United Arab Emirates Forex Trading and CBUAE Forex Brokers

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When you’re considering Forex trading in the United Arab Emirates, one thing you need to be aware of is regulation. All Forex brokers in the United Arab Emirates are required to obtain a licence from the Central Bank, whether it be a local brokerage firm or one based offshore. The Central Bank regulates all financial services providers apart from those that are based in the Dubai International Financial Centre, which has its own regulatory body.

The Central Bank and CBUAE regulated brokers

Forex brokers in the UAE are regulated by the Central Bank, but there are a number of other responsibilities the Bank has to be concerned with. Its ultimate aim, as with many of the world’s Central Banks, is to support the growth of the national economy in a positive way. It also helps to maintain a fixed exchange rate for the dirham against the US$ and to allow for free conversions against other currencies. It also acts as the Government’s bank and financial advisor, and is often called the “Bank of Banks”.

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As far as Forex brokers in the UAE are concerned, the Central Bank is responsible for regulating all business intermediating in the purchase and sale of foreign and domestic commodities, stocks, bonds, and currencies. It was given these powers after the passing of the Central Bank’s Board of Directors Resolution No. 126/5/95.

A number of requirements have been imposed as part of the Resolution, including the need for a financial and monetary intermediary to be a UAE citizen and hold a national shareholding of more than 60% of the paid-up capital, in the case of a company. Capital requirements depend on the activities of the intermediary and can be 1, 2 or 3 million dirhams. The license for a CBUAE-regulated broker dealing in foreign and local shares is issued by the Securities and Commodities Authority of the UAE. The Central Bank issues licenses for brokers dealing in commodities and currencies, and intermediaries in currency transactions.

If you find a few CBUAE brokers you are interested in trading with, it is possible to check out the licensing details. However, the PDF list that is available appears to be a little out of date, although there is always the option of contacting the Central Bank directly.

How to make a complaint about CBUAE Forex brokers

Hopefully, you’ll never find yourself needing to make a complaint about CBUAE-regulated brokers, but it’s good to be prepared for such an occasion. The first step with any kind of complaint is to try and reach a settlement with the company itself. If this course of action provides you with no resolution, there is then the option of contacting the Central Bank. You are able to make the complaint online, by visiting one of the Central Bank’s branches, or by fax. There are branches in Sharjah, Al Ain, Ras Al Khaimah, Fujairah, and Dubai.

When the Central Bank receives your complaint you will be given a unique reference number that you will have to quote in all your communications. As soon as the Central Bank reaches a decision it will let you know by either SMS or email.

Why it’s so important to choose a CBUAE-regulated broker

There are a number of important decisions you will have to face as part of your Forex trading experience. While choosing the right trades is obviously important, before you get that far you are going to need to find the best Forex broker in the United Arab Emirates. Without this, your Forex trading experience is going to go nowhere; and picking the wrong one could leave you in hot water, and possibly mean that you end up losing everything.

There is a way to reduce the likelihood of this happening, and that is by choosing a regulated or licensed broker – preferably one that is authorised by the regulatory agency of your country of residence. One of the most important reasons for this is the general requirement for brokers to keep client funds in segregated accounts. Keeping client funds in segregated accounts prevent a broker from using this capital to repay debts in the event of bankruptcy.

How the Central Bank came to be the country’s regulatory body

In 1973 the Central Bank was created, although back then it was called the United Arab Emirates Currency Board. Following the creation of the UAE as an independent state, there was the need for the issuance of a new currency, which became the responsibility of the Currency Board. The Qatari/Dubai Riyal and the Bahraini Dinar were replaced by the UAE Dirham, and this new currency was issued on the same day as the Currency Board was created.

The Central Bank’s regulatory powers were non-existent at first, as it was in charge of managing the country’s gold, currency, and foreign exchange reserves.

In 1980, Union Law No.10 was passed and the Central Bank was created. It had the following regulatory powers:

  • Management and issuance of the UAE Dirham
  • Management of the country’s credit policy
  • Stabilisation of the country’s currency
  • Serving as the Government’s banker
  • Development and overseeing of the UAE banking system
  • Serving as a lender of last resort
  • Giving the Government financial and monetary support
  • Management of the gold and currency reserves of the country
  • Acting as a representative for the country with regard to international organisations such as the Arab Monetary Fund, the World Bank, and the IMF.

What is the role of the IMF?

The International Monetary Fund (IMF) is an international organisation with a base of operations in the USA. It was created in 1944 as part of the Bretton Woods Conference, but didn’t become a formal organisation until the following year. At the outset, it had 29 member countries, and was created to reconstruct the international payment system. Its role today is a little different in that it helps countries that are having problems managing balances of payments, and with international financial crises. Member countries contribute by way of a quota system, and any countries experiencing financial difficulties are able to borrow from the fund.

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