The UAE Banks Federation has stated that the comprehensive anticipatory support package approved by the board of directors of the Central Bank of the United Arab Emirates, led by His Highness Sheikh Mansour bin Zayed Al Nahyan, reflects the proactive approach of the central bank. This initiative aims to enhance the resilience and stability of the banking sector amid the exceptional circumstances facing the region and the global economy.
According to His Excellency Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation, this decision underscores the vision of the UAE’s leadership and the proactive approach of the Central Bank in building strategies, policies, and frameworks to ensure the stability of the financial sector, thereby fulfilling its role in economic and social development and achieving the strategic priorities of the UAE.
He further noted, “Rooted in the strong foundations of the UAE economy and its advanced financial policies, the banking sector has managed to grow while maintaining high financial safety indicators and tackling challenges in the global economy. It enjoys robust levels of capital adequacy and liquidity, exceeding regulatory requirements and global standards. This anticipatory support package from the Central Bank will enhance adaptability amidst changing conditions and enable continued growth. The five key areas of the support package provide additional flexibility for financial and banking institutions in utilizing surplus liquidity and capital reserves to support customers in these extraordinary circumstances, contributing to the strengthening of the national economy.”
He added, “We reaffirm the commitment of the banking and financial sector to support customers, both individuals and institutions, by providing secure and seamless banking services under the direct supervision of the central bank. The banking sector in the UAE has developed frameworks and policies for risk management, business continuity, and cybersecurity to effectively address potential challenges. We remain dedicated to working closely with the Central Bank and other relevant agencies to closely monitor developments and ensure the stability of systems and full readiness to provide financial and banking services to various customer segments.”