The advisory council of chief executive officers from member banks of the UAE Banks Federation held its first regular meeting of the year.
In a statement, the council highlighted its review of the banking and financial sector’s performance, discussing recent developments and examining the initiatives and plans of the UAE Banks Federation aimed at enhancing the financial and banking sector throughout the year.
The meeting commended the comprehensive proactive support package approved by the Board of Directors of the Central Bank of the UAE, led by His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs. It reiterated the UAE Banks Federation’s commitment to collaborating with various stakeholders to bolster the resilience and capacity of the banking and financial sector, ensuring its stability and strength.
His Excellency Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation, stated that under the wise leadership’s vision and advanced strategies and policies, the UAE has established itself as a leading financial and banking hub. The nation has demonstrated its ability to face challenges and turn them into growth and prosperity opportunities. The comprehensive proactive support package is a testament to the trust and support of the Central Bank of the UAE, which is focused on creating appropriate frameworks to guarantee the stability of the banking and financial sectors, fulfilling its role in economic and social development, as well as achieving the UAE’s strategic priorities.
He further emphasized that the successes attained by the banking and financial sector underscore the strength of the foundations laid by the UAE, reiterating the commitment to maintaining these accomplishments and providing a secure and seamless banking experience to various customer segments through prudent risk management policies, business continuity measures, and cybersecurity, thereby enhancing stability and readiness.
Evolution Journey
Jamal Saleh, Director General of the UAE Banks Federation, mentioned that the banking and financial sector continues its journey of development and growth to solidify its leading position, affirming the effectiveness of the Central Bank’s strategies and policies in supporting the sector’s expansion and strengthening the UAE’s status as a global financial and banking center. The federation is dedicated to ongoing development and enhancing the flexibility, strength, and capacity of the banking sector to keep pace with global economic changes and achieve the UAE’s strategic objectives.
The advisory council’s meeting applauded the robust performance and qualitative achievements of the banking sector over the past year, thanks to the close collaboration between the Banks Federation and the Central Bank of the UAE, which drives efforts aimed at supporting national economic growth by establishing the necessary frameworks to protect financial stability and enhancing regulations and policies to elevate the financial, banking, and insurance sectors. The council discussed the UAE Banks Federation’s plans to advance the sector, maintaining its leading position, and underlined the importance of continuing these initiatives to support localization, sustainability, governance, and financial inclusion, as well as assistance for small and medium enterprises.
The meeting also covered the Central Bank’s efforts in launching the “Takamul” company, specializing in artificial intelligence and big data analytics, emphasizing its role in significantly shaping the future of financial services by harnessing AI to enhance resilience across all aspects of the national financial ecosystem as part of the financial infrastructure transformation program. Participants stressed the importance of the project in developing and supporting AI-backed platforms and services, facilitating the development and maintenance of the Central Bank’s digital currency infrastructure “digital dirham,” the instant payment platform “Anee,” the local payment card system “Gion,” as well as the real-time gross settlement system, and the open finance initiative “Nibras.”
Digital Transformation
The attendees discussed the latest updates and initiatives to keep pace with the rapid changes in the global economy, digital transformation, infrastructure development plans, and enhancing cybersecurity measures. They emphasized the importance of increasing efforts to ensure compliance with all applicable laws and regulations, supervisory guidelines, and maintaining the highest standards of governance, transparency, and risk management.