UAE Banks Federations Board of Directors approves key initiatives and priorities for 2018
Roll-out of new EIBOR regulation, and implementation of IFRS 9 and value-added tax topped the meeting’s agenda
The Board of Directors of the UAE Banks Federation (UBF) held its first meeting of the year on Monday, 26 March 2018, in Dubai, to discuss and review current initiatives and priorities for 2018. Presided over by HE Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation, the meeting discussed the latest developments in the banking sector and evaluated the progress of UBF initiatives that aim to further protect customers and banks against cyber-attacks, reinforce anti-money laundering measures, and enhance fraud prevention in the banking landscape.
“Building on its impressive performance in 2017, the UAE’s banking sector is expected to keep the momentum this year. While strong capitalization, comfortable liquidity and robust credit growth combined with accelerating economic growth will drive expansion, it is imperative to set a direction for the industry to help it capitalize on forthcoming opportunities and face challenges ahead. Our meeting discussed a number of high-priority topics including the launch of the new EIBOR regulation, the implementation of IFRS 9, and enhancement of Emiratization, and it also renewed our resolve to continue with collective efforts to sustain a thriving banking sector,” said HE Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation.
The meeting lauded the UAE Central Bank’s decision to roll out a new way of setting Emirates Interbank Offered Rates (EIBOR) soon aiming for more transparency, governance, and efficiency. The Board also discussed the implementation of International Financial Reporting Standard 9 (IFRS 9) and noted preparedness of the sector to absorb the impact given the adequate provisions available. Another key topic of discussion was the introduction and implementation of value-added tax in the UAE.
