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The United Arab Emirates Banking Federation (UBF), the unified representative and voice of UAE banks, reiterated its commitment to supporting the development of the banking sector and promoting sustainable socio-economic growth in the UAE.
On the occasion of its 40th anniversary, the UBF commended the UAE Central Bank for its continued support and guidance in developing policy and regulatory frameworks to maintain the safety of the banking system.
The federation also expressed its keenness to continue to provide support to its members to ensure safe and secure banking and best practice.
effective platform
UBF Chairman Abdulaziz Al Ghurair said: “Since its establishment in 1982, the Federation has become an effective platform for exchanging ideas and opinions while enhancing cooperation among its members on various issues of interest to the banking and financial sector in the country. In addition, it facilitates coordination and engagement with various stakeholders, enabling innovative solutions, raising governance standards and promoting best practices in the banking industry.”
He added: “The remarkable progress made by the UAE banking sector is something we are all proud of. At the same time, to maintain the sector’s pivotal role as a driver of economic and social development, we need to upgrade our capabilities, especially in this era of accelerating change. Digital Age.
“To achieve this goal, UBF has a comprehensive organizational structure, including a board of directors, advisory and advisory boards, technical committees and executive management, which enables it to respond quickly and efficiently to upcoming developments.”
He further said that the federation will continue to enhance its capabilities to strengthen the banking sector’s prominence in achieving the UAE’s economic goals.
multiple initiatives
Since its establishment, UBF has taken many initiatives, including the establishment of two CEO committees, 25 professional technical committees and three advisory committees, providing appropriate channels for its 57 members to share their expertise in different areas of the banking industry. These committees include experts from member banks and financial institutions who work together on all initiatives and challenges facing the industry. This facilitates the exchange of knowledge and experience, strengthens their ongoing cooperation and develops new solutions.
To keep pace with global trends, UBF, under the guidance of the Central Bank of the UAE and in cooperation with member banks, has developed a number of initiatives aimed at accelerating the digitization and automation of solutions to facilitate customers’ access to member banks’ products and services in a faster, The safer way. Some of these initiatives aim to reduce the use of coins and banknotes in transactions. For example, the Federation launched the UAE Digital Portfolio, recognizing the importance of developing and implementing innovative solutions and contributing to the digital transformation of the banking sector. This enhances customer experience and enables the industry to play an important role in economic and social development.
It has played a key role in strengthening the Islamic banking sector through initiatives at the initial stage to develop the required regulatory framework for the operating environment of these banks.
Support for SMEs
Given the importance of the Small and Medium Enterprise (SME) sector to the UAE’s GDP and its role in stimulating economic activity and job creation, the Federation has developed a framework to provide banking solutions that meet the needs of SMEs. It has also launched initiatives to help SMEs restructure non-performing loans and provide them with appropriate solutions to their challenges.
The federation also launched the Tasharuq platform in 2017, the first of its kind in the Middle East, to improve electronic security in the banking sector. It collects and analyzes industry data to provide member banks with the necessary information on cyber threats and mitigations to maintain security while transacting.
Jamal Saleh, Director General of UBF, said: “On our 40th anniversary, we reaffirm our commitment to the guidance of the Central Bank of the UAE and its counterparts, as well as our extensive cooperation with all member banks.”
safe and smooth
He added: “Our focus is on creating a safe and smooth banking environment, providing the best services and products to our banking customers, keeping pace with international standards in terms of transparency, governance, compliance with local and global laws and regulations, and Develop a competitive business system and create the right conditions for talent development, especially for Emirati professionals.”
To this end, the Federation will establish the first SWIFT Training Center in the Middle East and North Africa in 2021, the first of its kind outside of an OECD country. The aim is to improve the performance of payment systems, the effectiveness and security of remittance systems and benefit from the expertise of the members of the global network “SWIFT” in developing the skills of the national banking and financial sector workforce.
Saleh chairs the SWIFT User Steering Committee in the UAE, the first country in the MENA region to establish a country group for SWIFT users. SWIFT enables more than 11,000 financial institutions in nearly 200 countries around the world to communicate and exchange financial information in a safe and secure environment, helping to improve financial and commercial communications. — trade arab news agency
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