The UAE’s Ministry of Finance is preparing more than 16 federal laws for the banking sector to increase financial security and transparency and boost the country’s economy.

The new laws include those on the UAE Central Bank, the Federal Financial Services Authority, the monetary system, banking careers, money laundering, financial services, the federal law for leasing, and mortgaging movable assets, Gulf News reported, citing a report from the ministry, which did not provide further details or the a timeline.

In its report, the ministry also said the value of assets of operating banks in the UAE were valued at AED2.42 trillion ($610bn) at the end of third quarter of last year, an increase of 4.8 per cent compared with the same period in 2014.

By the end of the third quarter 2015, the total number of lenders in the UAE reached 57. The banks’ domestic credit rose to 8.3 per cent during the first 11 months of 2015, compared with 6.2 per cent in 2014.