Latest news with #JamalSaleh
Zawya
6 days ago
- Business
- Zawya
UBF highlights importance of Ijarah of identified tangible assets' standard in strengthening Islamic finance
Abu Dhabi, Dubai, United Arab Emirates: The UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, reaffirmed its full support for the efforts of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in promoting global transparency and credibility in Islamic banking and finance. This came during a session to discuss the Draft of the AAOIFI Shari'ah Standard on 'Ijarah of Identified Tangible Assets', hosted by UBF in Dubai, bringing together leading Islamic banking professionals, and experts in accounting and auditing for Islamic financial institutions. AAOIFI aims to develop this standard as a clear and integrated framework to regulate Ijarah contracts of identified tangible assets. Mr. Jamal Saleh, Director General of UBF, said: 'With the rapid and significant development witnessed by Islamic banking and financial institutions, the role of AAOIFI in setting the standards and general frameworks for Shari'ah-compliant financial activities becomes increasingly vital. Unified standards are essential to harmonise practices and ensure consistency in banking operations for individuals and institutions.' He added: 'The discussion around the draft Shari'ah standard on Ijarah of identified tangible assets represents another important step as a result of ongoing constructive dialogue. It promotes exchange of knowledge and experiences and collaboration to establish a unified reference for structuring Ijarah contracts in accordance with Islamic Shari'ah. This strengthens operational integrity and transparency in dealing with customers, and is in line with the vision and initiatives of the Central Bank of the UAE (CBUAE) to enhance governance, risk management, and innovation in Islamic financial institutions, and to reinforce the UAE's position as a global hub for Islamic finance.' The event included a welcoming remarks and brief introduction of the standard by Dr. Abdurrahman Al Saadi, AAOIFI Shariah Board Secretary and Rapporteur, and two sessions to take comments on exposure draft of AAOIFI Shari'ah Standard on 'Ijarah of Identified Tangible Assets' chaired by Sh. Esam Mohamed Ishaq and Sh. Dr. Osaid Kailani, AAOIFI Shari'ah board members. The importance of this standard is underscored in transactions involving the leasing of vehicles, equipment, real estate, and infrastructure assets, which represent a significant share of Islamic finance activity. UBF called on all its member banks and financial institutions to carefully review the draft and contribute to its development as a comprehensive and precise framework for product design, contract structuring, and operational procedures related to Ijarah of identified tangible assets. The Director General of UBF added: 'The UAE is one of the largest and fastest-growing countries in Islamic banking and finance globally. Our Shari'ah-compliant member banks are committed to actively participating in the development of AAOIFI standards through constructive dialogue and full compliance, in line with global best practices, investor protection, and principles of responsible finance.' He noted that Islamic banking development remains a top priority for UBF. Under the direct supervision of the Central Bank of the UAE, the Federation has contributed to supporting Islamic financial institutions in developing innovative solutions that meet customer needs and enable a competitive, sustainable growth that supports society and the economy. UBF continues to support AAOIFI's efforts to develop accounting and auditing standards and practices for Islamic financial institutions. This includes issuing relevant standards for banking, investment, and insurance activities to keep pace with industry evolution and meet customer expectations. About UAE Banks Federation (UBF): Established in 1982, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, comprising 64 members of banks and financial institutions 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. UBF's mission and objectives are focused on representing its members and defending their rights and interest. UBF provides a platform for cooperation and the exchange of ideas and expertise among its members and plays a significant role in raising public awareness about the contributions of the UAE banking sector to the economic and social development of the country. UBF has a 22-member Advisory Council consisting of CEOs and General Managers from member banks and financial institutions, which oversees the implementation of UBF's policies and activities. The CEOs Council also makes directional decisions through UBF's General Secretariat for UBF's 28 technical and 6 advisory committees, which in turn are tasked to discuss all issues relevant to the UAE banking and financial services ecosystem. UAE Banks Federation also includes a CEOs Consultative Council, which consists of chief executives of other member banks. For further information, please contact: Sooyin Lee UAE Banks Federation +971 562042254 sooyin@
