Board of Directors of UAE Banks Federation Approves Strategy for 2024
Abu Dhabi, United Arab Emirates; 29 April 2024:
The Board of Directors of UAE Banks Federation, the sole representative and unified voice of UAE banks, held its first meeting of 2024 on 29th April 2024 under the chairmanship of His Excellency Abdulaziz Al-Ghurair, Chairman of the Board of Directors of UAE Banks Federation, to discuss the latest local and global developments in the banking and financial sector, the achievements of 2023 and the Federation’s plans for the current year.
The Board of Directors of UAE Banks Federation approved the Federation’s strategic plans, priorities and budget for 2024 and praised the banking sector's performance and initiatives undertaken by the Federation over the past year that have contributed to the development of banking services for various customer segments as the industry continues to play an essential role in economic development.
The Board emphasised the strength of the UAE banking sector and its ability to continue growing under the direct supervision and guidance of Central Bank of the UAE, which sets the necessary foundations and framework for the security and prosperity of the sector. They highlighted that the performance of UAE banks last year (2023) and in the first quarter of this year is a clear testament to the resilience of the Federation’s member banks in dealing with regional and international changes.
Furthermore, the meeting discussed the significant accomplishments of the past year and the steps undertaken by the Federation to accelerate the implementation of strategic plans in line with its objectives, as well as the importance of keeping pace with the rapid developments in the banking and financial sector to ensure member banks adopt best banking practices.
The Board of Directors of UAE Banks Federation expressed its gratitude and appreciation to Central Bank of the UAE for its continuous support and direct guidance to the Federation’s efforts in developing the banking and financial sector and commended the close cooperation with strategic partners to ensure compliance with regulations and policies, as well as the adoption of best practices to develop the sector in line with UAE’s strategies and international standards.
The Board welcomed the decision of the Financial Action Task Force (FATF) recognising the UAE’s completion of implementing all recommendations by the task force, which confirms the effectiveness of the frameworks in place in the UAE for combating money laundering, terrorist financing, and the efforts of various entities led by Central Bank of the UAE and the National Committee & Executive Office for Anti-Money Laundering and Combatting Financing of Terrorism and Financing of Illegal Organisations.
H.E. Abdulaziz Al-Ghurair, Chairman of UBF, said: "UAE Banks Federation continues its efforts and endeavours to support and facilitate the development of the banking sector in the country and enhance its leading position, in direct cooperation with Central Bank of the UAE. The Federation’s strategic goals and plans for 2024 include several programmes and campaigns that focus on enhancing the positive role of banks in the country’s economic development."
He added: "Promoting Emiratisation in the banking sector remains one of our top priorities, and we continue to work towards increasing Emirati participation. In addition, we are working tirelessly to further enhance trust, accelerate digital transformation, combat fraud and strengthen the integrity of financial systems. In doing so, we aim to provide secure and seamless banking services that meet the needs of all customer segments."
The attendees lauded the rising customer trust in the UAE banking sector, which increased from 84% in 2022 to 90% in 2023, in the Annual Trust Index Survey of the Federation, positioning the UAE above the global average and ahead of some of the advanced financial and banking centres. The Board members also emphasised the importance of Central Bank of the UAE’s launch of the ‘Sanadak’ Unit in supporting and strengthening financial inclusion and ensuring that all consumers have access to fair and effective financial services. ‘Sanadak’ is the first of its kind ombudsmen unit for banking and insurance dispute resolution in the Middle East and North Africa.
Moreover, the participants stressed the importance of continuing to develop sustainable banking solutions, emphasising the commitment of UAE national banks to support sustainability projects worth AED 1 trillion (over USD 270 billion) by 2030 and enhancing the leading role of the banking sector in achieving the Sustainable Development Goals.
The Board also noted the initiatives of the Federation in supporting small and medium enterprises, which play an important role in the economic diversification strategy.
The meeting reviewed the plans to accelerate digital transformation, enhance cybersecurity, and upgrade the security and protection levels of digital infrastructure. The attendees praised the Federation’s initiatives in this context, particularly the Cyber Wargames event, which improve capabilities to detect and respond to cyberattacks, and the National Anti-fraud Campaign aimed at educating and supporting customers and community in general and the country’s economy by providing a secure banking and financial system.
The Board of Directors also expressed their gratitude to all member banks and the advisory and technical committees for their vital role in exchanging knowledge and expertise to enhance cooperation and develop banking policies and initiatives to keep pace with all developments in the banking sector.
