UBF CEOs council confirms banking sector’s ability to continue to grow

During its second meeting of 2023, the CEOs Consultative Council of UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, chaired by Mohamed Omran Al Shamsi, Vice Chairman of the Board of Directors of UAE Banks Federation and Chairman of RAK Bank, discussed developments in the banking and financial sector, and the progress made by the Federation in achieving the strategy and plans for the current year.

Participants at the meeting, including CEOs and General Managers of UBF member banks, affirmed the ability of UAE’s banking sector to continue its strong performance, take advantage of the opportunities provided by the vital economic environment in the UAE, and tackle the economic and financial challenges in global markets. Participants in the meeting called for the importance of continuous development of banking to ensure that the UAE maintains its leading position as a financial hub.

The Council members commended the initiatives and continuous efforts undertaken by the Federation with the direct supervision of Central Bank of the UAE, to ensure the highest standards of governance, transparency and risk management, which contributed to the success of the banking sector in achieving significant growth in its performance and asset growth while preserving strong capital efficiency levels, provisions and reserves.

The meeting participants expressed their appreciation to Central Bank of the UAE, Securities and Commodities Authority, Ministry of Finance, Ministry of Justice, Cyber Security Council of the UAE Government and other strategic partners of the Federation, such as the police forces in Abu Dhabi and Dubai, for the continuous cooperation in order to ensure that the financial and banking sector in the UAE keeps pace with legislative, regulatory and technological developments in order to provide the best banking and financial services to various segments of customers from individuals, government agencies, institutions and companies through secure, seamless and sophisticated banking.

The council called for the continuation of programmes and initiatives implemented by the Federation to combat fraud and protect the banking sector’s digital infrastructure and its efforts to expand the base of participation of the member banks in decision-making in order to enhance the role of UAE Banks Federation in advancing the financial and banking sector in the country. Mohamed Omran Al Shamsi said: “The achievements of UBF for the past years and months are further evidence of the pivotal role played by UBF in advancing the banking and financial sector and in economic development by enhancing cooperation and communication between UBF member banks under the leadership and supervision of Central Bank of the UAE.”

He also praised the progress made by the Federation, in line with the directives of Central Bank of the UAE’s Sustainable Finance Working Group, in developing the areas of transparency, governance, risk management and rating in general, including aspects related to green finance and climate change risks, and supporting and enabling member banks to develop competitive and sustainable businesses that support customers and the economy in the country.

The meeting noted the innovative solutions of UAE banks in the field of renewable energy financing and sustainability projects, as the total green financing of six UAE banks amounted to more than Dhs190 billion ($ 51.8 billion) until the end of last year (2022).

The meeting reviewed the efforts made by UAE Banks Federation in promoting Emiratisation and approving and supporting the plan to localise the banking and financial sector during the past year (2022), under the supervision of the Central Bank of the UAE and in coordination with member banks and financial institutions operating in the country, which contributes to expanding the base of citizens working in banks and insurance companies.

The CEOs participating in the meeting reviewed the progress made by the Federation in achieving the objectives of the strategic plan for the current year, including development projects, courses and specialised technical meetings in order to keep pace with the rapid developments in the banking and financial sector and ensure the adoption of best banking practices. They stressed the importance of coordination with the various committees under the Federation and the development of their work.

The CEO Consultative Council praised the efforts made by UAE Banks Federation in strengthening relations with international professional associations to exchange experiences and share knowledge to develop the financial and banking sector further and facilitate trade exchange and economic cooperation with all partners.

Jamal Saleh, Director General of UAE Banks Federation, reviewed the initiatives launched and implemented by the Federation during this year, in line with the strategy approved by the Board of Directors and the annual plans aimed at consolidating the leadership of the banking and financial sector in the UAE and developing.