UBF’s meet discusses latest trends in the banking and financial sector

The CEOs Consultative Council of UAE Banks Federation, the representative and unified voice of banks in the UAE, held its first meeting of the current year on 21 March 2023 under the chairmanship of Mohammed Omran Al Shamsi, Vice Chairman of UAE Banks Federation and Chairman of the CEOs Consultative Council, which was attended by the Chief Executive Officers and Managing Directors of member banks operating in the UAE.

The meeting discussed developments in the banking and financial sector, the Federation’s plans for the current year and the progress the Council has made since its inception in line with the decisions of UAE Banks Federation General Assembly and the Board of Directors.

Participants at the meeting called for the continuation of efforts by UAE Banks Federation under the direct supervision and guidance of the Central Bank of the UAE to maintain the highest level of governance, transparency and risk management in the sector. They commended the ongoing initiatives by the Federation to combat fraud and in advancing of the digital infrastructure of the banking sector to ensure the provision of safe and smooth banking services.

The CEO Consultative Council welcomed Hatem Masmoudi, CEO of Crédit Agricole Bank in the UAE, to participate with other members of the Council to expand the participation in the decision-making to support the role of UAE Banks Federation in the development of the financial and banking sector in the country.

Members of the Council reviewed plans and topics of the specialised workshops and meetings that the Federation intends to organise in the coming period as part of its annual plan to keep pace with the rapid developments in the banking and finance sector to ensure that its members adopt the best banking practices and stressed the importance of coordinating with the various committees under the Federation to advance their efforts.

Jamal Saleh, Director General of UAE Banks Federation, presented an overview of the programmes and initiatives that UAE Banks Federation plans to implement in 2023 to consolidate the leadership position of the banking and finance sector in the UAE and to develop, implement and follow the latest systems and policies, especially in terms of compliance, governance and transparency.

 Al Shamsi said: “We commend the tireless efforts made by the Consultative Council in cooperation with the Federation’s Advisory Council and Board of Directors in developing the banking sector and its plans for the current year, as well as the Federation’s efforts in strengthening relations with banking associations in brotherly and friendly countries by signing memoranda of understanding with organisations such as the Azerbaijan Banks Association, the Uzbekistan Banking Association and the Banks Association of Turkey, with the aim of enhancing cooperation and exchange of experience to support the financial and banking sector.”

He praised the efforts of UAE Banks Federation in promoting Emiratisation and the adoption of the Emiratisation Plan in the banking and financial sector last year (2022) under the supervision of the Central Bank of the UAE, which aims to employ 5,000 UAE Nationals in banks and insurance companies by 2026 in coordination with financial institutions and banks operating in the country to strengthen the base of UAE National working in banks and insurance companies.

Jamal Saleh, Director General UAE Banks Federation, said: “The CEO Consultative Council contributes to supporting the efforts of the Federation UBF and its General Secretariat in fulfilling their missions through the sharing of experiences and knowledge, as this council works with the Advisory Council and the Board of Directors to drive initiatives for innovative solutions that meet the needs of customers and achievements of the banking and financial sector in the country in accordance with the guidelines of the Central Bank of the UAE.”

Notably, the establishment of the CEOs Consultative Council complements the CEOs Advisory Council, enabling the CEOs from all member banks to express their views and benefit from their extensive experience and deepen the basis for participation in decision-making. The Consultative Council is an important pillar of the Federation alongside the CEOs Advisory Council, which has represented the banking sector optimally since its inception 11 years ago. The two councils provide a consultative platform to discuss banking-related issues and make decisions that strengthen UAE Banks Federation’s role in supporting the development of the banking sector in the UAE in particular and the country’s economy in general.

Established in 1982, UAE Banks Federation (UBF) is a professional representative body comprising 57 members of banks and organisations operating in the UAE. UBF advocates the interests of all its members and enhances cooperation and coordination between them in order to elevate the UAE’s banking ecosystem for the benefit of members, customers, and the overall UAE economy.