UAE Banks Federation approves 2023 strategy for banking sector development

UAE Banks Federation approves 2023 strategy for banking sector development

ABU DHABI, 28th April, 2023 (WAM) – The UAE Banks Federation (UBF) recently held its annual general meeting, chaired by Abdulaziz Al Ghurair, the Chairman of the Federation. During the meeting, the members approved the minutes of the Annual General Meeting held on 26th April 2022, along with the audited financial statements and the auditors' report for 2022. The Board of Directors was absolved of any liabilities arising from their duties for the financial year ending 31st December 2022, and the auditors for 2023 were appointed.

The AGM approved the objectives and strategic plans for 2023 presented by the UAE Banks Federation Board of Directors, which aim to develop the banking sector and strengthen its position under the supervision of the Central Bank of the UAE. The plan includes Emiratisation, with the goal of employing 5,000 UAE nationals by 2026, and working with the Emirates Institute of Banking and Financial Studies (EIBFS) to design a training program to prepare future banking and financial sector leaders.

The Federation's initiatives in the past year were commended, particularly the national anti-fraud campaign, which helped to raise customer awareness and strengthen confidence in the banking and financial sector. The AGM also highlighted the valuable efforts of the Federation in advancing cybersecurity, increasing the level of security and protection of digital infrastructure, and providing banking services to support small and medium enterprises.

The participants praised the role of the UBF General Secretariat in strengthening cooperation with banking associations and federations in friendly countries, enabling dialogue and knowledge sharing. They also commended the role of the General Secretariat in expanding membership by adding more regional, international, and digital banks operating in the country, contributing to increased cooperation among all banks and financial institutions under the Federation, which now has 58 members.

UBF Chairman Al Ghurair expressed his gratitude and appreciation to the Central Bank of the UAE for its continuous support to the Federation and guidance to its members, which enables the development of the banking sector, thereby consolidating the UAE's position among the world's major financial centres, characterised by high levels of transparency, compliance and governance standards.

He praised the close cooperation with strategic partners in ensuring the development of the sector in line with international regulations and the strategies of the UAE leadership. He stressed the importance of the Federation's achievements over the past year in facilitating cooperation, coordination and interaction with various parties, as well as the continuous efforts in adopting best practices and innovating advanced digital solutions in implementing the strategic vision of the leadership to make the UAE one of the most developed countries in embracing digital solutions.

Al Ghurair also thanked the Federation's member banks and advisory and technical committees for playing an essential role in sharing banking knowledge and expertise to enhance collaboration and develop innovative banking strategies and initiatives to ensure the banking sector's ability to continue its success.