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The Central Bank of the United Arab Emirates

The Central Bank of the United Arab Emirates remains one of the critical components of the financial system in the UAE. It was founded in 1980 after the monetary and organization system issued the mandate for its creation. The Central Bank has been crucial in the fulfillment of diverse roles within the UAE. Primarily, the main responsibility of the CBUAE is to formulate and implement banking, monetary, and credit facilities that perpetuate the growth of the UAE’s economy. Additionally, it works to maintain a fixed rate of exchange of the dirham currency against the US dollar. Moreover, it promotes the free convertibility of the Dirham into foreign currencies. Besides acting as the government bank and its financial adviser, The CBUAE acts as the mother of all banks. The Central Bank has five distinct branches in the major cities which are CBUAE branches in Abu Dhabhi, Dubai, Sharjah, Ras Al Khaimah, Fujairah, and Al Ain. The branches facilitate the interbank transactions. Each of the branches has three sections which are accounts segment, the banking operation, and the accounts affair. The Central Bank of the UAE has the vision of displaying leadership and excellence in their quest to preserving the financial stability of the UAE. They have a mission to uphold a sound banking system through the implementation of effective supervision policies and appropriate monetary policies that display best banking practices. There are five core values that CBUAE embraces. They are trustworthiness, transparency, professionalism, participation, and collaboration. The CBUAE has a board of management which entails the chairperson, the vice chair, the governor, and the members. The senior management includes the deputy governor, the assistant governing of the banking supervision, and the assistant governor that heads the notary and financial stability.

The following is the CBUAE’s organizational chart:

the CBUAE’s organizational chart

Department Information

The sole mission of the various departments within the CBUAE is to provide sound banking system using effectual monetary policy measures. There are seven departments under the CBUAE. The first one is the Banking Supervision and Examination Department. It supervises the local banks within UAE and promotes sound banking of these institutions. Besides, it monitors other firms such as money changers, share and finance organizations. It sets the regulatory standards that every institute adheres. Moreover, it grants the license for operation. The second section is the Bank Operation Department. The division entails five other subsections which include the currency segment, the strong and vault room, the follow-up, statistics, and the check clearance zone. Concisely, it is the precinct for the printing and launching of new bank notes. The Research and Statistic Department comes third. It acts as the source for monetary and statistics concerning CBUAE. The next department is the Administration Affairs section which has various roles. It is the zone for the application of purchases. Moreover, it monitors the maintenance of the CBUAE and deals with security and guarding issues. Further, it contains the Library and the archive of the bank. The financial Control Department is the subsequent section. Its function is to monitor, regulate, and conduct reports concerning the diverse financial issues of the CBUAE. Consequently, it constitutes the accounting, treasury, and management information subsections. The Treasury Department has the responsibility of running the daily reserves of the CBUAE. It considers the amount of currency in circulation, the availability of Dirham that needs to be made, and the capital reserves. The department has four subsections. They are the capital, money, certification of deposit, and back office zones. In addition, the Central Bank has the Internal Audit department which has the defined activities. It carries out prudent process on the various transactions as well as prepares and submits the report to the governor at the end of each quarter.

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The Information Technology

Strengths

the Central Bank of the United Arabs Emirates has control over the financial and monetary institutions within the UAE. It solely creates standard regulations and grants the local banks the license for operations.

Weaknesses

The CBUAE is the established company that oversees the entire nation. The privacy and confidentiality rule would not allow me to highlight.

Threats

The stability of the foreign currency threatens the Dirhams. The CBUAE must continually guard against inflation.

Opportunities

They have the chance to see and perpetuate the growth of the UAE economy. There are various local banks and financial institutions that they can regulate to ensure financial stability.

Recommendation for Improvement

The CBUAE should consider seeking proper financial means of managing the dollar since there was an indication of the dirham weakening against the dollar. The currency exchange rate influences the import and export of the commodities in the UAE. There are other areas of improvement that I felt were important in the firm. Nevertheless, I would not highlight them in the paper due to the privacy and confidentiality law in UAE.

Learning Objectives

The list of approved learning objectives.

  • To learn the functions of the Central Bank in the creation and regulation the availability of the currency in the market
  • Understand the role of the Central Bank and its association to other banks
  • Learn the various direct and indirect credit policies that are available in the market and their role in perpetuating national growth
  • Gain experience in the process of auditing and statistical banking among other features
  • Obtain information concerning the laws and regulations that govern the banks and other financial systems
  • Gain communication and interpersonal skills in a corporate field.

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Critical Assessment of whether Learning Objectives Were Met

  • I did attain the objectives for my internship at the CBUAE. I did learn that the Central Bank worked as the governing body for other local and financial institutions in the UAE. There are financial experts within the CBUAE that study the local and foreign currency. Consequently, they project the appropriate time for the increase or decrease in currency circulation.
  • I had a firsthand experience observing how the auditors performed the task. There was the internal and the external auditors. The external auditors were financial experts from the United States. They would examine and verify the CBUAE’s account, record and inspect the inventories. I did note the importance of record-keeping in my internship
  • I gained experience in dealing with people in a cultural and occupationally diverse setup. The CBUAE has numerous staff that comes from various parts of the nation. Moreover, they have different areas of expertise.
  • I did learn the need for effective communication skills. Besides, I develop patience and tolerance in working with other people. Learning to relate with colleagues is a vital quality for the advancement of one’s career.
  • Moreover, I took time in the CBUAE library and its archives to read about the process that led to the establishment of the bank. It was transforming to learn certain laws and regulations that have been enacted by the CBUAE to control the financial flow in the country.

