Third meeting of UBF CEOs Advisory Council stresses on importance of promoting sustainable finance
Abu Dhabi, United Arab Emirates; 17 October 2023:
The CEOs Advisory Council of the UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, held its third meeting of 2023 under the chairmanship of H.E. Abdulaziz Al-Ghurair, Chairman of the Board of Directors of UBF to discuss the latest developments in the banking and financial sector, follow up on the implementation of the Federation’s strategy for the year and implement the decisions taken in the last meeting in June.
The Council reviewed the efforts undertaken to enhance sustainable financing under the direct supervision of Central Bank of the UAE and plans to strengthen the UAE’s leadership position in developing sustainable banking solutions in line with the country’s strategy to reduce emissions and achieve climate neutrality by 2050, the Sustainable Development Goals (SDGs) and the COP28, which the UAE will host in November and December 2023.
H.E. Abdulaziz Al-Ghurair said, “The performance of the banking and financial sector in the past confirms its resilience and ability to overcome challenges, as we witnessed a significant increase in the performance of banks and their assets with considerable allocations to confront headwinds in the sector. It reflects the success of the strategies and policies of Central Bank of the UAE in creating the necessary environment for sustainable financial growth in the country.”
“These achievements motivate us at UBF to continue our endeavours and play our role in advancing the sector to contribute to sustainable economic development. In this regard, the CEOs Advisory Council plays an important role in proposing, discussing and providing the necessary recommendations for decision-making in the Federation, which constitutes a key pillar of achieving UBF and its member banks’ goals to provide safe and seamless banking services to various customers and to strengthen the UAE’s position as a leading financial and banking centre.”
Participants at the CEOs Advisory Council meeting stressed the importance of the Federation’s efforts to strengthen and expand cooperation with strategic partners, particularly Central Bank of the UAE, the Securities and Commodities Authority, the Ministry of Finance, the Ministry of Justice, the Cyber Security Council and the country’s police, pointing to the significance of the initiatives the Federation has taken to consolidate cooperation with the Ministry of Finance and the Dubai Courts. They also stressed the importance of continuing these efforts to ensure keeping pace with regulations and policies in the country and globally to consolidate the leading position of the financial and banking sector and further develop it in line with the UAE’s economic vision and frameworks.
The CEOs Advisory Board commended UBF’s success, under the direct supervision of Central Bank of the UAE, in protecting the interests of customers by following the Code of Conduct for Retail Banking and Wealth Management in the UAE, which is in line with the proactive initiative launched by the Federation in 2017 that provides a comprehensive framework of standards, practices and regulations for the sale of banking products and services. They pointed to the importance of the UBF’s efforts to ensure that member banks comply with the regulations and principles of ethical selling and transactions and documentation, which has contributed to increased customer confidence in the banking sector, resulting in the UAE ranking second globally in terms of customer trust in banks, which stands at by 84%. Meanwhile, the banking sector has held the top-spot as the most trusted sector in the UAE for the second consecutive year.
The Council welcomed AMEX (American Express) as a member of the Federation. It stressed the importance of the efforts of UAE Banks Federation management to broaden the scope of membership and benefit from the expertise of leading bankers in local and international institutions operating in the UAE. They praised the efforts of the technical committees in the developing sector and their role in enabling knowledge sharing and discussions in specific aspects to keep pace with developments in the banking and finance industry.
The CEOs Advisory Council stressed the need to support the Federation’s asset management development initiative. It commended the cooperation with the Securities and Commodities Authority for supporting and promoting the local asset management industry and creating a favourable environment for attracting investment management companies and institutional funds providers in the UAE, which will lead to a noticeable boom in the local asset management industry.
Participants at the meeting reviewed the progress of strategic projects implemented under the 2023 strategy, including the Federation’s initiatives to promote Emiratisation and create appropriate conditions to attract and qualify more UAE nationals to work in the sector, as well as awareness and training programmes and workshops for member banks and their employees to exchange experiences and knowledge, develop initiatives and provide recommendations and solutions to keep pace with developments and challenges in banking and finance sector.
The Council called for continued efforts to protect the digital infrastructure and safeguard it from cyberattacks, financial crimes and advanced fraud methods. It praised the achievements made by the banking sector and the Federation’s efforts in spreading awareness about fraud attacks and the ways to combat them in order to offer the latest advanced banking services to ensure safe and secure banking. The participants of the meeting stressed the importance of the UBF’s initiatives in promoting financial inclusion, supporting small and medium enterprises, as well as establishing and developing relations with international banking associations and federations.
Mr. Jamal Saleh, Director General of UBF, said, “Under the direct supervision of Central Bank of the UAE, we have made significant progress in achieving many of UBF’s strategic objectives. Our CEOs Advisory Council plays a key role in supporting the Federation’s General Secretariat and its specialised technical and advisory committees in developing and implementing their plans in the interest of member banks and customers, as well as the economic and social development of the UAE.”
He expressed gratitude and appreciation for the CEOs Advisory Council’s tireless efforts in supporting and improving the banking and financial sector. He stressed that cooperation and coordination among the various components of the financial and banking system in the UAE guarantee continuous success and provision of advanced, innovative, secure and smooth banking and financial services.
Established 11 years ago, the CEOs Advisory Council includes 22 CEOs of banks and financial institutions operating in the UAE. The Council is a unique advisory platform in the banking sector characterised by its ability to discuss relevant topics and challenges in the sector and make necessary decisions in the interest of the member banks, their customers and the UAE economy.
