- UBF announces strategic partnership with ADGM for upcoming mega FinTech event
- Recent UBF survey shows that consumer trust in the banking sector has increased
Abu Dhabi: UAE Banks Federation (UBF) is spearheading the UAE banking industry’s commitment to Emiratisation, having brought together all 52 member banks to ensure they are aligned with National Agenda 2021 to increase Emiratisation, particularly in the private sector. UBF’s quarterly CEOs Advisory Council meeting was held yesterday and Chaired by H.E. AbdulAziz Al Ghurair, and witnessed the banking industry collectively collaborate to accelerate efforts to further develop the skills of UAE nationals and increase their recruitment in vital managerial and leadership positions across the sector.
H.E. AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, said: “The banking industry is a key pillar of the UAE economy, and is playing a pivotal role in ensuring the nation successfully delivers on the Emiratisation-related objectives of UAE Vision 2021. There is an abundance of smart, talented, and creative UAE nationals in this country, and we have a collective responsibility to foster and nurture them to reach their greatest potential and provide them with the opportunities they deserve. We have laid the groundwork for them to thrive in the banking sector, and I have no doubt that they will fulfill their aspirations and be the driving force behind the country’s future success and prosperity.”
Commenting on UBF’s strategic partnership with ADGM, H.E. AbdulAziz Al Ghurair, said: “The UAE banking sector is making huge strides towards the adoption of cutting-edge fintech like artificial intelligence, automation, and cognitive computing, and we are a strong advocate for this disruption across the industry. The upcoming FinTech Abu Dhabi Festival will be a fantastic platform to engage in productive discussions around these key topics, and we are delighted to be part of it and solidify our support through this strategic partnership.”
Trust Index and Evaluation Survey
UBF recently partnered with leading research providers to conduct two surveys: Trust Index and UBF Evaluation Survey. The Trust Index was an idea collaboratively generated by UBF’s marketing committee to track the level of trust amongst customers in the UAE’s banking sector. This year’s Index showed that:
- Overall impression of the UAE banking industry improved considerably in 2018 from 2017.
- UAE banks are meeting customer expectations, particularly in providing one-stop solutions to manage their clients’ finances.
- UAE banks are well equipped to deal with a variety of issues in the sector.
- UAE banks are consistently providing investors with good returns and contributing to strong economic development.
UBF’s Evaluation Survey assesses what its members and stakeholders think of its performance. The recent results show marked improvements from last year, with the unsatisfied stakeholder ratio dropping considerably into low single digits, considerably improving the ratio of satisfaction and trust from last year.
“We are delighted to see that trust and confidence in the banking sector have improved significantly in the last year, despite a challenging economic environment. UAE banks are doing a fantastic job at addressing issues and challenges, and remain steadfast in their commitment to national economic development. We will work with them to leverage these findings in an effort to build a more resilient and robust banking sector,” H.E. AbdulAziz Al Ghurair said.
UBF’s CEOs Advisory Council also discussed the recent governance and regulations from the Central Bank of the UAE and Federal Tax Authority, as well as plans to establish a local system for cards payments.
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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© Press Release 2019