Zawya
03-07-2025
- Business
- Zawya
Etihad Credit Bureau key pillar of sustainable development: UBF
DUBAI - The UAE Banks Federation (UBF) has underlined the pivotal role of Etihad Credit Bureau in advancing the UAE's banking and financial sector, reinforcing the country's standing as a global financial and commercial hub. During the 'Partner Engagement Forum', held at the Emirates Institute of Finance in Dubai, UBF commended Etihad Credit Bureau's initiatives in supporting the UAE's sustainable development by collecting, analysing and utilising credit information. These initiatives have enabled informed decision-making for both individuals and companies, based on accurate data and sound methodologies. The Federation has renewed its commitment to further strengthen the solid partnership with Etihad Credit Bureau, as their constructive cooperation contributed to the development of solutions and products that suit various stakeholders' requirements, and building strong foundations of the UAE's economic, financial and banking ecosystem to continue growth. Jamal Saleh, Director-General of UBF, said, 'Accurate data and information are the basis of development in various sectors, especially the banking and financial sector. Since its establishment, Etihad Credit Bureau has been playing a key and vital role in socio-economic development by providing advanced information and solutions to individuals, banks and financial institutions, where its reports, data, and studies have enabled various stakeholders to make informed decisions and manage risks prudently.' He added, 'The banking sector has consolidated the UAE's position as a global financial and banking centre, under the direct supervision and guidance of the Central Bank of the UAE. We are keen to strengthen the partnership between the UBF and Etihad Credit Bureau as part of UBF's ongoing efforts to provide a seamless and secure banking experience characterised by transparency and competitiveness, to enhance the knowledge and innovation economy and employ advanced technologies. Saled noted that these efforts are reflected in the positive performance of the banking sector in the Trust Index, which reached 90 percent, outperforming several advanced financial and banking centres. Marwan Ahmad Lutfi, Director-General of Etihad Credit Bureau, said, 'Our Partner Engagement Forum marks a significant milestone as we celebrate a decade of service to the UAE's financial ecosystem. From the beginning, Etihad Credit Bureau has worked in close collaboration with the banking sector through the UAE Banks Federation. "By listening closely to their needs, we strive to develop the tools necessary to help them succeed. Our focus is on enabling a proactive approach to risk management, ensuring banks have the insight to make sound decisions. Fulfilling the needs of our banking partners is our top priority, as their stability and growth directly benefit the bigger picture, which is the health of the financial sector and, accordingly, the strength of our national economy.' UBF and its member banks continue to cooperate with Etihad Credit Bureau to enhance the efficiency and integrity of the UAE's financial and banking sector, providing accurate data, reports and insights to deliver banking services that meet customer expectations while upholding the highest standards of transparency, governance and risk management.
Zawya
03-07-2025
- Business
- Zawya
UBF: Etihad Credit Bureau a key pillar of sustainable development
Abu Dhabi- Dubai, United Arab Emirates: The UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, stressed importance of role the Etihad Credit Bureau has been playing in the development of the banking and financial sector in the UAE, consolidating the country's position as a global financial and commercial centre. During the "Partner Engagement Forum", organised at the Emirates Institute of Finance in Dubai, UBF praised the Etihad Credit Bureau's initiatives in supporting sustainable development of the UAE through collection, analysis and use of credit information that contribute to making informed decisions based on accurate data and on scientific bases for individuals and companies. UBF hailed progress achieved by Etihad Credit Bureau during its journey since it was established in 2012 and launched its operations in 2014 as a specialised federal entity entrusted with collecting and maintaining credit information for individuals and businesses in the UAE, and contributing to the development of financial and banking services and enhancing transparency. The Federation has renewed its commitment to further strengthen the solid partnership with Etihad Credit Bureau, as their constructive cooperation contributed to the development of solutions and products that suit various stakeholders' requirements, and to build on the strong foundations of the UAE's economic, financial and banking ecosystem to continue growth. Mr. Jamal Saleh, Director General of UBF, said: 