The Board of Directors (BoD) of UAE Banks Federation (UBF) held its first meeting of the year today via Videoconferencing to discuss the latest developments in the UAE banking sector as well as progress of key concerns.
During the meeting, the BoD discussed UBF’s current priorities, which in light of the worldwide outbreak of COVID-19 include ensuring continuity of banking operations, hand in hand with Central Bank of the UAE, and supporting businesses across the UAE.
They also outlined initiatives to be rolled out throughout the rest of the year aimed at increasing innovation in the industry, enhancing Emiratization, and supporting the real estate sector.
His Excellency AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, said: “The global outbreak of COVID-19 has presented us with various challenges that collectively as a nation we are addressing head-on. And, as a critical industry, the banking sector has an especially unique responsibility to safeguard society and the economic environment. This will continue to be our utmost priority, and we will do whatever it takes to fulfill our mandate to support banks and local community as we navigate through this uncertainty together. However, it is important that we not lose sight of our vision during these difficult times, and continue to promote growth and transformation across the industry for the benefit of the wider country. Whether it is tackling the ever-changing challenges in the market, or fostering policies and frameworks to drive innovation, we are continuously working towards a sustainable and diversified economy to secure a better future for the entire nation.”
UBF BoD also commended UAE government’s strong leadership, and stressed the importance of continued coordination between strategic partners to mitigate the impact of COVID-19. The BOD also reviewed UBF’s activities and achievements in 2019, which included good results in the annual Trust Index Survey; the launch of a Sim Swap Fraud initiative which focuses on finding solutions and reducing fraud arising from SIM Swap; upgrading the standards of the banking industry through a Court Banking Experts online examination; and the launch of the ‘Credit Guarantee Program’ for financing Small Medium Enterprises (SMEs) in coordination with Emirates Development Bank.