DUBAI- The UAE Banks Federation, UBF, a professional representative body comprising 48 member banks operating in the UAE, recently held its annual meeting for the 19 committees Chairpersons to review key initiatives of 2017 as well as priorities and action plan for 2018.

The meeting commended the initiatives launched by the committees during 2017, among which are; the Middle Easts first Information Sharing and Analysis Centre (ISAC), the selling practices standards and guidelines as well as customers complaints handling frameworks, the assessment of the AML & Sanctions Compliance Framework, the standardisation of Islamic windows, the enhancement of SMEs Lending environment in UAE.

As key priorities for 2018, following topics were shortlisted to address; Artificial intelligence and robotics, KYC case on Blockchain, Banks finance handbook for SMEs, Regulatory challenges, Fraud Information Sharing Platform, HR Platform and System, Payments Hub, Development of Domestic Inter-Bank Repo Market, Financial Literacy Digital Application, Single Data Exchange Network ( Blockchain), open ended guarantees and decriminalisation of bounced checks, and Implementation of VAT & IFRS9.

AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, said, "The relentless pursuit of our committees to contribute to the UAEs banking sector support and enhancement through innovative and creative initiatives resulted in another fruitful year for UBF. I would like to take this opportunity to thank all UBF Committees chairpersons and members for their untiring efforts and valuable work throughout the year in raising the standards and contributing to the development, growth and progress of the sector."

Copyright Emirates News Agency (WAM) 2017.