'Accurate data and information are the basis of development in various sectors, especially the banking and financial sector. Since its establishment, Etihad Credit Bureau has been playing a key and vital role in socio-economic development by providing advanced information and solutions to individuals, banks and financial institutions, where its reports, data, and studies have enabled various stakeholders to make informed decisions and manage risks prudently". He added: 'The banking sector has consolidated the UAE's position as a global financial and banking centre, under the direct supervision and guidance of the Central Bank of the UAE. We are keenness to strengthen the partnership between the UBF and Etihad Credit Bureau comes as part of UBF's ongoing efforts to provide a seamless and secure banking experience characterised by transparency and competitiveness, to enhance the knowledge and innovation economy and employing the advanced technologies. These efforts are reflected in the positive performance of the banking sector in the Trust Index, which reached 90%, outperforming several advanced financial and banking centres, and the banking sector remained the most trusted sector in the UAE". His Excellency Marwan Ahmad Lutfi, Director General of Etihad Credit Bureau said: "Our Partner Engagement Forum marks a significant milestone as we celebrate a decade of service to the UAE's financial ecosystem. From the beginning, Etihad Credit Bureau has worked in close collaboration with the banking sector through the UAE Banks Federation. By listening closely to their needs, we strive to develop the tools necessary to help them succeed. Our focus is on enabling a proactive approach to risk management, ensuring banks have the insight to make sound decisions. Fulfilling the needs of our banking partners is our top priority, as their stability and growth directly benefit the bigger picture, which is the health of the financial sector and, accordingly, the strength of our national economy". UBF and its member banks work in cooperation with Etihad Credit Bureau to enhance the financial and banking industry's efficiency and integrity by providing accurate information, data, and reports to deliver banking services that meet the requirements of customers while maintaining the highest levels of transparency, governance, and prudent risk management. The Director General of UBF said the partnership with Etihad Credit Bureau will witness further developments during the coming period by launching innovative products and solutions to meet the growing requirements of individuals, institutional, and corporate customers, especially start-ups and SMEs, which play a vital role in the socio -economic development. He explained that the adoption and employment of advanced technologies and the launch of digital channels by Etihad Credit Bureau have allowed individuals and companies easier and faster access to their credit reports and scores, enhancing financial inclusion. The Partner Engagement Forum witnessed a wide participation of member banks of UBF. Etihad Credit Bureau's achievements, products, solutions, and its credit scores were highlighted. -Ends- About UAE Banks Federation (UBF): Established in 1982, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, comprising 64 members of banks and financial institutions 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. UBF's mission and objectives are focused on representing its members and defending their rights and interest. UBF provides a platform for cooperation and the exchange of ideas and expertise among its members and plays a significant role in raising public awareness about the contributions of the UAE banking sector to the economic and social development of the country. UBF has a 22-member Advisory Council consisting of CEOs and General Managers from member banks and financial institutions, which oversees the implementation of UBF's policies and activities. The CEOs Council also makes directional decisions through UBF's General Secretariat for UBF's 28 technical and 6 advisory committees, which in turn are tasked to discuss all issues relevant to the UAE banking and financial services ecosystem. UAE Banks Federation also includes a CEOs Consultative Council, which consists of chief executives of other member banks. For further information, please contact: Sooyin Lee UAE Banks Federation sooyin@ About Al Etihad Credit Bureau (AECB): Al Etihad Credit Bureau is a federal entity wholly owned by the UAE Federal Government. It was established under Federal Law No. (6) of 2010 concerning credit information, as amended by Federal Decree-Law No. (8) of 2020. Under this law and its amendments, AECB is mandated to request, organize, collect, preserve, analyze, classify, utilize, and disseminate credit information. This data is then processed into a range of fully digital credit-related products. For more information, please visit: or download the 'Al Etihad Credit Bureau' app available on the App Store and Google Play. Media Contact: Bachar Dib Email:
