The Central Bank cancels the requirement of the minimum salary required for financing

The Central Bank finally directed banks to cancel the minimum salary, which has been in effect for years, estimated at 5,000 dirhams in most banks, as a condition for obtaining financing, and to leave the estimate of the required salary to each bank according to its internal policy, allowing those with low salaries to access various banking services, the most important of which is “cash on demand.”

Central Bank officials told Emirates Al-Youm that the coming period will witness the opening of bank accounts for all residents of the country, especially young people, those with low salaries, and the workers category, and linking these accounts with the wage protection system of the Central Bank, stressing that this linking provides the banks to deduct any amounts loaned to the “blue” category of low-wage earners and workers immediately after transferring their monthly salaries.

They explained that the goal is to spread financial inclusion on a broader scale, and to ensure that all individuals in the UAE have access to banking services.

In a related context, and under the patronage of His Highness Sheikh Mansour bin Zayed Al Nahyan, Vice President of the UAE, Deputy Prime Minister, Head of the Presidential Cabinet, and Chairman of the Board of Directors of the Central Bank of the United Arab Emirates, the Governor of the Central Bank, Khaled Mohammed Balama, yesterday opened the “Financial Inclusion Leaders Summit in the Middle East and North Africa,” which the Central Bank is hosting for two days in Abu Dhabi, in partnership with the Arab Monetary Fund and the World Bank.

In his opening speech, Al-Amma affirmed the country’s firm commitment to promoting financial inclusion as a fundamental pillar of sustainable development and a pillar of economic resilience, saying: “The UAE is moving steadily forward to consolidate its position as a global model in financial and economic innovation and comprehensive development, based on an ambitious national approach embodied by the UAE Vision 2031 and (UAE Centennial 2071), and directing our efforts towards building a more comprehensive, efficient and sustainable financial system.”

He added, “Enhancing financial inclusion represents a pivotal pillar in the Central Bank’s efforts to build a comprehensive and sustainable financial system, which enables all segments of society to access growth opportunities and contribute effectively to the country’s economic development process.”

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The National Strategy for Financial Inclusion.. 12 initiatives for “fair access to financial services”

The first day of the “Financial Inclusion Leaders Summit in the Middle East and North Africa,” hosted by the Central Bank, witnessed the launch of national and international initiatives to support financial inclusion, as the Governor of the Central Bank, Khaled Mohammed Balama, launched the National Strategy for Financial Inclusion for the UAE 2026-2030, which was developed by the Central Bank with the support of its international partners from the World Bank, the Organization for Economic Cooperation and Development, and the Arab Monetary Fund, and with the contribution of more than 70 concerned national parties.

The strategy includes a package of 12 pioneering initiatives to expand the scope of financial inclusion across various segments of society, including making comprehensive financial accounts available to all residents, developing innovative products targeting women, youth and people of determination, enabling entrepreneurs and micro, small and medium-sized companies to access financial services, adopting a national plan for financial culture, and seeking to establish a global center for financial health in the UAE, which reflects the country’s commitment to building a comprehensive and sustainable financial system. It also stresses the importance of strong governance and data-based decision-making to ensure lasting and measurable impact and to enhance maximum benefit. Of financial resources and opportunities at the national and international levels.

The strategy represents a comprehensive national framework that aims to enable all members of society to have fair and secure access to financial services, and to consolidate the UAE’s global leadership in developing a comprehensive and sustainable financial system, which reflects the country’s commitment to leading financial transformation at the regional and international levels.

Al-Amma stressed that the national strategy for financial inclusion was designed to be comprehensive for all segments of society, with a focus on a set of pivotal national priorities, the most prominent of which are: strengthening the legislative system that supports financial inclusion, accelerating the digital transformation of the financial sector, consolidating financial culture and health for all, in addition to enabling the data and artificial intelligence system to support innovation, strategic decision-making, and developing the national financial health indicator.

In turn, Fatima Abdullah Al Jabri, Assistant Governor of the Central Bank for Financial Crimes Sector Affairs – Market Behavior and Consumer Protection, confirmed that the National Financial Inclusion Strategy aims to achieve a set of goals by 2030, the most prominent of which is raising the percentage of ownership of financial accounts and increasing the percentage of individuals benefiting from digital payment technologies, while directing efforts towards aligning financial innovation with national regulatory frameworks to enhance the flexibility and sustainability of the financial sector.

Khaled in blindness:

• Enhancing financial inclusion represents a pivotal pillar in the Central Bank’s efforts to build a comprehensive financial system.