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Abu Dhabi, United Arab Emirates: On February 15, the Federation of UAE Banks (the representative and unified voice of UAE banks) and the Association of Azerbaijan Banks (the umbrella organization for banks and financial institutions in the Republic of Azerbaijan) signed a Memorandum of Understanding (MoU) to strengthen cooperation and exchange experiences and promote The development of the financial and banking sectors of the two countries.
The MoU was signed by Mr. Jamal Saleh, Director General of the Federation of UAE Banks, and Mr. Zakir Nuriyev, Chairman of the Banks Association of Azerbaijan, to further strengthen ties and develop direct business of both financial and banking institutions under the supervision and guidance of the Central Bank of the UAE and the Central Bank of Azerbaijan.
The scope of the MoU includes the joint organization of various events in the finance and banking industry by both parties to exchange knowledge and experience through activities such as seminars, training and awareness programmes.
Since its establishment in 1990, the Azerbaijan Banking Association, which includes 31 banks and two financial institutions, has been working to represent banks operating in Azerbaijan, develop banking operations and improve legislation to support the industry.
Commenting on the signing of the MoU, Mr. Jamal Saleh, Director General of UBF said: “UBF continues to work tirelessly to strengthen relationships with all stakeholders in the banking industry to share knowledge, expertise and talent. It is part of the federation in central UAE Under the Bank’s direct supervision and continuous guidance, it strives to play an important role in the advancement of the banking sector and contribute to the development of the UAE.”
The MoU was signed in view of the significant increase in trade flows and joint investments between the two countries, which will increase by more than 100% in 2022 compared to 2021. The Republic of Azerbaijan recently opened a representative office, a global trade and logistics center in the UAE.
The Director-General of the Federation of UAE Banks further added: “The agreement will increase awareness among Azerbaijani banks and investors of investment and business opportunities in the UAE. It also highlights the development of the UAE’s banking sector, which reinforces the country’s position as a world-leading financial and One of the banking hubs. The agreement also provides an opportunity for Azerbaijani banks and investors to learn about the developments in the banking and financial sector of the UAE in terms of legislation, governance, transparency, risk management and the significant progress made in the digital transformation. We hope This collaboration will increase exchanges and joint investments, and open up new investment horizons in the UAE, as the banking sector in both countries is witnessing growth, offering many opportunities.
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United Arab Emirates Banking Federation (UBF):
Established in 1982, the UAE Banks Federation (UBF) is a professional representative body comprising 57 members of banks and organizations operating in the UAE. UBF advocates for the interests of all its members and strengthens cooperation and coordination among them to elevate the banking ecosystem in the UAE for the benefit of members, customers and the UAE economy as a whole.
UBF’s mission and goals are focused on representing and defending its members. UBF provides a platform for its members to collaborate, exchange ideas and expertise, and play an important role in raising public awareness of the contribution of the UAE banking sector to the country’s economic and social development.
UBF has a 22-member Advisory Board, comprising CEOs and managing directors of member banks and institutions, who oversees the implementation of UBF’s policies and activities. The CEO Council also, through UBF’s General Secretariat, makes directed decisions for UBF’s 25 technical committees and 3 advisory committees, which are tasked with discussing all issues related to the UAE banking and financial services ecosystem. The UAE Banks Federation also includes an Advisory Council, which is made up of CEOs from other member banks.
For more information, please contact:
Li Xiuyin
federation of emirates banks
sooyin@uebf.ae
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