UBF CEOs Advisory Council Meeting Outlines 2024 Initiatives to Bolster Banking Sector
The CEOs Advisory Council meeting of the UAE Banks Federation (UBF), a pivotal entity serving as the collective voice of the UAE’s banking industry, convened its first session of the year 2024. Presided over by His Excellency Abdulaziz Al-Ghurair, UBF’s Board Chairman, the meeting focused on evaluating current trends within the banking and financial sectors, aiming to strategize for the upcoming year with initiatives designed to fortify the UAE’s stature as a premier global financial center.
The council deliberated on the federation’s ongoing projects aimed at refining banking operations, alongside strategies to affirm the UAE’s dominant position within the global financial and banking landscape. These efforts are closely monitored and guided by the Central Bank of the UAE, ensuring alignment with national economic goals.
H.E. Abdulaziz Al-Ghurair highlighted the banking sector’s enduring resilience and adaptability amidst rapid global changes, crediting the Central Bank of the UAE’s robust strategies and policies for the sector’s sustained growth. “Our dedication at UBF towards sectoral development plays a crucial role in contributing to the UAE’s economic and sustainable development,” Al-Ghurair remarked, underlining the significance of the CEOs Advisory Council in offering insights, recommendations, and effectuating decisions that bolster UBF member banks and reinforce the UAE as a leading financial hub.
The meeting attendees lauded the Financial Action Task Force’s (FATF) recent announcement, recognizing the UAE’s successful implementation of all 15 recommendations in its action plan, a testament to the nation’s effective anti-money laundering and counter-terrorism financing framework. This accomplishment underscores the collaborative efforts of the Central Bank of the UAE, the National Committee, and the Executive Office for Combating Money Laundering and Terrorist Financing of Illicit Organisations.
Furthermore, the council underscored the banking sector’s commitment to addressing global financial system challenges by adhering to both local and international standards under the guidance of the Central Bank of the UAE. Emphasis was also placed on the significance of enhancing cybersecurity, safeguarding digital infrastructure, and delivering a secure banking experience to customers. Successes achieved in these realms, including the commendable execution of the “Cyber Wargames 2024” event, were highlighted and praised.
The importance of Emiratisation and fostering an attractive and supportive environment for UAE nationals within the banking sector was discussed. Development of platforms for knowledge exchange to stay abreast of banking and financial innovations was also considered vital.
An increase in customer confidence in the banking sector was celebrated, with the Annual Trust Index Survey indicating a rise in customer confidence levels to 90% in the previous year, up from 84% in 2022. This achievement not only positions the UAE banking sector as a trust leader globally but also underscores the success of the federation’s initiatives to ensure member banks adhere to ethical selling principles and a banking conduct code.
Mr. Jamal Saleh, Director General of UBF, reflected on the sector’s achievements under the Central Bank’s guidance, emphasizing the importance of collaboration with strategic partners in continuing sectoral development. He noted the significant increase in customer confidence, attributing it to the federation and its members’ efforts to meet customer needs and operate within an ethical framework.
About UAE Banks Federation (UBF):
Since its inception in 1982, the UAE Banks Federation (UBF) has served as the sole representative body for banks and financial institutions in the UAE. With 59 members, UBF plays a pivotal role in advocating for the banking sector’s interests, fostering cooperation among its members, and enhancing the UAE banking ecosystem for the overall benefit of the economy. UBF is dedicated to defending its members’ rights, facilitating the exchange of ideas and expertise, and heightening public awareness about the banking sector’s contributions to the country’s economic and social development.
