Bank members urged to comply with Al Etihad Credit Bureau request for data
The UAE Banks Federation Chairman AbdulAziz Al Ghurair expects Al Etihad Credit Bureau to be operational in few weeks.
"It is clear that all of our members are working as hard as they can to meet the requirements of the Credit Bureau, and I am confident that we will see this crucial new structure in place and operational in the coming few weeks," Al Ghurair added.
This was stated during the Federation's second CEOs Advisory Council meeting of the year which focused on a number of critical issues facing the banking sector in the UAE.
The launch of Al Etihad Credit Bureau has been delayed due to lack of data supply from the local banks and other financial institutions. The Bureau had earlier announced its readiness in January this year to start operations in the first quarter of 2014.
The Council reiterated its full support for the early establishment of Al Etihad Credit Bureau, and through the Consumer Banking committee urged all its bank members to submit the required data to the Bureau at their earliest opportunity.
During the meeting, Federation's specialised committees reported on their work to the Council.
The Legal committee highlighted its contribution on setting regulations to appoint banking experts, and engagement on the Direct Debit System, as well as their proposal on "Derivatives Netting", among other issues. The presentation of the Islamic banking committee focused on their proposal to establish a Shariah-Compliant Governance Unit which is being discussed with the UAE Central Bank.
The Human Resources committee, meanwhile, reported on their work related to the further enhancement of Emiratisation in the banking sector, while the Small and Medium Sized Enterprises committee also updated the Council on issues of interest to banks, including definition of SMEs and start up financing and franchising.
Al Ghurair also appreciated the role of special steering committee set to coordinate Mobile Wallet project for the Smart Government initiative.
© Emirates 24|7 2014