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Higher Level Learning Analysis and Application of Course Concepts and Theory

The banking operations department did hold monthly meetings to discuss certain critical factors that authenticated their service delivery. Particularly, the currency notes and coins section had a lot of issues to deal with in the market. It is vital to highlight the section that deals with the manufacturing of the Dirham currency in UAE. Nevertheless, there had been recent reports concerning illegitimate currencies circulating in the market. The availability of such counterfeit was detrimental to the UAE economies since it meant a decline in the value of money.

During one of our course reading, I did learn that there are characteristic features of the currency. They have a defined security feature. However, due to technological advances, certain people try to make a counterfeit of the features. The meeting, therefore, pondered on the means of securing the currency. The solutions did emerge that the printing of the notes would require intense supervision from the department. Moreover, the printing and launching of the new notes would occur within a defined time. Besides, they would contain updated security features with defined specifications that would last the rest of time. Moreover, they purposed to implement the highest standards of operations. The department noted the necessity to do frequent interdepartmental meetings bi-weekly. It was necessitated by the fact that the operations of the CBUAE require privacy and confidentiality. The members, therefore, felt that it would be critical to continually remind other staff of the rules and regulations that govern the CBUAE.

Moreover, such meeting should be imperative in enhancing interdepartmental collaborations.
In addition, the internship was vital in helping to learn the various aspects of record-keeping. In the course reading, I did learn the ways that accountants keep the records. There are various inventories that I did acquire knowledge in utilizing. However, being at the CBUAE was vital in giving me the firsthand experience. The CBUAE has a computerized system. Consequently, an individual has to make entries for every banking activity that occurs in each department. Auditors consider the booking as an essential part of any person working in the corporate field. In fact, they consider it as an offense to keep poor inventories. They believe it is the doorway to perpetuating mismanagement of funds. I realized that even petty cash book was vital. The annual reports were determined by monthly inventories that were in place.

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Finally, the departmental meeting did help me to recognize the need for a conflict resolution as a part of organizational behavior in a firm due to one particular incident that occurred. There are fellow staffs that did disagree concerning the right approach in handling the maintenance section of the department. They had diverging views. The hard stand made them not work together. Consequently, each one of them could carry out a defined task without consultation. The approach was detrimental since numerous things were left unattended. Besides, the working atmosphere of the department was negative. However, the head of the department sought for amicable ways to end the conflict. He approached each person independently and sought after their views regarding the problem. Subsequently, he called them together and encouraged them to consider working together as a team. The problem opened my eyes to the fact that while we have different personalities, we must ensure we are tolerant and patient to work with every person we meet at the work environment. An individual should not be rigid to his views and cultural perspectives.

Employment Opportunities

Job Descriptions of Positions Held by People Within Your Specialization

There are various jobs held by people within my specialization.

Accountants

They are the persons who perform financial functions within an organization. They perform book keeping and analyze financial accounts, help an organization to plan and make decisions. Moreover, they are responsible for the creation of the annual reports. The staff have particularly majored in finance despite taking other managerial courses. Accountants are one of the key areas in the CBUAE.

Tellers

They carry out the functions similar to other tellers in the local banking sector. Nevertheless, in most instances, they deal with clients who come to seek treasury bonds and bills. Working as a teller requires financial knowledge in dispensing and receiving money. Consequently, the staff has majored in finance.

Analysts

They form a crucial segment in the banking system. In the CBUAE, there are financial analysts that consider the market and make projections. Consequently, they advise the Central Bank regarding numerous issues. First, they inform them of the appropriate time to make more currency notes and coins. In addition, they advise on the need for defined laws and regulation.

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Administrate Officer

The administrative officers are concerned with the running of day-to-day activities of the bank. They are responsible for the making of purchases and maintenance of the CBUAE. The individuals major in finance. However, additional managerial courses are important as well.

Departmental Managers

They are the individuals who oversee various departments in the CBUAE. They did their first degree in Finance. However, they have pursued their Masters in executive management.

Auditors

They are accountants by qualification. They do verifications of financial accountings in the CBUAE. They have a major in finance.

List of Available or Open Positions and Who You Need to Contact

There were no open positions during the time of internship. Nevertheless, in case they advertize a position, an individual should contact the head of the personnel department.

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Conclusion

The internship was one of the memorable experiences I had in my pursuit of the career. It was cognitive to interact with high-profile people in the UAE. The Governor of the CBUAE is an individual that has won the hearts of countless people due to the high-profile job. I had several opportunities to exchange greetings with him during general meetings. He was a simple man with impressive communication and negotiation skills. Moreover, he is time-conscious and seeks to achieve the daily objectives at the stipulated times. However, there is an experience I did not like. The need to rush through monthly reports was a real issue. I did learn that most staff waits up to last minute before submitting their report. The delay causes conflicts between the departmental heads and the members.

If I am to redo the internship, I would prefer an extension of the period to enable me to cover all the sections successfully. The Central Bank is an extensive place with various departments and subsections. Some departments have five subsections. Therefore, it would be critical to visit every segment. The experience would go a long way in empowering me. Besides, I would encourage myself to become more inquisitive from the beginning. I spent the first few weeks naïve. I did not like making inquiries. However, after seeing that most staff was friendly, we easily got along well and I enjoyed their company.

I gained communication and conflict management skills during the internship. I must admit that I was not good at interacting with others. I was a poor listener as well. Moreover, I did not know the right approaches in tackling an issue. However, I did learn that open communication is important. However, one must remain respectful in highlighting any disagreements. Communication is a two way feature. One must be able to talk successfully. Evidently, there must be a feedback. Effective communication, therefore, requires active participation of the parties involved. The internship was thus a successful experience.