UBF CEOs Advisory Council meeting discusses 2024 initiatives to develop banking sector
Abu Dhabi, United Arab Emirates; 07 March 2024:
The CEOs Advisory Council of UAE Banks Federation (UBF), the sole representative and unified voice of the UAE banks, held its first regular meeting for the year 2024 under the chairmanship of His Excellency Abdulaziz Al-Ghurair, Chairman of the Board of Directors of the Federation, to discuss the latest trends and developments in the banking and financial sector and the Federation's strategy for the year 2024 to advance the UAE’s financial sector.
The Council reviewed the Federation's efforts to improve banking operations and the initiatives to consolidate the UAE's position as a global financial and banking hub, which are being implemented under the direct supervision and guidance of Central Bank of the UAE.
H.E. Abdulaziz Al-Ghurair said: "The performance of the banking and financial sector over the past year confirms its strength, resilience and ability to keep pace with the rapid developments in the world, reflecting the success of the Central Bank of the UAE's strategies and policies in creating the necessary frameworks for sustained growth".
"We at UBF are keen to play our role in developing the sector to contribute to economic and sustainable development,” the Chairman added, stressing the importance of the CEOs Advisory Council in proposing, discussing and providing the necessary recommendations for decision-making and achieving the goals of UBF member banks 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 meeting welcomed the announcement by the Financial Action Task Force (FATF), the international organisation for combating money laundering and terrorist financing, that the UAE had completed the implementation of all 15 recommendations of its action plan following the plenary meeting held in Paris, France, from 19 to 23 February.
They stressed that the decision reflects the effectiveness of the framework in place in the UAE and the efforts of the various concerned authorities in the country led by Central Bank of the UAE, the National Committee and the Executive Office for Combating Money Laundering and Terrorist Financing of Illicit Organisations.
The meeting also emphasised the banking sector's commitment to address the challenges and risks in the global financial system under the direct supervision and guidance of Central Bank of the UAE by adhering to local and international standards and following the laws, regulations and supervisory guidelines; consolidating the UAE's position to ensure the stability, sustainability and safety of the financial system.
Furthermore, participants at the Advisory Council meeting stressed the importance of the efforts and initiatives undertaken by UAE Banks Federation to enhance cybersecurity, protect the digital infrastructure of the sector, and provide a safe and seamless banking experience, praising the success of the third edition of the "Cyber Wargames 2024" event, which the Federation organised under the supervision of Central Bank of the UAE and the Cybersecurity Council of the UAE Government.
The Council called for continuing efforts in developing the digital infrastructure and protecting it from cyberattacks, financial crimes and advanced anti-fraud methods, praising the successes achieved by the banking and financial sector and the role of the Federation in spreading awareness of the risks of fraud and ways to combat it in order to provide the latest advanced banking services in light of a system characterized by security and safety.
Participants also reviewed the Federation's initiatives to promote Emiratisation and provide appropriate conditions to attract and qualify more UAE nationals to work in the sector, as well as the importance of developing appropriate platforms for exchanging experiences and knowledge to keep pace with developments in banking and finance.
The meeting praised the results of the Annual Trust Index Survey, which revealed an increase in customer confidence in the banking sector, which recorded an average of 90% last year compared to 84% in 2022. The UAE ranked second globally in terms of customer confidence in banks last year, and the banking sector elevated to first position as the most trusted sector in the country.
Mr. Jamal Saleh, Director General of UBF, said: "The past year has seen many achievements in the banking and financial sector under the direct supervision of Central Bank of the UAE. We believe that working with strategic partners is the main pillar to continue developing the sector and keeping abreast of developments while adhering to local and international regulations and policies, which will further consolidate the leading position of the UAE financial and banking sector in line with the country's directions and regulations."
He added: "The increase in customer confidence in the banking sector over the past year also confirms the effectiveness of the efforts and initiatives undertaken by our members to achieve our primary goal of providing banking services and products that meet customers' requirements and aspirations. This also indicates the success of our efforts to ensure that member banks adhere to the Ethical Selling Principles and the Banking Code of Conduct established with support from the Federation. Our CEOs Advisory Council plays a key role in the Federation’s contributions to the sector by supporting the General Secretariat and its technical and advisory committees. This aligns with the Federation’s goal of developing and implementing plans in the interest of member banks and financial institutions, their customers, and the economic and social development of the UAE."
