UBF BoD welcomes the recent laws and regulations released
The Board of Directors of the UAE Banks Federation (UBF) held its meeting and discussed the latest developments in the UAE’s banking sector as well as progress of key Initiatives and activities.
Chaired by H.E. AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation, the BoD commended the recent laws and regulations issued primarily the netting law, Public debt law, AML, and central bank law, as well as Risk management and internal audit and control and Dormant accounts regulations, highlighting the positive impact it will have on the banking and financial sector as well as the national economy. The BoD expressed comfort with the robust performance of the banking sector as reflected in the strong key financial indicators supported by economy growth.
The BoD also reviewed progress on current key initiatives mainly “Tasharuk” (cyber threats intelligence sharing platform), “Ethical Selling practices” and “customer complaints handling” frameworks, and digital Wallet appreciating collaboration of banks for adoption and support. Further, the BoD commended banks support to the nationalization strategy and SMEs finance, and endorsed future UBF s plans and initiatives on Digital transformation, blockchain, and fintechs.
The BoD reviewed other topics on agenda and took necessary decisions on same.