Abu Dhabi, December, 2020: UAE Banks Federation (UBF) has held its CEOs’ Advisory Council’s last virtual meeting of this year, chaired by H.E. AbdulAziz Al-Ghurair, UBF Chairman.
The meeting focused on reviewing the year-long achievements of UBF’s 26 specialized technical committees as well as UBF’s main initiatives and events, including “Ethical Selling”, mutual and joint discussions and initiatives with Central Bank of the UAE, financial literacy program supported by UAE’s Community Development Authority, as well as UBF’s “Regulatory Compliance Webinar” which was held on 25-26 November 2020. CEOs also took note of and guided UBF’s 2021 endeavors and the projects/initiatives that UBF intends to launch, including the wider adoption of its Emirates Digital Wallet (KLIP).
The meeting highlighted the second phase of “Ethical Selling” project, which was initially launched in September, 2017, in collaboration with a special consultant. It was approved by UBF’s CEOs’ Advisory Council and shared with Central Bank of the UAE. The project aimed to design a unified industry framework for Ethical Selling practices related to Retail Banking and Wealth Management in the UAE, in accordance with the international best practices.
Moreover, UBF Wealth Management Committee worked with a special consultant on developing the “Wealth Management roadmap in UAE” in line with international standards. The project aimed to make an Investment Hub by focusing on key areas of major pain points to grow UAE’s onshore wealth and ways for improvement. A project management steering committee was formed from the CEOs of the following banks: Barclays, FAB, CITI Bank, SCB, DIB, Emirates Investment Bank, to discuss the consolidated paper on the challenges facing UAE today, mainly; clarify cross-border regulations for UAE-based wealth managers prospecting non-resident clients, and enhance investors’ rights.
H.E. AbdulAziz Al-Ghurair, Chairman of UAE Banks Federation, said: “2020 was a very productive and successful year for UBF and its members despite the impact of COVID-19. We took great care in reviewing the work of our 26 specialized committees and we approved the proposed action plan for the year ahead. We acknowledged the important role of the Central Bank of the UAE in guiding, supporting, and coordinating with UBF and member banks to ensure the overall long- term health and soundness of the banking system.”
Further, building on the strength of its relationships with every key player in the banking sector to ensure seamless communication, collaboration and coordination throughout, UAE Banks Federation had welcomed its new members MasterCard, Foreign Exchange Remittance Group (FERG), and National Bank of Bahrain, increasing the total number of UBF member banks and special status members (FI’s) to 54. UBF intends to widen its inclusion of further members to primarily welcome all those who have a direct effect on the banking sector and/or overseen by the Central Bank of the UAE into the family of UBF.