The CEOs Consultative Council of UAE Banks Federation (UBF), the sole
representative and unified voice of banks in the UAE, recently held its first
Consultative Council meeting for the year 2024 under the chairmanship of H.E.
Mohammad Omran Al Shamsi, Vice Chairman of UAE Banks Federation and
Chairman of the Board of Directors at RAKBANK, to discuss developments in the
banking and financial sector and the plans that the Federation intends to implement
in the current year as part of its efforts to consolidate the sector's role in the
economic development of the UAE.
At the meeting attended by the CEOs and general managers of UBF member banks,
the progress made in implementing UBF strategy and plans over the past year and
the significant achievements were discussed. The participants also discussed the
importance of accelerating the implementation of the Federation's strategic plans, in
addition to the development projects, seminars and workshops that are being
conducted to keep pace with the rapid developments in the banking and financial
sector to ensure that members adopt the best practices; and emphasised the
importance of coordinating with the various UBF committees and developing
banking processes.
H.E. Mohammad Omran Al Shamsi, Vice Chairman of UBF and Chairman of the CEOs
Consultative Council, said: "The past year and the first quarter of 2024 have been
marked by many achievements and the introduction of innovative initiatives by the
Federation, under the direct supervision of the Central Bank of the UAE. These
efforts are aimed at consolidating the UAE's position as a global financial and
banking hub. We at UAE Banks Federation are firmly committed to working with
various strategic partners to continue the programmes and initiatives for continuous
development of the financial sector."
The participants of the meeting underscored the establishment of the "Sanadak" unit
by Central Bank of the UAE, which is the first independent unit specialised in
resolving banking and insurance disputes in the Middle East and North Africa,
stressing that it will enhance consumer confidence in the financial and banking
sector and guarantee their rights efficiently and effectively. The Consultative Council
reaffirmed the Federation's commitment to providing the "Sanadak" with the necessary support to enhance the efficiency and security of the financial and banking
system to provide customers with the best means to resolve complaints or disputes
related to banks and insurance companies licenced by Central Bank of the UAE with
integrity, fairness and transparency. This will enhance customers' ability to receive
smooth and safe banking services that meet the highest international standards.
The CEOs Consultative Council meeting praised the UAE Banks Federation's efforts to
promote Emiratisation and the adoption of the Emiratisation Plan for the banking
and financial sector under the direct supervision of Central Bank of the UAE, which
aims to create suitable conditions to attract, train and qualify Emirati talent and pave
the way for future leaders in the banking and financial sector in cooperation with
institutions and banks operating in the country.
The Council welcomed the decision of the Financial Action Task Force (FATF) in its
February plenary meeting, reaffirming the effectiveness of UAE's implementation of
all AML/CFT framework recommendations. The FATF decision also reflects the efforts
of various bodies in the UAE, particularly the UAE National Anti-Money Laundering
and Combatting Financing of Terrorism and Financing of Illegal Organizations
Committee and Central Bank of the UAE. The Council also reaffirmed UAE Banks
Federation's commitment to work under UAE Central Bank's guidelines to strengthen the UAE's role in combating financial crime by complying with laws, regulations and supervisory and monitoring guidelines and adhering to the highest standards of corporate governance, transparency and risk management.
The CEOs Consultative Council meeting praised UAE Banks Federation's efforts to
promote Emiratisation and the adoption of the Emiratisation Plan for the banking
and financial sector under the direct supervision of Central Bank of the UAE, which
aims to create suitable conditions to attract, train and qualify Emirati talent and pave
the way for future leaders in the banking and financial sector in cooperation with
institutions and banks operating in the country.
The Consultative Council emphasised the importance of developing sustainable
banking solutions in line with the UAE's Net-Zero 2050 strategy, the Sustainable Development Goals and the COP28, which took place in the UAE last year. He
pointed out that the UAE national banks' pledge of one trillion dirhams (more than
USD 270 billion) worth of sustainability plans and projects by 2030 reaffirms the
banking sector's commitment and its crucial role in supporting sustainable financing
solutions and achieving SDGs.
During the meeting, Mr. Jamal Saleh, Director General of UAE Banks Federation, gave
an overview of the programmes, initiatives and annual plan for the year 2024, which
aim to continue the development to support the leadership of the banking and
financial sector in the UAE and to develop, adopt and adhere to the latest systems
and policies, especially in terms of compliance, governance and transparency.
The Director General of UAE Banks Federation said: "The achievements that the
Federation has realised over the past year reflect the effective cooperation between
its various components. The CEOs Advisory and Consultative councils assist members
in creating a suitable platform to deepen the basis for participation in decision-
making and benefit from the experience and knowledge of the members of the two
councils and all specialised committees to further develop the banking and finance
sector. Under the guidelines of Central Bank of the UAE, they enable members to
launch innovative solutions that contribute to meeting the needs of customers and
strengthen the UAE's leading position as a global financial and banking hub.”
About UAE Banks Federation (UBF):
Established in 1982, UAE Banks Federation (UBF) is the sole representative body comprising 59 members of banks and organisations 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 the exchange of ideas and expertise among its members and plays a significant 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 financial 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 26 technical and 3 advisory committees,
which in turn are tasked to discuss all issues relevant to the UAE banking and financial services ecosystem. UAE Banks Federation also includes a CEOs Consultative Council, which consists of chief executives of other member banks.
