26
ANNUAL REPORT 2015
The UAE Banks Federation became an
associate member of the British Bankers’
Association (BBA) in 2015, providing a
number of benefits to UBF member banks.
The partnership aims to strengthen the
relations and co-operation between the two
organisations, and to enable the UBF and its
members to take advantage of international
best practice and expertise in its role of
assisting and advocating the development of
the banking sector in the UAE.
Under thearrangement, UBFwill haveaccess
to reports and research papers compiled
by the BBA and its specialised committees.
The committees of the two organisations
will also co-operate on high priority areas
of mutual interest such as compliance, anti-
money laundering and financial crime, SME
lending and digital banking.
The BBA is the leading trade association
for the UK banking sector with 200 member
banks headquartered in over 50 countries with
operations in 180 jurisdictions worldwide.
The UBF formed a working group to liaise with
AECB and over the course of 2015 discussed
the preparations for the completion of the
commercial borrowers’ credit reports. The
UBF partners with
British Bankers’ Association
UBF work with AECB
to produce credit reports
Its network also includes over 80 of the world’s
leading financial and professional services
organisations and its members manage more
than GBP 7 trillion in UK banking assets.
ACTIVITIES
UBF has encouraged its member banks to co-
operate with the Credit Bureau, and help resolve
issues that may emerge before the project
reaches completion.
Al Etihad Credit Bureau (AECB), the federal
government company mandated to implement
and operate a credit reporting system
across the UAE, begun providing consumer
credit reports in the UAE in 2014 following
its long cooperation and working relationship
with UBF.
The UBF member banks have started to
register to use the data available from AECB,
and through the working group, collaborate with
them on any issues that arise. Future plans for
the bureau in 2016 will include online credit
report sales, credit scores and industry reports.
