GCC: SAMA and DFSA to strengthen mutual cooperation in the supervision of insurance
Source: Middle East Insurance Review | Dec 2019
The Saudi Arabian Monetary Authority (SAMA) and Dubai Financial Services Authority (DFSA) have signed an MoU to strengthen mutual cooperation in the supervision of insurance and banking.
The MoU will facilitate the exchange of information between the two parties and strengthen the supervision of financial institutions supervised by the authorities in Saudi Arabia and the DIFC. Under the memorandum, the two sides will focus on close cooperation within the scope of their competencies and enhance the existing horizons of cooperation between them through the organisation of mutual visits aimed at exchanging experience and information.
Dr Ahmed bin Abdul Karim Al Kholifey, SAMA governor, affirmed SAMA’s support for the cooperation aspects stipulated in the MoU to be followed by other parties locally and within the two countries.
Mr Saeb Aigner, chairman of DFSA, said, “This MoU will enhance our cooperation with SAMA and help to promote transparent financial services business in our respective jurisdictions. It will also strengthen our relationship through mutual visits, and the formulation of effective strategies and action plans to improve the regulatory frameworks governing our respective financial markets, thus promoting a stable financial services sector in our region.”
Apart from collaboration on technical assistance, consultation and dispute resolution, the MoU also allows for the secondment of experts and specialists between the two entities, which will forge stronger links between SAMA and the DFSA. M