The discussions are part of a growing relationship between the DFSA and senior regulatory authorities within the region. "Our discussions in Jordan and Turkey are focused on common objectives to improve regulatory standards across all areas of financial services and to increase opportunities for information sharing and co-operation" said DFSA Chief Executive, Mr. David Knott.
As part of these discussions, the DFSA is completing Memoranda of Understanding with the banking regulators in both countries.
Jordan
Today, an MoU signing took place in Amman between H.E. Dr. Umayya Salah Toukan, Governor of the Central Bank of Jordan, and Mr. Knott.
As the independent and autonomous supervisor of banks in the Hashemite Kingdom of Jordan, the Central Bank's role is to ensure the soundness of their financial positions and the protection of depositors' and shareholders' rights. The DFSA is the independent regulator of all financial services, including banking, within the Dubai International Financial Centre (DIFC).
The MOU is designed to enhance information sharing and cooperation between the two authorities, particularly in their common roles as banking supervisors. The DFSA already has an MoU with Jordan's insurance supervisor, the Insurance Commission of Jordan.
After meeting with the Central Bank, Mr. Knott met with H.E. Dr Bassel Al Hindawi, Director General of the Insurance Commission. Dr Al Hindawi is the Regional Coordinator for the MENA region of the International Association of Insurance Supervisors (IAIS), of which the DFSA is also a member. Regional and international issues of mutual concern were discussed.
While in Amman, Mr. Knott also called upon the Chairman of the Securities Commission of Jordan (JSC), H.E. Dr Bassem Al Saket, and discussed the possibility of a bilateral MoU covering securities and capital markets issues. Dr Al Saket and Mr. Knott also discussed the recently established Federation of Arab Securities Authorities, of which both the JSC and the DFSA are members and which His Excellency is Chair.
Turkey
Tomorrow (23 August), Mr. Knott will sign a similar MoU in Istanbul with Mr. Tevfik Bilgin, Chairman of the Banking Regulation and Supervision Agency of Turkey (BRSA). The BRSA has responsibility for regulating principles and procedures for ensuring confidence and stability in financial markets, the efficient functioning of the credit system and the protection of the rights and interests of depositors.
Turkey is, like Jordan, an important and well-established jurisdiction for Islamic finance and the BRSA, like the Central Bank of Jordan, plays a key role in maintaining a sound regulatory environment for the development of Islamic financial products.
The DFSA already has a memorandum of understanding with the Capital Markets Board (CMB) of Turkey. This was one of the DFSA's first international MoUs with a securities regulator. The CMB has played a leading role in the Emerging Markets Committee of the International Organisation of Securities Commissions (IOSCO), of which the DFSA is also a member. The DFSA will host the next annual meeting of the Emerging Markets Committee in Dubai in December this year.
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DFSA enters into new co-operative arrangements with banking regulators in Jordan and Turkey
- Jordan: Wednesday, August 22 - 2007 at 16:49
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The Dubai Financial Services Authority (DFSA) has entered into a Memorandum of Understanding (MoU) with the Central Bank of Jordan.
Dr. Umayya Salah Toukan, Governor of the Central Bank of Jordan, and DFSA Chief Executive Mr. David Knott, signing the MoU in Amman.
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Posted by Lara Lynn Golden, News EditorWednesday, August 22 - 2007 at 16:49 UAE local time (GMT+4)
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For further information please contact:
Ms. Kaja Mohaisen
Communications Officer
Dubai Financial Services Authority
Level 13, The Gate
Dubai, U.A.E.
Tel: +971 (0)4 362 1662
Fax: +971 (0)4 362 0801
www.dfsa.ae
The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
The Dubai Financial Services Authority (DFSA) is a central component of the DIFC, a financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
David Knott was appointed Chief Executive of the DFSA on June 1, 2005. He is a former Chairman of the Australian Securities and Investments Commission (ASIC) and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
The Central Bank of Jordan (CBJ) commenced operations on October 1, 1964, succeeding the Jordan Currency Board which had been established in 1950. The CBJ enjoys the status of an independent and autonomous corporate body, although its capital is owned entirely by the government. The law establishing the CBJ stipulates that "the objectives of the Central Bank shall be to maintain monetary stability in the Kingdom, to ensure the convertibility of the Jordanian Dinar, and to promote the sustained growth of the Kingdom's economy in accordance with the general economic policy of the government."
www.cbj.gov.jo
Dr. Umayya Salah Toukan was appointed Governor of the Central Bank of Jordan for a five year term on January 1, 2001 and reappointed for a second term on January 1, 2006. Dr. Toukan first joined the Central Bank in 1967 and subsequently served the Kingdom in a number of roles, including Economic Advisor to the Prime Minister, Director General of the Stock Exchange, Senior Economist at the Arab Monetary Fund, member of the Economic and Financial Committee at the United Nations and as Ambassador to the Netherlands, Belgium, Luxembourg and the European Union.
