Abu Dhabi, United Arab Emirates: UAE Banks Federation Board of Directors convened its first meeting for the year 2023 on March 16th under the leadership of His Excellency Abdulaziz Al-Ghurair, Chairman of the Board of Directors of UAE Banks Federation. The Board discussed the latest developments, trends, and challenges in the banking sector, locally and globally.
During the meeting, the Board approved the federation’s plan, strategic priorities, and budget for 2023. The Board commended the banking sector’s achievements and the initiatives implemented by the federation in the past year, which improved banking services to various customer segments and continued to play a vital role in the economic development of the country.
The Board of Directors of UAE Banks Federation reaffirmed that the UAE banking sector is well-positioned to meet global economic challenges and to progress under the direct supervision and guidance of the Central Bank of the UAE. The positive performance of UAE banks in 2022 is a testament to their flexibility in dealing with regional and international changes.
The Board also welcomed new members, including International Development Bank (IDB), Arab Financial Services Company (AFS), and digital banks Wio and Zand, emphasising the importance of digital banks in enhancing and augmenting banking services through their focus on digital platforms. Furthermore, the board stressed the importance of advancing Emiratisation in the banking sector, a top priority of the Federation since its inception, and working to accelerate the pace of Emiratisation in the sector under the direct supervision of the Central Bank of the UAE.
H.E. Abdulaziz Al-Ghurair, Chairman of UBF, stated that “UBF has achieved many successes in the past year, promoting cooperation, coordination, and interaction with various stakeholders to develop the banking sector in the country under the supervision and guidance of the Central Bank of the UAE and the full cooperation of all members of the Federation and its partners in the country.” He added that “the Federation’s achievements over its four-decade journey since 1982 have laid a solid foundation for our ability to deal with the challenges and developments of the banking and financial sector locally, regionally, and globally.”
He highlighted the importance of implementing best banking practices, developing advanced digital solutions, and combating fraud, together with various strategic partners such as the Central Bank of the UAE, Abu Dhabi Police, Dubai Police, Cyber Security Council, and the Telecommunications Regulatory Authority. All of these efforts aim to provide a safe and seamless banking experience for customers.
In conclusion, UAE Banks Federation Board of Directors’ meeting demonstrated its confiden`ce in the UAE banking sector’s capabilities and highlighted its commitment to developing the sector further to achieve its full potential. The Board’s endorsement will undoubtedly serve to strengthen the banking industry and reinforce the UAE’s position as a leader in the global banking sector.
UAE Banks Federation (UBF):
Established in 1982, UAE Banks Federation (UBF) is a professional representative body comprising 57 members of banks and organizations operating in the UAE. UBF advocates the interests of all its members and enhances cooperation and coordination between them in order to elevate the UAE’s banking ecosystem for the benefit of members, customers, and the overall UAE economy.
UBF’s mission and objectives are focused on representing its members and defending their rights and interest. UBF provides a platform for cooperation and exchange of ideas and expertise among its members and plays a major role in raising public awareness about the contributions of the UAE banking sector to the economic and social development of the country.
UBF has a 22-member Advisory Council consisting of CEOs and General Managers from member banks and institutions, which oversees the implementation of UBF’s policies and activities. The CEOs Council also makes directional decisions through UBF’s General Secretariat for UBF’s 25 technical and 3 advisory committees, who in turn are tasked to discuss all issues relevant to the UAE banking and financial services ecosystem. The UAE Banks Federation also includes a Consultative Council, which consists of chief executives of other member banks.