UBF Advisory Council evaluates transformation of banking sector

Business Bureau, Gulf Today

A meeting between members of the CEOs Advisory Council of the UAE Banks Federation (UBF) was held on Monday. The meeting discussed recent developments, issues and advancements in the finance and banking sector in the UAE, with a particular focus on Emiratisation.

Directed by AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation, the meeting focused on a wide range of topics, including progress on existing UBF programmes and initiatives, advances on Emiratisation efforts, findings and results from UBF’s latest Trust Index Survey, and the upcoming Middle East Banking Forum (MEBF) in November 2019.

Speaking on the occasion, AbdulAziz Al Ghurair said: “The astounding amount of change and transformation in the UAE banking industry means it is increasingly necessary for us to regularly hold these meetings, so that we may analyse key strengths, opportunities, and challenges in the sector. For this specific meeting we identified our priorities based on the current happenings in the financial and banking industry, as well as the overall larger economy. The recent announcement of the creation of more than 20,000 jobs for Emiratis in top-tier sectors, including banking, has driven us to focus on Emiratisation efforts within banks, and evaluate ways of working together to enhance the skills and expertise of UAE nationals. Additionally, we are confident that the banking sector will continue progressing and evolving in lieu of the highly positive results from the recently announce Trust Index Survey 2018.”

Distinctively positioned at the centre of the banking industry, which underpins the economy, the UAE Banks Federation has a responsibility to support the UAE’s progressive vision to empower society at all levels. Whether it’s addressing the ever-changing challenges in the market, or developing the skills of UAE nationals to increase their recruitment to vital positions in the industry, UBF is continuously working towards a sustainable and diversified economy.

Current plans and initiatives in the banking sector focus on innovation and digitization, and aim to provide easy access to multiple government and non-government services. From next month, banks will start adopting UAE Pass, a new mobile app which acts as a digital identity and digital signature solution, enabling individuals to conduct financial transactions, upload documents, validate documents and share data. The Emirates Digital Wallet, a tool aimed at promoting financial inclusion and driving a cashless society, is also being developed and will be launched soon.

The council also discussed the upcoming seventh edition of MEBF, held under the theme ‘Unlocking the Future, Shifting the paradigm’, which is set to bring together over 500 delegates including governors, c-executives from banks, financial regulators and private sector entities to discuss opportunities and challenges in the financial industry. It will focus on key topics including FinTech, Islamic Finance and risk management, and will be held on November 12, 2019 at a local hotel in Abu Dhabi.

Established in 1982, the UAE Banks Federation is a professional representative body comprising 52-member banks operating in the United Arab Emirates. The Federation advocates all banks’ interests, and enhances cooperation and coordination among them, to promote and upgrade UAE’s banking sector for the benefit of banks, customers, and the overall UAE economy.

The UAE Banks Federation’s mission and objectives are focused on representing its member banks and defending their interests and rights. The federation provides a platform for cooperation and exchange of ideas and expertise among member banks and plays a major role in raising public awareness around the beneficial role and distinctive financial, economic and social contribution of banks to the UAE.

The Federation has a CEOs Advisory Council that consists of CEOs from 28 banks which oversees the implementation of the UAE Banks Federation’s policies, follows up on the UAE Banks Federation’s activities and makes necessary decisions, by the General Secretariat of the UAE Banks Federation and its 20 specialised technical committees who discuss all relevant banking issues.

UBF’s 20 committees are tasked with specialised duties and responsibilities to facilitate smoother internal and external operations. All committees make an active effort to work in harmony with one another, and are led by an experienced chairman tasked with ensuring that their respective sector remains in line with the organisations overall mission and vision. The committees are expected to research, consider, recommend and give feedback regarding key banking issues.