Hi Dubai
30-06-2025
- Business
- Hi Dubai
Dubai Secures SIBOS 2029 as UAE Strengthens Global Financial Standing
Dubai has been selected to host SIBOS 2029, one of the world's premier financial services events, reaffirming the UAE's status as a global banking and payments hub. Organised annually by SWIFT, the Society for Worldwide Interbank Financial Telecommunication, SIBOS brings together over 10,000 leaders from banks, fintech firms, and financial institutions. Dubai's selection reflects international confidence in the UAE's digital transformation, innovation in payments, and leadership in financial infrastructure. The UAE Banks Federation (UBF), in coordination with key partners including Dubai International Financial Centre, Dubai World Trade Centre, and the Dubai Department of Economy and Tourism, played a pivotal role in securing the bid, with the support of the Central Bank of the UAE. UBF Chairman Abdulaziz Al-Ghurair said the decision underscores the UAE's growing reputation as a centre for global dialogue on financial innovation, secure banking systems, and modern payment infrastructure. This will be the second time Dubai hosts the prestigious event, having previously done so in 2013—the first Middle East and Africa destination to do so. Since then, the UAE has deepened its role in global financial connectivity through initiatives such as the SWIFT User Training Centre and the region's first National SWIFT User Group, launched in 2021. Jamal Saleh, UBF Director-General, called the hosting a milestone reflecting the UAE's progress in digital payments and alignment with international standards, powered by the National Payment Systems Strategy initiated in 2019. SWIFT EMEA CEO Marianne Demarchi welcomed the return to Dubai, praising its strategic location and role in fostering industry-wide dialogue. News Source: Emirates News Agency
Arabian Business
15-06-2025
- Business
- Arabian Business
UAE targets Islamic finance and halal industry growth as bank deposits hit $162bn and $86bn export target set
The UAE has launched a bold national strategy to strengthen its leadership in Islamic finance and the halal industry, reinforcing its vision of economic diversification and global competitiveness. Backed by visionary government policies and a future-ready regulatory environment, the UAE is rapidly evolving into a global powerhouse for Sharia-compliant finance and halal-certified commerce. The recently unveiled national strategy aims to establish an integrated ecosystem covering Islamic banking, Takaful (Islamic insurance), Sukuk (Islamic bonds), and non-banking financial services—aligned with global standards. UAE Islamic finance Data from the Central Bank of the UAE in February 2025 reveals that Islamic banks now hold 18 per cent of total banking assets and 22.8 per cent of credit across the national banking system. The Islamic Sukuk market is also experiencing major growth, fuelled by the 2023 launch of the UAE's dirham-denominated Islamic Treasury Sukuk (T-Sukuk). Nasdaq Dubai now hosts over $95.7bn in listed Sukuk, establishing the United Arab Emirates as one of the world's largest centres for Sharia-compliant fixed-income instruments. Jamal Saleh, Director-General of the UAE Banks Federation (UBF), noted that the strategy outlines ambitious goals to elevate the Islamic economy's role both domestically, regionally, and internationally. Saleh highlighted the UAE's successful development of financial systems that have empowered the Islamic banking sector as part of the nation's broader diversification agenda. He pointed to significant strides in Islamic banking, Sukuk issuance, and broader Sharia-compliant finance. As of February 2025, credit granted by Islamic banks surged to AED503.5bn ($137bn), reflecting a 16 per cent year-on-year increase. Deposits grew even faster, reaching AED595.3bn ($162bn), up 16.9 per cent. UAE halal industry In parallel, the UAE is stepping up its ambitions to become a global halal manufacturing and export hub. Under the new national plan, halal exports are expected to rise from AED74bn ($20bn) to AED315bn ($86bn) by 2031. Saleh Lootah, Chairman of the UAE Food and Beverage Manufacturers Group, said that the strategy is a landmark step toward establishing the United Arab Emirates as a global halal production centre. He highlighted growing local manufacturer interest in expanding into this vital sector, particularly as global demand for halal products accelerates. According to Bonafide Research, the United Arab Emirates' halal food and beverage market is projected to exceed $31.27bn by 2029, reflecting strong domestic and international demand for halal-certified goods driven by rising consumer awareness of ethical and dietary standards. The country's geographic position continues to amplify its influence in global trade and tourism. This strategic advantage is central to its ability to attract investors, consumers, and manufacturers alike, solidifying the country's status as a leading hub for both Islamic finance and halal commerce.