The Banking Regulation and Supervision Agency (BRSA) was established on June 23, 1999 and commenced operation on August 31, 2000 as a public legal entity with administrative and financial autonomy. In November 2005 a new Banking Act came into force with the objective to regulate principles and procedures of ensuring confidence and stability in financial markets, the efficient functioning of the credit system and the protection of the rights and interests of depositors. Thus the BRSA's mission is to ensure confidence and stability in financial markets, to create an environment that will improve competitiveness of the financial system, to enable effective operating of the loan system, to protect the rights and benefits of the depositors, to take necessary measures for enabling institutions subject to supervision to operate in a sound, secure and well-organized manner in market discipline.
www.bddk.org.tr
Mr. Tevfik Bilgin was appointed chairman of the BRSA in December 2003. He had also been chairman of the Savings Deposit Insurance Fund (until February, 2004) and was previously general manager of T. Halk Bank A.S. Mr. Bilgin holds an MBA from the University of Iowa and began his career as an auditor with the Under secretariat of the Treasury in 1992.
Ms. Kaja Mohaisen
Communications Officer
Dubai Financial Services Authority
Level 13, The Gate
Dubai, U.A.E.
Tel: +971 (0)4 362 1662
Fax: +971 (0)4 362 0801
www.dfsa.ae
The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA has been created using principle-based primary legislation modelled closely on that used in London and New York, and the DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centres.
The Dubai Financial Services Authority (DFSA) is a central component of the DIFC, a financial centre established to position Dubai as a recognised hub for institutional finance, and the regional gateway for capital and investment to the Middle East.
David Knott was appointed Chief Executive of the DFSA on June 1, 2005. He is a former Chairman of the Australian Securities and Investments Commission (ASIC) and was Chairman of the Technical Committee of the International Organisation of Securities Commissions (IOSCO).
The Central Bank of Jordan (CBJ) commenced operations on October 1, 1964, succeeding the Jordan Currency Board which had been established in 1950. The CBJ enjoys the status of an independent and autonomous corporate body, although its capital is owned entirely by the government. The law establishing the CBJ stipulates that "the objectives of the Central Bank shall be to maintain monetary stability in the Kingdom, to ensure the convertibility of the Jordanian Dinar, and to promote the sustained growth of the Kingdom's economy in accordance with the general economic policy of the government."
www.cbj.gov.jo
Dr. Umayya Salah Toukan was appointed Governor of the Central Bank of Jordan for a five year term on January 1, 2001 and reappointed for a second term on January 1, 2006. Dr. Toukan first joined the Central Bank in 1967 and subsequently served the Kingdom in a number of roles, including Economic Advisor to the Prime Minister, Director General of the Stock Exchange, Senior Economist at the Arab Monetary Fund, member of the Economic and Financial Committee at the United Nations and as Ambassador to the Netherlands, Belgium, Luxembourg and the European Union.
The Banking Regulation and Supervision Agency (BRSA) was established on June 23, 1999 and commenced operation on August 31, 2000 as a public legal entity with administrative and financial autonomy. In November 2005 a new Banking Act came into force with the objective to regulate principles and procedures of ensuring confidence and stability in financial markets, the efficient functioning of the credit system and the protection of the rights and interests of depositors. Thus the BRSA's mission is to ensure confidence and stability in financial markets, to create an environment that will improve competitiveness of the financial system, to enable effective operating of the loan system, to protect the rights and benefits of the depositors, to take necessary measures for enabling institutions subject to supervision to operate in a sound, secure and well-organized manner in market discipline.
www.bddk.org.tr
Mr. Tevfik Bilgin was appointed chairman of the BRSA in December 2003. He had also been chairman of the Savings Deposit Insurance Fund (until February, 2004) and was previously general manager of T. Halk Bank A.S. Mr. Bilgin holds an MBA from the University of Iowa and began his career as an auditor with the Under secretariat of the Treasury in 1992.
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