The 19 UBF committees chairpersons convene their annual meeting this year Committees contributions have been significant in the development of the banking industry
The UAE Banks Federation (UBF) a professional representative body comprising 48 member banks operating in the UAE recently held its annual meeting for the 19 committees Chairpersons to review key initiatives of 2017 as well as priorities and action plan for 2018.
The relentless pursuit of our committees to contribute to the UAE’s banking sector support and enhancement through innovative and creative initiatives resulted in another fruitful year for UBF. I would take this opportunity to thank all UBF Committees’ chairpersons and members for their untiring efforts and valuable work throughout the year in raising the standards and contributing to the development, growth and progress of the sector. I am confident that we are fully equipped to weather all challenges lying ahead and grab forthcoming opportunities to make most of 2018. said H.E AbdulAziz Al Ghurair, Chairman of UAE Banks Federation.
The meeting commended the initiatives tailored and launched by the committees during 2017, among which are the Middle East’s first Information Sharing and Analysis Center (ISAC), the selling practices standards and guidelines as well as customers complaints handling frameworks, the assessment of the AML & Sanctions Compliance Framework, the standardization of Islamic windows , the enhancement of SMEs Lending environment in UAE.
As key priorities for 2018, following topics were shortlisted to address : Artificial intelligence and robotics, KYC case on Blockchain, Banks finance handbook for SMEs , regulatory challenges , Fraud Information Sharing Platform, HR Platform and System, Payments Hub, Development of Domestic Inter-Bank Repo Market, Financial Literacy Digital Application, Single Data Exchange Network ( Blockchain), open ended guarantees and decriminalization of bounced checks, and Implementation of VAT & IFRS9.
Concluding the meeting, H.E valued and thanked all the chairpersons and committee members for their distinguished output, and in recognition handed over certificates of appreciation to chairpersons.
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About UAE Banks Federation
Established in 1982, the UAE Banks Federation is a professional representative body comprising 48 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 developing and representing the interests of the member banks and defending their rights. The federation 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 19 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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