The UAE Banks Federation, a professional representative body representing 50 member banks operating in the UAE, has approved the appointment of a new independent monitoring agency for the implementation of its Code of Conduct by member banks. This decision was among the issues discussed at the Federation's CEOs' Advisory Council meeting held in Dubai, chaired by His Excellency AbdulAziz Al Ghurair, Chairman of UAE Banks Federation.
The Council agreed during the meeting to add four new specialized committees in the field of audit, operations and payments, IT, and fraud. The Federation also has recently approved the formulation of a Marketing committee, in addition to its existing specialised committees; the new committee will oversee marketing activities for the 50 member banks, and will ensure ethical behaviour is observed in advertising, as well as truthfulness and transparency in all communications to customers. The committee will also support customer education initiatives and formulate a set of advertising guidelines.
Also on the agenda for the meeting was the establishment proposed by the UAE Central Bank of a Higher Shari'ah Authority, to complement and oversee the work of Shari'a Boards of individual Islamic banks operating in the country. Representatives of the Federation's Islamic banking committee are working closely with the Central Bank on guidelines for the establishment of the new body that will help to ensure consistency amongst all UAE Islamic banks in their development of new structures and products.
His Excellency AbdulAziz Al Ghurair commented: "The creation of a Marketing Committee by the Federation and the commissioning of independent monitoring of advertising are tangible actions to reinforce observance of the Federation's code of conduct, namely that member banks should seek to behave in a transparent and honest way in their marketing communications. This come in line with UBF's diligence and continuous efforts to ensure that best practice is implemented by member banks in their dealings with their customers."
The Federation also discussed the progress made on its upcoming annual event, The Middle East Banking forum, which will take place on 16thNovember. The theme for this year's event will be on Innovation, reflecting the UAE's year of innovation.
During the meeting, the Council also discussed progress since its last meeting on the range of ongoing projects being carried out by the Federation's committees.
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About UAE Banks Federation
Established in 1982, the UAE Banks Federation, a professional representative body comprising 49 member banks operating in the UAE. The Federation advocates all banks' interests, and enhances cooperation and coordination among them, in order to promote and upgrade the UAE's banking industry for the benefit of the banking sector, its customers, and the national economy.
The UAE Banks Federation's mission and objectives are focused on developing and representing the interests of the member banks and defending their rights. It facilitates the exchange of banking, financial and monetary information in the regional and international fields, and coordinates cooperation around banking procedures and in the areas of legal, technical and administrative affairs. The federation plays a major role in raising public awareness around the beneficial role and distinctive financial, economic and social contribution of the banks to the UAE.
The Federation has an Advisory Council consisting of Bank CEOs which oversees the implementation of the policies, follows up on UBF's activities and makes necessary decisions, a steering committee and ten specialized technical committees, covering and discussing all relevant banking issues.
Media contacts:
UAE Banks Federation
Emad Al Ghadban
Manager, Public Relations
Phone: +971 2446 7706
emad@uaebf.ae
© Press Release 2015
