UAE Banks Federation CEOs Discuss Strategic Plans In Second 2024 Meeting

The CEOs Consultative Council of UAE Banks Federation (UBF) convened its second regular meeting for the year. The session, chaired by Mohammed Omran Al Shamsi, Vice Chairman of UBF and Chairman of Ras Al Khaimah National Bank, focused on recent banking sector developments and plans for the latter half of the year.

Participants reviewed UBF's achievements in the first half of the year. They discussed steps taken to implement strategies, plans, and programmes aimed at keeping pace with rapid sector changes. The council praised efforts in Emiratisation and increasing Emirati participation in banking.

The meeting highlighted the high level of customer confidence in UAE banks. According to the Annual Trust Index Survey 2023, customer trust rose to 90% last year from 84% in 2022. This reflects significant progress and effective initiatives by UBF members to meet diverse customer needs.

Mohammed Omran Al Shamsi noted, "The banking sector has witnessed many remarkable developments in the first half of this year that have strengthened the sector's leading position and helped cement the UAE's position as a global financial and banking centre under the direct supervision of Central Bank of the UAE."

The council affirmed that UAE banks are well-equipped to maintain strong performance while adhering to regulatory frameworks. They emphasised maintaining strong capital efficiency, provisions, and reserves. This resilience enables them to navigate global challenges effectively.

Jamal Saleh, Director General of UBF, presented an overview of sector performance. He highlighted achievements in implementing programmes under UBF's strategy for 2024. These initiatives support leadership in banking and finance within the UAE.

Collaboration with Key Partners

The meeting acknowledged contributions from various entities including the Central Bank of UAE, Securities and Commodities Authority, Ministry of Finance, Ministry of Justice, Dubai Courts, Cyber Security Council, and police departments across several emirates. Their support is crucial for legislative, regulatory, and technological advancements.

"Our Advisory and Consultative Councils... continue to play an important role in achieving the strategic priorities... especially Emiratisation, Sustainability... Accelerating Digital Transformation," said Jamal Saleh.

Commitment to Innovation and Sustainable Finance

The council stressed developing innovative banking solutions and investing in services supporting SMEs and entrepreneurs. Promoting sustainable finance is essential for achieving Sustainable Development Goals (SDGs).

The meeting underscored that maintaining high customer trust is vital for sector prosperity. Participants emphasised providing top-notch services to individuals, SMEs, and large corporations alike.

The unwavering support from Central Bank of UAE was also highlighted. Joint initiatives aim to protect digital infrastructure while offering superior banking services across various customer segments.

The council reiterated its commitment to adopting best practices for a secure banking experience. Collaboration with strategic partners remains key to ensuring seamless financial operations within the country.

With inputs from WAM