Abu Dhabi, XX September 2020: Members of the CEOs Advisory Council of UAE Banks Federation (UBF) held their 3rd quarterly meeting of 2020, which was carried out as a virtual meeting, presided over by H.E. AbdulAziz Al-Gurair, Chairman of UAE Banks Federation, to discuss the changing dynamics in the UAE banking sector, as well as the many challenges presently faced, with particular focus on joint efforts performed by UBF with the Central Bank of the UAE as well as the nation-wide campaign of Fraud Awareness which UBF has launched together with the Central Bank and Abu Dhabi and Dubai Police.
Several expert advisors and UBF Technical Committees provided presentations to the attending CEOs on matters ranging from real estate, IT Security, Emiratization, Fraud Prevention, Emirates Digital Wallet’s KLIP, as well as several newly-launched partnerships and joint initiatives with a range of UAE departments, authorities, and associations.
Members praised the relationship that UBF has with the Central Bank of the UAE, as well as highly productive environment shared in between. Members also commended UBF on its extremely high performance assessment results which have increased to 89% approval rating, up from 82% last year. This annual survey measures members’ satisfaction level in UBF General Secretariat’s performance and its fulfillment of its key role as being the voice of UAE banks.
Moreover, the Council discussed the 5th edition of UBF’s Trust Index that was published last month and revealed an increased confidence in UAE banks (up to 76% from 74% last year) and also identified key opportunities for improvement across the sector.
Commenting on CEOs Advisory Council’s meeting H.E. AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, said, “With the gradual reopening of the UAE economy, we are seeing significant changes across industries and an increase in economic activity, including the real estate sector, with the continuous positive efforts from the banking sector to support and shape the UAE’s recovery plan. We continue to work closely with key stakeholders to identify opportunities and overcome challenges to enhance the banking industry during these unprecedented times. The last few months of this year will be a real test for us, but we are confident that while heading into 2021 we will do our best to assist UBF members be in a better position to secure a resilient and financially stable future for the UAE.”
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UAE Banks Federation
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About UAE Banks Federation: Established in 1982, UAE Banks Federation is a professional representative body comprising 54-member banks operating in the UAE. The Federation advocates all banks' interests, and enhances cooperation and coordination among them, in order to promote and upgrade the UAE's banking industry for the benefit of overall sector, its customers, and the national economy. UAE Banks Federation's mission and objectives are focused on representing its member banks and defending their interests and rights. The Federation provides a platform for cooperation and exchange of ideas and opinions among member banks and plays a major role in raising public awareness around the beneficial role and distinctive financial, economic and social contribution of the banks to the UAE. The Federation has an Advisory Council consisting of 27 Banks CEOs which oversees the implementation of the policies, follows up on UBF's activities and makes necessary decisions, for the 23 technical committees and 3 advisory committees who discusses all relevant banking issues.