His Excellency Khaled Mohammed Balama, Governor of the Central Bank of the UAE, held a meeting with the chief executives of banks in the country, which was attended by His Excellency Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation, along with deputy governors and officials from the central bank. The discussion focused on recent regulatory and legislative developments, along with exchanging insights and ideas regarding priorities and strategic initiatives in the banking sector, as well as methods to enhance the sector’s competitiveness.
Participants praised the initiatives aimed at advancing the financial sector, achieving the country’s strategic goals, and bolstering global competitiveness.
During the meeting, the central bank presented updates on the implementation of the local payment card system “Gion,” which aims to enhance the efficiency of financial transactions by equipping it with features that accelerate local payment processes and promote innovation within the financial sector.
The discussions also included progress towards establishing the country as a leading center for innovation and digital payments by reviewing performance indicators for payment systems, their resilience, effectiveness, and the readiness of essential initiatives to strengthen financial infrastructure.
In line with the nation’s strategy for Islamic finance and the halal industry, attendees discussed the banking sector’s role in advancing the Islamic finance industry, leading global Islamic finance activities, and enhancing the capabilities of Islamic financial institutions to establish their global leadership. Additionally, they addressed the development of Islamic financial markets by expanding the sukuk market and supporting Islamic capital markets.
Regarding regional developments, participants exchanged views on current trends in the local financial sector, aiming to enhance collaborative efforts to improve the efficiency of financial services for individual clients and businesses.
Mr. Khaled Balama stated that in accordance with the vision of the wise leadership and the directions of His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, and Chairman of the Central Bank of the UAE, the central bank is committed to close collaboration with licensed financial institutions and organizing regular meetings to unify visions and objectives, advancing the quality of financial services and digital payments in the country to more advanced levels, establishing the financial sector’s leadership role internationally.
He added that through this meeting, they reaffirmed their main priorities, which include boosting the digital transformation program in the financial sector to support the nation’s ambitious goals and economic aspirations. He also recognized the efforts of banks and licensed financial institutions in enhancing the banking and financial sector in the UAE.