Financial Markets Regulator Tells AURAK about Developments in the Sector
February 23, 2020,
His Excellency Dr. Obaid Al Zaabi, the CEO of the Securities and Commodities Authority of the United Arab Emirates, gave a presentation at the American University of Ras Al Khaimah (AURAK) titled “Capital Market Regulation Development”.
Dr. Al Zaabi began by introducing himself and praising AURAK’s progress. “I’m really amazed at the development of the campus,” he said.
He outlined the structure of financial markets regulation in the United Arab Emirates, before moving on to discuss the future challenges in regulation, mentioning fintech, blockchain, and cryptocurrencies, among other issues.
“These developments have put more pressure on the regulator to have the regulations on the ground and this is what we are trying to have nowadays,” he said, before outlining what is being worked on.
“We have a roadmap for sustainable, green capital markets,” he said, adding “We have an SMEs platform to provide public finance for SMEs.” Dr. Al Zaabi said that the UAE would have a separate clearing house.
“We’re also working with Dubai Islamic Economy Development Centre to have an Islamic finance roadmap,” he said. “We are working closely with the centre to produce the regulations and develop more financial market projects.”
Dr. Al Zaabi has over 28 years of work experience in financial legislation, accounting, banking, finance and investment, and Shari’ah-compliant finance with UAE Central Bank, Dubai Islamic Bank, Amlak Finance, and the Securities and Commodities Authority where he has been working since 2008.
He holds membership of Certified Management Accountants of Australia (CMA), UAE Auditors and Accountants Association, board of directors of the GCC Accounting and Auditing Organization (GCAAO) and represents Gulf regulatory authorities in the International Federation of Accountants (IFAC) as member of Consultative Advisory Groups of the International Auditing and Assurance Standards Board (IAASB) and International Ethics Standards Board for Accountants (IESBA). Dr. Al Zaabi has been accorded with many awards including “Middle East Financial Markets Excellence Award” by the Middle East Excellence Awards Institute, 2016, and “Distinguished Chief Financial Officers in the Financial Sector” award by British Magazine “Finance Monthly”, 2016.
Dr. Al Zaabi earned his PhD in Banking & Finance from Durham University, in the United Kingdom, in 2006 and is the current Chair of the IOSCO Growth and Emerging Markets Committee and the Vice Chair of the IOSCO Board.