Business Bureau, Gulf Today

The UAE Banks Federation (UBF) on Monday held its Ordinary Annual General Assembly Meeting, at the Head Office of Commercial Bank of Dubai. The meeting was chaired by AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, and attended by UBF’s Board of Directors and representatives of UBF member banks.

During the meeting, members reviewed UBF’s key activities and achievements during 2018. The progress that UBF and its committees made last year were commended, particularly in relation to protecting customers and banks against cyber-attacks, reinforcing anti-money laundering measures, and enhancing fraud prevention across the banking landscape. Members also approved the audited UBF Financial Statements and Auditors’ Report for 2018, ratified the budget for 2019, and approved strategic objectives and action plan for the year 2019.

AbdulAziz Al Ghurair said: “UAE Banks Federation enjoyed another successful year in 2018, and played an instrumental role in facilitating the positive evolution and transformation that is taking place across the local banking sector. We have made great progress in our efforts to boost innovation and raise the profile of the UAE banking industry, and we are confident that we will keep the momentum going as we move forward. With the continued support of our members and committees, our aim over the coming months and years is to boost coordination and consultation with the Central Bank of UAE and other stakeholders, and make further strides to raise the standards of the banking sector.”

Members also endorsed the new UBF Board of Directors in the Annual General Assembly Meeting. The new Board will serve for the next three years from May 2019 to April 2022, and now comprises: AbdulAziz Abdulla Al Ghurair – Chairman (CEO, Mashreq Bank); Khalifa Al Suwaidi – Vice Chairman (First Abu Dhabi Bank); Omran Abdulla Omran Taryam – Member (Investment Bank); Khamis Bu Haroon – Member (Abu Dhabi Islamic Bank); Mohammad Omran Al Shamsi – Member (RAKBANK); Sulaiman Mousa Al Jassim – Member (National Bank of Fujeirah); Amr Al Menhali – Member (Abu Dhabi Commercial Bank); Hamed Kazim – Member (Commercial Bank of Dubai); Abdulla Qassim – Member (Emirates NBD); Jamal Saleh – Director General.

He further said, “On behalf of UBF, I would like to welcome the new Board of Directors, and thank those who left us for their hard work over the last three years. We look forward to a new chapter as we build on our success, and continue to work towards creating innovative solutions that address prevailing market challenges and enhance the banking sector across the UAE,” he added.

A number of high-priority topics were also discussed at the meeting, including the challenges and opportunities that the UAE banking sector faces in relation to SMEs, cybersecurity, anti-money laundering, and changing local and international regulations.  Established in 1982, the UAE Banks Federation is a professional representative body comprising 52-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 the banking sector, its customers, and the national economy.

It may be mentioned that the 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 28 Bank CEOs which oversees the implementation of the policies, follows up on UBF’s activities and makes necessary decisions, and 20 specialised technical committees who discuss all relevant banking issues.

Earlier in recent past, the UAE Banks Federation hosted a high calibre Italian delegation for a roundtable session, bringing together over 25 banks and financial institutions from both UAE and Italy, to discuss bilateral relations between the banking sectors of the two countries, and explore mutual opportunities for their respective financial institutions to work together. Other key topics discussed were the latest developments affecting European and Middle East economies, as well as key developments across the sector in both countries.

The roundtable discussion was attended by high caliber executives from the banking industry of both countries. The Italian delegation was led by Liborio Stellino, Italian Ambassador to the UAE; Guido Rosa, Chairman of the International Affairs Committee, ABI; Sergio Longoni, Financial Attachè, Central Bank of Italy; as well as other high-profile delegates representing key banking and financial institutions in Italy.