Abu Dhabi- Dubai, United Arab Emirates: The UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, stressed importance of role the Etihad Credit Bureau has been playing in the development of the banking and financial sector in the UAE, consolidating the country’s position as a global financial and commercial centre.

During the "Partner Engagement Forum", organised at the Emirates Institute of Finance in Dubai, UBF praised the Etihad Credit Bureau’s initiatives in supporting sustainable development of the UAE through collection, analysis and use of credit information that contribute to making informed decisions based on accurate data and on scientific bases for individuals and companies.

UBF hailed progress achieved by Etihad Credit Bureau during its journey since it was established in 2012 and launched its operations in 2014 as a specialised federal entity

entrusted with collecting and maintaining credit information for individuals and businesses in the UAE, and contributing to the development of financial and banking services and enhancing transparency.

The Federation has renewed its commitment to further strengthen the solid partnership with Etihad Credit Bureau, as their constructive cooperation contributed to the development of solutions and products that suit various stakeholders’ requirements, and to build on the strong foundations of the UAE’s economic, financial and banking ecosystem to continue growth.

Mr. Jamal Saleh, Director General of UBF, said: “Accurate data and information are the basis of development in various sectors, especially the banking and financial sector. Since its establishment, Etihad Credit Bureau has been playing a key and vital role in socio-economic development by providing advanced information and solutions to individuals, banks and financial institutions, where its reports, data, and studies have enabled various stakeholders to make informed decisions and manage risks prudently".

He added: “The banking sector has consolidated the UAE’s position as a global financial and banking centre, under the direct supervision and guidance of the Central Bank of the UAE. We are keenness to strengthen the partnership between the UBF and Etihad Credit Bureau comes as part of UBF’s ongoing efforts to provide a seamless and secure banking experience characterised by transparency and competitiveness, to enhance the knowledge and innovation economy and employing the advanced technologies. These efforts are reflected in the positive performance of the banking sector in the Trust Index, which reached 90%, outperforming several advanced financial and banking centres, and the banking sector remained the most trusted sector in the UAE".

His Excellency Marwan Ahmad Lutfi, Director General of Etihad Credit Bureau said: "Our Partner Engagement Forum marks a significant milestone as we celebrate a decade of service to the UAE's financial ecosystem. From the beginning, Etihad Credit Bureau has worked in close collaboration with the banking sector through the UAE Banks Federation. By listening closely to their needs, we strive to develop the tools necessary to help them succeed. Our focus is on enabling a proactive approach to risk management, ensuring banks have the insight to make sound decisions. Fulfilling the needs of our banking partners is our top priority, as their stability and growth directly benefit the bigger picture, which is the health of the financial sector and, accordingly, the strength of our national economy".

UBF and its member banks work in cooperation with Etihad Credit Bureau to enhance the financial and banking industry’s efficiency and integrity by providing accurate information, data, and reports to deliver banking services that meet the requirements of customers while maintaining the highest levels of transparency, governance, and prudent risk management.

The Director General of UBF said the partnership with Etihad Credit Bureau will witness further developments during the coming period by launching innovative products and solutions to meet the growing requirements of individuals, institutional, and corporate customers, especially start-ups and SMEs, which play a vital role in the socio -economic development.

He explained that the adoption and employment of advanced technologies and the launch of digital channels by Etihad Credit Bureau have allowed individuals and companies easier and faster access to their credit reports and scores, enhancing financial inclusion.

The Partner Engagement Forum witnessed a wide participation of member banks of UBF. Etihad Credit Bureau’s achievements, products, solutions, and its credit scores were highlighted.

-Ends-

About UAE Banks Federation (UBF):

Established in 1982, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, comprising 64 members of banks and financial institutions operating in the UAE. UBF advocates the interests of all its members and enhances cooperation and coordination between them in order to elevate the UAE's banking ecosystem for the benefit of members, customers, and the overall UAE economy.

UBF's mission and objectives are focused on representing its members and defending their rights and interest. UBF provides a platform for cooperation and the exchange of ideas and expertise among its members and plays a significant role in raising public awareness about the contributions of the UAE banking sector to the economic and social development of the country.

UBF has a 22-member Advisory Council consisting of CEOs and General Managers from member banks and financial institutions, which oversees the implementation of UBF's policies and activities. The CEOs Council also makes directional decisions through UBF's General Secretariat for UBF's 28 technical and 6 advisory committees, which in turn are tasked to discuss all issues relevant to the UAE banking and financial services ecosystem. UAE Banks Federation also includes a CEOs Consultative Council, which consists of chief executives of other member banks.

For further information, please contact:
Sooyin Lee
UAE Banks Federation
sooyin@uaebf.ae

About Al Etihad Credit Bureau (AECB):

Al Etihad Credit Bureau is a federal entity wholly owned by the UAE Federal Government. It was established under Federal Law No. (6) of 2010 concerning credit information, as amended by Federal Decree-Law No. (8) of 2020. Under this law and its amendments, AECB is mandated to request, organize, collect, preserve, analyze, classify, utilize, and disseminate credit information. This data is then processed into a range of fully digital credit-related products.

For more information, please visit: www.etihadbureau.ae or download the “Al Etihad Credit Bureau” app available on the App Store and Google Play.

Media Contact:
Bachar Dib
Email: bachar.dib@etihadbureau.ae