Hussain Al Qemzi, the chief executive of Noor Islamic Bank, believes that fully complying with the Central Bank's new lending limits could take as long as three years.
In April, the Central Bank gave lenders six months to curtail lending to governments and their commercial holding companies .
The deadline to implement the rules passed 10 days ago, but several banks admit they are in breach.
On Monday, National Bank of Abu Dhabi's chief executive, Michael Tomalin, said the bank had secured a six-month extension to the September 30 deadline to apply the new regulations.
But Mr Al Qemzi said even an extra six months might not be enough time.
"It's logistically difficult" to comply with the rules, he said. "I think time is required. Time is very important, whatever you want to do. We're just getting out of the crisis, and we're watching levels of liquidity heading up. Six months isn't enough … things like this need three years, at least."
He added that Noor Islamic Bank was also in breach of "some" of the Central Bank limits, mainly because of its exposure to Dubai Group.
The lender has received no guidance from the Central Bank on how to comply, Mr Al Qemzi added.
Noor Islamic Bank's ownership is split between a 5 per cent stake held by the Emirates Investment Authority and a 95 per cent stake held by Noor Investment Group.
The group is a holding company jointly owned by Dubai Holding, Investment Corporation of Dubai, and UAE businessmen. Dubai Holding is the parent company of Dubai Group.
It is unclear whether the extension to the Central Bank's deadline affects all lenders, although other banks say they have not been advised by the Central Bank on how to apply the new lending limits.
The Central Bank did not respond to repeated requests for comment. On October 3, a spokesman said that there would be no extension to the lending limits.
With few communications from the Central Bank since then and the debate becoming increasingly divided, two Dubai banks last week privately floated the idea of a "mop-up fund" operated by the Central Bank or another federal body to buy up lenders' government exposures.
Analysts say that idea is unlikely to be implemented and would effectively be a capital injection.
Banks say they are unable to sell their exposures because many European banks are already selling assets in an effort to shore up their own capital bases.
The Emirates Banks Association, which is leading negotiations with the Central Bank on behalf of the banking industry, declined to comment on the discussions.
Representatives of Emirates NBD, which has said it is in breach of the Central Bank limits, were unable to comment.
ghunter@thenational.ae
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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Book%20Details
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
COMPANY%20PROFILE
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MATCH INFO
Borussia Dortmund 0
Bayern Munich 1 (Kimmich 43')
Man of the match: Joshua Kimmich (Bayern Munich)
PRISCILLA
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if you go
The flights
Emirates have direct flights from Dubai to Glasgow from Dh3,115. Alternatively, if you want to see a bit of Edinburgh first, then you can fly there direct with Etihad from Abu Dhabi.
The hotel
Located in the heart of Mackintosh's Glasgow, the Dakota Deluxe is perhaps the most refined hotel anywhere in the city. Doubles from Dh850
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Events and tours
There are various Mackintosh specific events throughout 2018 – for more details and to see a map of his surviving designs see glasgowmackintosh.com
For walking tours focussing on the Glasgow Style, see the website of the Glasgow School of Art.
More information
For ideas on planning a trip to Scotland, visit www.visitscotland.com
Company%20profile
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Inside%20Out%202
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The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Building boom turning to bust as Turkey's economy slows
Deep in a provincial region of northwestern Turkey, it looks like a mirage - hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.
Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors.
The ambitious development has been hit by regional turmoil as well as the slump in the Turkish construction industry - a key sector - as the country's economy heads towards what could be a hard landing in an intensifying downturn.
After a long period of solid growth, Turkey's economy contracted 1.1 per cent in the third quarter, and many economists expect it will enter into recession this year.
The country has been hit by high inflation and a currency crisis in August. The lira lost 28 per cent of its value against the dollar in 2018 and markets are still unconvinced by the readiness of the government under President Recep Tayyip Erdogan to tackle underlying economic issues.
The villas close to the town centre of Mudurnu in the Bolu region are intended to resemble European architecture and are part of the Sarot Group's Burj Al Babas project.
But the development of 732 villas and a shopping centre - which began in 2014 - is now in limbo as Sarot Group has sought bankruptcy protection.
It is one of hundreds of Turkish companies that have done so as they seek cover from creditors and to restructure their debts.