Banking Experts is essential to the integrity of the banking sector and the public interest. This online exam has effectively improved the quality of this framework, creating a generation of recognised, high calibre legal banking professionals on UAE soil. The success of this initiative is a significant step towards ensuring all banking disputes are resolved fairly and swiftly, and underpins our commitment to promoting trust across the industry.”

A candidate who wishes to be accredited must first contact the courts to ensure the fulfilment of the initial screening criteria, such as having a relevant educational degree, a number of years of experience needed, and market exposure.

Then they need to take the multiple-choice exam and answer questions against a vigorous set of criteria established by UBF, CBUAE and MoJ.  If the candidate passes, they will then sit for a face to face interview before a panel of senior representatives from UBF, CBUAE, and MoJ, who will assess their knowledge and expertise.

“The principles we used to develop this exam provide a benchmark for quality, and are being used to raise the professional standards in other areas of the UAE banking sector,” Abdulaziz added. “In the coming months and years, we expect to see continuous improvement and fundamental shifts in the standards of compliance, technology and cybersecurity, with the mission to create one of the healthiest and strongest banking sectors in the world.”

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