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Chaired by H.E. AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation, the BoD commended the recent laws and regulations issued primarily the netting law, Public debt law, AML, and central bank law, as well as Risk management and internal audit and control and Dormant accounts regulations, highlighting the positive impact it will have on the banking and financial sector as well as the national economy. The BoD expressed comfort with the robust performance of the banking sector as reflected in the strong key financial indicators supported by economy growth.
The BoD also reviewed progress on current key initiatives mainly “Tasharuk” (cyber threats intelligence sharing platform), “Ethical Selling practices” and “customer complaints handling” frameworks, and digital Wallet appreciating collaboration of banks for adoption and support. Further, the BoD commended banks support to the nationalization strategy and SMEs finance, and endorsed future UBF s plans and initiatives on Digital transformation, blockchain, and fintechs. The BoD reviewed other topics on agenda and took necessary decisions on same.
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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.
Media contact:
UAE Banks Federation
Emad Al Ghadban
Head - Public Relations & Communications
Phone: +971 2446 7706
E-mail: emad@uaebf.ae
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