UBF commends the banking sector contribution to the society and urges its members to adopt more CSR initiatives in 2018
The UAE Banks Federation (UBF), a professional representative body comprising 49-member banks operating in the UAE, commended the banking sector contribution to the society, urging its members to adopt more CSR initiatives in 2018. Recognizing their CSR efforts over the decades, the federation said the initiatives by the country’s banks have created a positive impact on societies in the UAE and around the world.
“As a sector that plays a key role in nation building, the banking sector has an inherent responsibility to contribute to our country’s sustainable development and the well-being of the communities and societies we cater our products and services for. UAE Banks Federation considers Corporate Social Responsibility as a key priority and is committed to raising awareness about the need for a coherent CSR strategy that is aligned with banks’ mission and values. Our member banks showcased exemplary efforts by launching several CSR initiatives, and now we are encouraging them to devise and execute more programs in 2018, inculcating sustainable approaches into their business practices and activities to contribute towards the socio-economic growth of the UAE, said HE Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation.
In 2017, UBF’s member banks actively launched several CSR initiatives with social, environmental and educational programs and activities with the aim of enhancing communities, empowering women and youth, reducing carbon footprint and improving quality of life. The banks also organized workshops at educational institutions to foster necessary skills and knowledge among students to help the younger generation to participate in the banking and financial services sector and wider economy.
This comes in line with Year of Zayed 2018 initiative and the federal and local governments initiative to promote CSR among public and private sectors and endorse the culture of giving among society members, being one of the six pillars of the UAE National Strategy for the Year of Giving, which was announced last year. In February this year, the federal government announced that it will establish a CSR fund to promote the culture of social responsibility and implement community related projects and initiatives.
“To extend our support to the government’s efforts to promote CSR and contribute to its vision of creating and sustaining an inclusive society, we urge our member banks to embrace sustainable business practices and advocate projects that contribute towards the well-being of communities their business impacts and the society at large,” said H.E. Al Ghurair.
