UAE Banks Federation (UBF) hosted its Board of Directors meeting to review its 2018 key initiatives and achievements, as well as discuss UBF’s priorities and strategic plans for the year ahead. Presided over by H.E. AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, the meeting involved discussions around the latest themes in the local and global banking sector, including innovation, regulation, Emiratization, and SME Finance.
H.E AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, said: “UAE Banks Federation has witnessed another successful year, as our local banking sector continues to evolve and progress at a rapid pace. UBF will continue strengthening collaboration among member banks, withstanding challenges, and developing solutions for the benefit of the industry at large.”
Despite regional and global volatility and uncertainty, UAE’s GDP is projected to grow at 3.5% this year, while the local banking sector, marking sufficient liquidity and capital adequacy of ~18%, is expected to grow at 6.5%.
“As the sector faces technological and structural changes accompanied by increased regulation and compliance, we will continue supporting our member banks in exploring innovative, efficient and transparent ways of operating, to improve services provided to their customers. We are well positioned for a successful year and we look forward to celebrating more achievements in 2019,” added H.E.
A number of high-priority topics for UBF were also discussed at the meeting, including FATF Mutual Evaluation, AML, and Cybersecurity. The meeting also explored the challenges of compliance for banks and financial institutions in relation to both local and international regulations, and the need for the banking sector to take positive and efficient steps towards the use of artificial intelligence, cognitive computing, and blockchain technology in the banking industry.
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About UAE Banks Federation:
Established in 1982, the UAE Banks Federation is a professional representative body comprising 52-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 representing its member banks and defending their interests and rights. The federation provides a platform for cooperation and exchange of ideas and opinions among member banks and 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 28 Bank CEOs which oversees the implementation of the policies, follows up on UBF's activities and makes necessary decisions, and 20 specialized technical committees who discuss all relevant banking issues.
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