CBUAE and Central Bank of Syria Forge Partnership on Financial Cooperation
The Central Bank of the United Arab Emirates and its Syrian counterpart have signed a landmark Memorandum of Understanding to strengthen bilateral relations and advance shared expertise across financial regulation, innovation and sustainable finance.
The Central Bank of the United Arab Emirates (CBUAE) and the Central Bank of Syria have established a comprehensive framework for enhanced cooperation through the signing of a Memorandum of Understanding on 2nd October 2026. Khaled Mohamed Balama, Governor of the CBUAE, and Mohammad Safwat Abdel Hamid Raslan, Governor of the Central Bank of Syria, formalised the bilateral agreement in Abu Dhabi.
The accord creates a structured platform for institutional capacity building and the exchange of regulatory expertise, positioning both nations to strengthen their financial infrastructures and regulatory practices. The partnership encompasses an expansive range of financial disciplines, including payment systems architecture, monetary policy coordination, and contemporary financial technologies that shape modern banking operations.
Sustainability and inclusive finance feature prominently within the agreement’s scope. Both central banks have committed to collaborative work in climate risk management and sustainable finance initiatives, reflecting broader regional and international priorities. The memorandum also addresses financial inclusion and literacy programmes, recognising their importance to equitable economic participation and consumer awareness.
Technical and regulatory dimensions form another crucial pillar. The framework facilitates dialogue on credit information systems, risk management protocols, and reporting standards. Both institutions will exchange knowledge regarding licensing procedures, regulatory enforcement mechanisms, compliance frameworks, and consumer protection measures—areas fundamental to maintaining robust financial systems.
Commenting on the significance of the agreement, Governor Balama stated that the partnership demonstrates mutual commitment to strengthening financial resilience and infrastructure efficiency whilst maintaining pace with technological advancement in the sector. He emphasised that enhanced cooperation promises to create expanded opportunities for financial institutions across both economies and bolster the financial sector’s role in supporting sustainable economic growth.
Governor Raslan characterised the memorandum as a pivotal development in deepening banking relationships between Syria and the UAE. He highlighted the agreement’s potential to advance institutional capacity, enhance supervisory frameworks, and establish banking infrastructure aligned with regional and international standards. The Central Bank of Syria views the partnership as foundational for sustainable cooperation that will ultimately benefit banking services, monetary stability, and bilateral financial partnerships.
Source: WAM News Agency