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The Central Bank of the United Arab Emirates (CBUAE) is the regulatory body of UAE, which promotes financial and monetary stability, efficiency and resilience in the financial system, and the protection of consumers through effective supervision that supports economic growth for the benefit of the UAE and its people.
Forex brokers and other financial companies are required to follow Sharia laws while providing services to its investors. But there are no obvious advantages for traders to choose UAE-specific brokers unless they are looking for Sharia compliant trading accounts.
Requirement on Forex Brokers' Reports：
Audit Reports; Anti-money laundering Reports.
Generally speaking, CBUAE-regulated broker profile will be found at the Licensing page on CBUAE website. Try to find it and check if it will match the info from the broker website.
The detailed steps are as below:
1. Find the name of the forex broker, which you can get from the broker's website;
2. Search the name at the CBUAE Register of Licensing page;
3. You need to check if the broker has been granted license of 'Monetary Intermediary' ; If no, the broker is unauthorized to provide forex trading service.
When you have disputes with a CBUAE-regulated broker, you can proceed the following ways:
1st way: The recommended way is to contact the broker directly and discuss with them to find a solution.
2nd way: If you're not satisfied with the broker's solution, try to contact CBUAE, which helps to solve the disputes between the forex broker and the investor.
You can submit an online complaint after completing your registration: https://crm.centralbank.ae/en
3rd way: If the first 2 ways above can't solve the dispute, the last way is to issue a case to the court in the United Arab Emirates.
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