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Abu Dhabi, 4 September: UAE Banks Federation (UBF) has officially released its annual report for the year 2018, shedding light on the significant progress and achievements of UBF and UAE banking sector, as well as major developments and trends in local and regional economies. The report highlights an increased number of UBF activities, achievements, and outcomes, and that the UAE banking sector remains well-capitalised, highly liquid, sound, and stable, all of which is solidifying the foundations of financial stability in the UAE.
UBF Initiatives
UBF has also launched and contributed to a number of key initiatives designed to boost innovation and further strength in the UAE banking sector. Among these initiatives is the Emirates Digital Wallet Company, which was initiated by the federation with the participation of 16 major UAE banks with the aim of contributing to financial inclusion.
Other initiatives include cybersecurity intelligence system, the ‘Tasharuk’ Platform, designed for the sharing and exchange of information on cyber threats between UBF and bank members, and the Courts Banking Experts Accreditation, an online system launched in collaboration with the Ministry of Justice and the Central Bank of the UAE for testing and certifying local banking experts. The Ethical Selling Framework, the Customer Complaint Handling Framework, the Higher Shari’a Authority, and the AML and Sanctions Compliance also comprise the unique initiatives UBF engaged in this year.
Commenting on UBF’s successful 2018 results, H.E AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, said: “I am pleased to announce that 2018 was a productive year for both the UAE Banks Federation and the United Arab Emirates that has continued to provide instrumental support and guidance to our ever-growing banking sector. The UAE banking and financial sector has maintained its robustness and high performance with a strong and diversified national economy, a safe and stable political and economic climate at the national level, and the optimal use of financial and human resources.”
As a result of escalating trade tensions and the impediments such tensions may create, trade volumes between developed countries may witness a slowdown. In the event of such a slowdown, oil prices may follow a downward trend following their 2018 highs, which would in turn lead to deceleration in MENA oil exporters’ growth.
The report shows that UBF has undertaken and advanced various initiatives over the last year, including Tasharuk (cybersecurity platform), Courts Banking Accreditation, and its Emiratisation agenda. And in spite of regional and global uncertainty, the report also highlights that the UAE banking and financial sector has once again proven its resilience and potentiality. Growing deposits, coupled with sufficient liquidity and increased demand for credit, enabled banks to increase lending.
Total banking assets at the end of December 2018 reached USD 780 billion, maintaining the UAE banking sector’s position as the largest in the Arab world. As the sector embraces new initiatives and developments, and with increased regulation and compliance requirements, prospects for 2019 and beyond appear promising.
The report also shows that the soundness of the banking sector remained positive in 2018. Furthermore, banks operating in the UAE remained well-capitalised, with the capital adequacy ratio (CAR) reaching 17.5%, while CAR for Tier 1 capital reached 16.2% and Common Equity Tier 1 (CET1) stood at 14.3% at the end of 2018, which is well above the regulatory requirements set by the Central Bank of the UAE and Basel III.
In light of digital trends and advancements taking over the local and global banking sector, UBF has revamped its new UAEBF.AE website, which includes the latest annual report and more user-friendly features. The federation also held a series of events and conferences that brought together a number of stakeholders to discuss banking-related topics and developments, including workshops on the “Consumer Security Programme”, “Risk Management”, and “Global Payment Innovation”, and the “Regulatory Compliance in a Changing World 2018” conference.
UBF’s Middle East Banking Forum (MEBF)
The 7th edition of UBF’s Middle East Banking Forum (MEBF) will be held in association with the Refinitiv (formerly Known as Thomson Reuters Financial and Risk Business) under the theme “Unlocking the Future, Shifting the paradigm", which will bring together 500 industry leaders including governors, c-executives from official banks, financial regulators and private sector entities.
In this year’s edition the forum will include well known speakers that will discuss the opportunities and challenges that are presented in today’s financial industry. It will also tackle key topics including Fintech, Islamic Finance and Risk Management whilst taking pace with technological innovation, financial crimes and automation
The MEBF’s 7th edition, will take place on November 12, 2019 in Abu Dhabi’s Fairmont Bab Al Bahr hotel.
To read the full report, please use the following link: http://uaebf.ae/Annual-Report-2018/index-EN.html
To visit the UBF website, please visit: www.uaebf.ae
To know more about MEBF, please go visit the website: www.middleeastbankingforum.com
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Mary Khamasmieh
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Jonathan Fisher
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E: JFisher@webershandwick.com
Sara Abuhassira
Associate, Integrated Media, Weber Shandwick
M +971 50 4115226
E sabuhassira@webershandwick.com
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, to promote and upgrade the UAE's banking sector for the benefit of the 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 that is consisted of 28 Bank CEOs which oversees the implementation of the policies, follows up on UBF's activities and makes necessary decisions by the General Secretariat of the Union and its 20 specialized technical committees who discuss all relevant banking issues.
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