The UAE Banks Federation (UBF) has continued its collaboration with the Ministry of Justice (MoJ) and the Central Bank of UAE (CBUAE) to further develop and enhance the profession of banking experts in the country, a media report said.

With the aim of enhancing efficiency and transparency, and evaluating and accrediting the court banking experts, the UBF has developed an advanced online exam exclusive for candidates who seek certification as court banking experts, reported Emirates news agency Wam.

The new multiple-choice online examination, designed and developed in cooperation with the Centre for Executive and Professional Education (CEPE) at the American University of Sharjah (AUS) and support of Ministry of Justice and the Central Bank, will replace the present paper-based tests system with an online format, in accordance with best international standards.

"In its endeavour to create and sustain an open and advanced banking and financial services ecosystem, UBF gives great importance to reform and raise the standards of the banking industry and related sectors,” said AbdulAziz Al Ghurair, chairman of UBF.

“The move comes to upgrade UBF’s initiative of 2012, when UBF legal and compliance committee developed regulations to appoint the experts, and which were adopted by the MoJ and CBUAE requesting to form an examination committee by then; relevant Memoranda of Understanding were then signed by the MoJ, Dubai Courts, and RAK courts.”

The initiative comes in line with UBF objective of keeping up with the latest global developments to promote digital transformation and adopt best international practices in all domains and effectively streamline the court banking experts' profession within the country’s judicial authorities.

As a prerequisite, a candidate who aims to be accredited as a court-banking expert in the UAE should sit for a written exam before the Committee of Examination of Banking Experts, a joint entity of the MoJ, CBUAE, and UBF. The committee is entrusted to interview, examine, and accredit candidates for enrolment in the court banking experts registered in the MoJ and other local courts.

Al Ghurair said that the new electronic system will increase effectiveness and efficiency of the crucial evaluation and will further enhance transparency in the selection of subject matter experts. The system will also help in saving costs and time and ensure confidentiality and security.