UAE Banks Federation's Leadership Council Sets Strategic Directions For 2024

The UAE Banks Federation (UBF) held its second regular meeting of 2024, chaired by Abdulaziz Al-Ghurair. The council discussed the latest advancements in banking and finance, reviewed progress on initiatives, and planned for the year's strategic goals.

The CEOs Advisory Council emphasised the need to double efforts to achieve the Federation’s strategic priorities. These include Emiratisation in banking, sustainability, governance, financial inclusion, and support for small and medium enterprises. The council stressed attracting and nurturing Emirati talent in line with CBUAE directives.

Participants praised UBF's initiatives to accelerate digital transformation. This includes developing digital infrastructure, improving cybersecurity, and raising awareness about financial crime and fraud prevention. These steps are crucial for ensuring sector security.

The meeting highlighted the banking sector's strong performance as a catalyst for sustained growth. Total assets exceeded AED4.25 trillion at the end of Q1 2024, reflecting high confidence in the sector. Bank credit increased to AED2.04 trillion by March 2024, while deposits rose to AED2.657 trillion.

Abdulaziz Al-Ghurair stated, "The banking sector continues its strong performance and growth with solid financial and investment indicators, keeping pace with the rapid developments in the global economy." He added that this confirms the effectiveness of UAE Central Bank's strategies in creating a conducive environment for the sector.

Commitment to Compliance

The CEOs Advisory Board noted UBF's role in maintaining financial system integrity under CBUAE supervision. UBF ensures all members comply with laws, regulations, and supervisory guidelines while adhering to high standards of corporate governance, transparency, and risk management.

Jamal Saleh, Director-General of UBF, said, "The banking and financial sector continues to develop and consolidate its leading position under the direct supervision of CBUAE." He added that UBF is keen on strengthening cooperation with strategic partners to keep pace with rapid advancements while ensuring regulatory compliance.

Continued Sector Growth

The council praised achievements in improving banking services for various customer segments. They acknowledged the sector's role in economic development under CBUAE's direct supervision. The meeting also discussed plans to achieve UBF's strategic goals for this year.

"The CEOs Advisory Council of the Federation contributes to the development of the financial sector," said Abdulaziz Al-Ghurair. He noted that leaders with extensive experience provide a platform to address important issues and offer recommendations for decision-making.

The meeting underscored that strong performance in banking is essential for sustained growth. Participants highlighted that total assets surpassed AED4.25 trillion by Q1 2024, showing high confidence levels in the sector.

In conclusion, UBF remains committed to enhancing cooperation with strategic partners and adhering to high regulatory standards. The Federation aims to support UAE’s development goals through continuous improvement in banking services and digital transformation initiatives.

With inputs from WAM