CEOs Advisory Council of the UAE Banks Federation underlines latest developments in the UAE banking sector
Abu Dhabi, United Arab Emirates; 28 March 2023:
The Advisory Council of the UAE Banks Federation, the representative and unified voice of banks in the UAE, held its first meeting of 2023 on 16th March 2023 under the chairmanship of His Excellency Abdul Aziz Al Ghurair, Chairman of UAE Banks Federation, to discuss the latest developments in the banking and financial sector, follow up on the implementation of the decisions taken at the last meeting in December 2022, and discuss the Federation's plans for the current year 2023.
The CEO Advisory Council commended the Fedration's success under the direct supervision of the Central Bank of the UAE as well as the close and fruitful collaboration with strategic partners in the country, particularly the Securities and Commodities Authority, the Ministry of Finance, the Ministry of Justice and the UAE Cyber Security Council, to ensure that regulations, policies and best practices to consolidate the leading position of the financial and banking sector in the UAE are in line with the country's guidance and wise leadership.
H.E. Abdul Aziz Al Ghurair, Chairman of UBF, said: "The banking sector will continue to innovate, evolve and provide optimal services to customers to contribute to economic development while adhering to international standards in governance, transparency and risk management under the direct supervision and guidance of the Central Bank of the UAE."
"The CEO Advisory Council, which includes some of the most senior executives with extensive experience and knowledge in the banking and financial sector, contributes to propose, discuss and make the necessary recommendations for decision-making in the interest of UBF member banks and their customers, as well as in the interest of the economy and society," he added, expressing his gratitude and appreciation to the members of the Advisory Council for their tireless efforts.
Participants at the CEO Advisory Council meeting discussed the work of the Federation's 28 specialised and technical committees and their plans for 2023, as well as their contribution to the development of the banking sector, as these committees are essential channels for sharing experiences in the technical aspects, developing initiatives and providing recommendations and appropriate solutions in order to keep pace with all developments and challenges in banking and finance.
The CEO Advisory Council further discussed programmes and plans aimed at promoting Emiratisation in the banking sector and ways to motivate Emirati participation in the banking sector and provide them with the appropriate conditions for a successful career.
Participants at the meeting praised the role played by the National Anti-Fraud Campaign in raising awareness of fraud risks among UAE citizens and residents, as well as its success over the past three annual sessions in boosting high confidence in the banking and finance sector, which is considered one of the leading sectors when it comes to providing the most advanced services in a safe and smooth banking environment that achieves the required balance between the adoption of the latest technology to provide the best services to different customer segments on the one hand and providing a system that excels in security on the other.
The CEO Advisory Council underlined the importance of continuing efforts to better protect the digital infrastructure and safeguard it from cyber-attacks, financial crimes and advanced fraud methods, given the increasing transactions in e-commerce, digital banking services and their applications. They also stressed the importance of the UAE Banks Federation's initiatives in supporting small and medium enterprises, especially in providing them with appropriate banking services and the necessary funding to enable them to play their essential role in the various economic sectors in which they operate and create more jobs.
The Council praised the efforts undertaken by the Federation to strengthen relations with banking associations and federations in brotherly and friendly countries and discussed ways to benefit from the Memorandum of Understanding signed by the UAE Banks Federation with the Azerbaijan Banking Association, the unified umbrella organisation of banks and financial institutions in the Republic of Azerbaijan, to enhance cooperation and exchange of experiences in support of the banking and financial sectors in the two countries, promote exchanges and cooperation and organise various banking activities.
Mr. Jamal Saleh, Director General of UBF, said, "The CEOs Advisory Council plays an important role in enabling the federation and its General Secretariat to carry out its tasks effectively with their extensive experience and knowledge in the sector and about UBF members. In the past year, the Federation has taken many important initiatives under the direct guidance of the Advisory Council, including accelerating the pace and quality of Emiratisation, supporting small and medium enterprises, training professionals, combating fraud, promoting sales ethics, and promoting and accelerating digital transformation. As part of the Federation General Secretariat's efforts to improve the banking and finance sector, we will continue to launch and implement many other initiatives and programmes, all in the interest of the banking sector and the economic development of the UAE."
The CEO Advisory Council was established 11 years ago and comprises 22 CEOs of banks and financial institutions operating in the UAE. The Council is an advisory platform that excels in discussing relevant issues and making decisions in the interest of the Union and the banking community.