UAE Banks Fed. reaffirms sector’s ability to continue to grow

October 20, 2023 / 6:50 PM
Sharjah 24 – WAM: The CEOs Consultative Council of the UAE Banks Federation, representing the unified voice of UAE banks, held its second meeting of 2023 under the leadership of Mohamed Omran Al Shamsi, Vice Chairman of the Board of Directors of UAE Banks Federation and Chairman of RAK Bank. The meeting focused on developments in the banking and financial sector and the progress made in implementing the Federation's strategies and plans for the current year.
During the meeting, CEOs and General Managers of UBF member banks reaffirmed the banking sector's ability to maintain strong performance, capitalise on the opportunities within the UAE's thriving economic environment, and address global economic and financial challenges. They stressed the importance of continuous development in banking to uphold the UAE's position as a leading financial centre.

The Council lauded the Federation's initiatives and efforts, overseen by the Central Bank of the UAE (CBUAE), to uphold high standards of governance, transparency, and risk management. These measures have contributed to the sector's significant growth in performance and asset value while maintaining strong capital efficiency, provisions, and reserves.

The participants expressed their appreciation to various organisations, including CBUAE, Securities and Commodities Authority, Ministry of Finance, Ministry of Justice, and others, for their continuous cooperation in keeping the financial and banking sector in sync with legislative, regulatory, and technological developments. They emphasised providing top-tier banking and financial services to diverse customer segments securely and efficiently.

The Council called for the continuation of programmes and initiatives aimed at combatting fraud and protecting the digital infrastructure of the banking sector, as well as expanding the involvement of member banks in decision-making to enhance the role of the UAE Banks Federation in advancing the country's financial and banking sector.

Mohamed Omran Al Shamsi highlighted the Federation's achievements and its pivotal role in advancing the banking and financial sector, emphasising cooperation and communication among member banks under the guidance of the CBUAE.

The meeting also noted the innovative solutions of UAE banks in financing renewable energy and sustainability projects, with a total of over AED 190 billion ($51.8 billion) in green financing by six UAE banks by the end of 2022.

The Council reviewed the Federation's efforts in promoting Emiratisation and supporting the plan to localise the banking and financial sector, contributing to the employment of citizens in banks and insurance companies.

The CEOs reviewed the progress in achieving the objectives of the current year's strategic plan, emphasising the importance of coordination and development within the Federation.

The Council praised the Federation's efforts to strengthen relations with international professional associations to develop the financial and banking sector and facilitate trade exchange and economic cooperation.

Jamal Saleh, Director General of the UAE Banks Federation, highlighted the initiatives launched during the year to develop the banking sector, in line with the vision and directives of the CBUAE.

The establishment of the CEOs Consultative Council complements the existing CEOs Advisory Council, providing a comprehensive platform for discussing topics relevant to the banking and financial sector in the UAE and the country's economy as a whole.
October 20, 2023 / 6:50 PM

More on this Topic

Rotate For an optimal experience, please
rotate your device to portrait mode.