There is no exposure of the banks in UAE to the bankrupt U.S. investment bank Lehman Brothers, as informed on Thursday by the Central Bank of the United Arab Emirates (UAE).

According to a press release issued by the Central Bank, “There is no systemic risk in the UAE and the country's banking system is sound.”

The report further read, “The UAE central bank will consider suggestions from representatives of local banks for boosting liquidity and appropriate decisions will be taken soon.”

On Monday, the fourth-largest U.S. investment bank, Lehman Brothers Holdings Inc. filed for protection against bankruptcy. Due to this, global financial market experienced large scale upheaval.