Board of Directors and CEOs Advisory Council meetings discussed latest banking sector developments including key policies and legislations
UAE Banks Federation (UBF) has culminated another successful year, hosting on Monday its Board of Directors (BoD) and its CEOs Advisory Council meetings, specially after it was announced that the year 2020 will be the “Year of Getting ready for UAE’s 50th Anniversary”, the Golden Jubilee year. The two meetings outlined UBF’s 2020 priorities in line with the UAE national agenda to transition to a knowledge-based economy, and also discussed the latest developments in the UAE banking sector, including the latest insolvency law for individuals.
Presided by H.E. AbdulAziz Al Ghurair, Chairman of UBF, UBF’s BoD and CEOs Advisory Council agreed that special focus will be given to a number of areas in 2020, including regulatory frameworks and compliance, FinTech, and cybersecurity. It was also confirmed that UBF will peruse its support to UAE central Bank on several payment related initiatives for UAE feasibility.
UBF will also be concluding its end-to-end review of several procedural processes next year to make the customer experience smoother and enhance several services across the country to make the UAE a central hub for investment and business.
H.E AbdulAziz Al Ghurair, Chairman of UBF, said: “We’ve recently observed significant growth in the UAE’s banking industry, thanks to the implementation of focused strategies and initiatives, and the establishment of new laws and regulations aimed at strengthening the financial landscape. We are committed to remain on this upward trajectory by increasing collaboration between key partners, UAE Central Bank, and member banks, and will continue to foster an environment that is conducive for the identification and exchange of opportunities, challenges, and solutions that will positively impact the local economy in the year to come.
“I would like to give a special mention to all UBF members, and thank them for the collaboration and teamwork they have demonstrated to overcome challenges and provide solutions that tackle key issues across the industry.”
His Excellency indicated that the United Arab Emirates has risen by the hands of the founding fathers rulers of the seven Emirates and they have always been the main driver behind all the achievements made, and yet to be made, on UAEs 50th anniversary; the country bases all its actions on the guidance of its wise leaders.
He stressed that “UAE Banks Federation, with its 52 members and its 20 technical committees, is ready to combine all its efforts with all sectors operating in the country to celebrate UAE Golden Jubilee in 2021 as a qualitative shift in the history of the Emirates. All the initiatives and achievements that will be accomplished during the next couple of years will put our fingerprint on human civilization, and will help us construct the strongest foundation for sustainable development for future generations.”
UBF has achieved many significant milestones this year, including rolling out plans to tackle counterfeit cheques and enhanced encryption technology. The Federation also supported the launch of the ‘Credit Guarantee Scheme’ for SMEs by Emirates Development Bank, an initiative that provides a stable funding base, and is paving the way for economic diversity.