The UAE Central Bank has issued a new law on the minimum capital for banks which applies to all banks including branches of foreign banks which work in the UAE.
The law will be effective on the beginning of next month and requires banks which do not yet meet its requirements to do so by no later than 31 December 2023.
The second article of the law requires banks at all times to maintain a minimum level of the paid capital and to keep the required level on a continuous basis as a main condition of their licence.