UBF’s CEOs’ council discusses latest developments on banking fronts

UAE Banks Federation’s CEOs’ Advisory Council held on Tuesday its first meeting of the year 2022, with all Council members joining in virtually.

Reflecting the tight collaboration that exists between UBF members, the Council discussed the latest developments on the national and international banking fronts, following the members’ last meeting in December 2021.

Highlighting the importance of the CEOs’ Advisory Council meetings, UBF Chairman, AbdulAziz Al-Ghurair said: “These meetings directly contribute to the progress of the banking sector in the UAE, as they help UBF members share respective experiences and updates, align on common strategic topics such as Emiratization in the banking sector, and follow up on UBF projects and initiatives, such us UBF’s National Campaigns of Fraud Prevention as well as UBF’s SME Awareness Campaign.

“Our condensed, yet fruitful, sessions allow us to agree on strategic topics in a matter of hours, which optimises the decision-making process at the highest level. This allows us to move forward swiftly and efficiently, all of which is to better serve the interests of customers and all shareholders.”

The Council’s busy agenda tackled recent international developments, and also discussed the latest measures taken by the UAE Government to alleviate COVID-19 restrictions which could positively reflect on the banking industry, as citizens and residents gradually regain their usual life routine.

In addition, UBF, using a top consultancy firm, has confirmed the substantial increase in customers’ Trust index level in UAE banks from 63 per cent in year 2020 to 87 per cent in year 2021, as well as a stellar increase in UAE Banks’ brand reputation to 98 per cent.

CEOs also discussed the anticipated conclusion of Expo Dubai 2020 by end of March 2022, various technical submissions by UBF’s committees, progress on various UBF programs and mandates, member banks operating conditions, and credit demand.

Established in 1982, UAE Banks Federation (UBF) is a professional representative body comprising 52 members operating in the UAE. UBF advocates the interests of all its members, and enhances cooperation and coordination in between in order to promote and elevate UAE’s banking and financial ecosystem for the benefit of the banking/financial sector, customers, and the overall UAE economy.

UBF’s mission and objectives are focused on representing its members and defending their rights. UBF provides a platform for cooperation and exchange of ideas and opinions among its members and plays a major role in raising public awareness around the beneficial role and distinctive financial, economic and social contribution of UBF members to the UAE.

UBF has a 9-member Board of Directors, representing the leading UAE national banks, with AbdulAziz Abdulla Al-Ghurair currently its Chairman. The main responsibility of UBF’s BOD is to provide the national strategic direction and overall oversight of UBF.

UBF also has a 26-member CEOs Advisory Council, which oversees the implementation of UBF policies and execution of initiatives, projects, and activities. The CEOs Council also makes necessary directional decisions for UBF’s 25 technical and 3 advisory committees, who are in turn tasked with implementing all agreed-on mandates, under the umbrella and guidance of UBF’s General Secretariat. The 25 technical and 3 advisory committees also discuss all issues that are relevant to the UAE banking and financial ecosystem.

Last week UAE Banks Federations (UBF) has called upon the entrepreneurs of existing and under-formation Small & Medium Enterprises (SMEs) to unlock their full potential by benefiting from UBF’s Nationwide SME Campaign.

UBF Director-General, Jamal Saleh, explained that such initiatives will help UAE SMEs become a driving force for a thriving economy.

He said, “In the past 20 years, the UAE has shaped up into a global business hub, attracting thousands of entrepreneurs worldwide. UAE’s leadership has a vision for the country to become an oasis for innovation, and we, at UBF, believe that our banking sector and our UBF member banks have a major role to play in bringing this vision to life through the empowerment of SMEs that are constantly enabling our country to progress and advance.”

With SMEs having such a sizeable impact on the national economy, UBF has vowed to support them through business-friendly initiatives that build on innovation, digitalisation, financial planning, banking partnerships, and optimum governance.

Thus, SMEs’ owners are encouraged to tie up with reliable UBF members’ banking partners who will grant them privileged access to customised business banking services and solutions, financial products and financial planning services, and loans and funding programmes.

UBF initiatives also enable entrepreneurs to protect, promote, and regulate their businesses through the right strategic plans and business regulations and frameworks that guarantee good governance. This UBF initiative provides SMEs with invaluable mentorship and networking opportunities, a wealth of informative resources, and social marketing and digital tools to help them reach new business heights.