Activating severe fines for violations of employee work in some sectors

An official report stated that the Ministry of Finance is following up with the Central Bank of the Emirates, the tightening of control mechanisms and the application of legally established “fine points” on banks that are not committed to the Emiratisation rates, in the context of intensifying efforts to urge national banks to take into account the commitment to appoint distinguished and qualified national cadres, to assume senior positions. .

The Central Bank imposes on all banks operating in the country financial fines based on the points system, in the event that the bank does not comply with the required percentages for localizing jobs in the banking sector, at a value of 20 thousand dirhams for each point that is deducted annually from the bank.

According to the report reviewed by the ministry during one of the sessions of the Federal National Council, the ministry is working to implement a plan to rehabilitate and train citizens to raise their level to take on vital jobs, starting with the higher sectors and passing through the banking sector, and ending with marginal jobs, pointing out that the last three years have witnessed a significant improvement in The file of Emiratisation in the banking sector in the country, especially at the level of vital jobs, senior jobs, and middle management.

The report included a number of parliamentary proposals, which the ministry pledged to study, the most important of which is approving a fee of 1% of the profits of national banks, directed to a fund under the responsibility of the state, to be used to train and qualify national cadres working in the banking sector and wishing to work in it, and obligating banks to refrain from resorting to The process of outsourcing jobs and tasks to companies and people from outside the country, and replacing them with national ones, in addition to establishing national companies to which audit and review tasks are assigned, giving priority to working in them to national cadres, and finally naming the five best banks annually in Emiratisation to be honored, and the five worst non-compliant banks file Localization to alert her.

The report emphasized that the leadership’s directives contributed to the success witnessed by the banking sector during the past few decades, and its escalating growth, benefiting from the country’s economy, which is characterized by stability and flexibility, and the great ability to foresee the future, and adapt to changes that occur in global market trends, and the unlimited support it provides. The government to help the banks.