Latest news with #UAEBanksFederation
Khaleej Times
3 days ago
- Business
- Khaleej Times
Central Bank of the UAE marks 50 years of financial stewardship and innovation
Central Bank of the UAE (CBUAE) is celebrating its 50th anniversary this year, while continuing to play a pivotal role in guiding the nation's financial landscape and propelling it onto the global stage with increasing speed. Since its establishment with the creation of the UAE Currency Board in 1973, Central Bank has emerged as a bedrock of stability and a catalyst for innovation, navigating the UAE through economic shifts and technological revolutions. 'Over the past five decades, CBUAE has not just overseen monetary policy, but has built the bedrock of confidence that has allowed the UAE to emerge as a regional and global financial centre,' says Jamal Saleh, Director-General of UAE Banks Federation (UBF). 'It has done this through decisive reforms and relentless focus on global best practices.' In 2008, when the financial crisis rippled through economies worldwide, UAE Central Bank was among the first in the region to adopt Basel III Standards, strengthening capital and liquidity buffers. As a result, the capital adequacy ratio of the UAE banking system today is higher than required. At the end of December 2023, it stood at 17.9 per cent —well above the 13 per cent minimum required under Basel III guidelines, according to the CBUAE's Monetary, Banking & Financial Markets Developments Report for Q4 2023. These reforms, says Saleh, 'have ensured that UAE's banks are not only safe but also capable of sustaining growth in the face of volatility.' In 2018, UAE Central Bank introduced the Federal AML/CFT Law, followed by the Executive Office for AML/CTF in 2020, aligning UAE's framework with the Financial Action Task Force's stringent standards. This was a significant step in paving the way to combat money laundering and terror financing. Equally striking has been CBUAE's proactive stance in times of crisis. At the height of Covid-19 pandemic, CBUAE launched the Targeted Economic Support Scheme (TESS), injecting more than Dh100 billion in liquidity to support businesses and protect jobs. 'The TESS programme was not merely a reaction — it was a strategic intervention that underpinned confidence in the banking sector,' says Saleh. Yet, CBUAE's ambition extends well beyond stability. Its National Payment Systems Strategy (NPSS), Digital Dirham (CBDC) pilot project, and the Financial Infrastructure Transformation (FIT) Programme underscore a clear vision for a future-ready financial system. 'Our member banks are investing heavily in modernising their systems to align with these initiatives,' says Saleh. 'From AI-powered risk management to open banking APIs, the sector is embracing the future with vigour.' UBF, which represents 63 members across the UAE, has been as a crucial partner in translating this vision into practice. Saleh describes the relationship between Central Bank and UBF as 'a model for constructive collaboration,' built on technical committees and joint working groups that ensure policy frameworks which are both practical and forward-looking. This close cooperation has yielded tangible outcomes. UBF has spearheaded efforts to promote Emiratisation in the banking sector, supporting CBUAE's workforce emiratisation targets, via dedicated cooperation with Emirates Institute of Finance (EIF), with training programmes and certifications tailored for Emirati professionals. On the consumer front, UBF's Code of Conduct — endorsed by UAE Central Bank — has helped standardise ethical practices and transparency across the sector. Sector's sustainability drive has also gained momentum. At COP28, which was hosted in Dubai, UBF pledged to mobilise over Dh1 trillion in sustainable/green finance by 2030. 'This is not an aspirational goal—it is a clear, actionable roadmap,' says Saleh, noting that some UBF member banks have already met more than half of their 2030 targets. RAKBANK's issuance of the GCC's first social bond last year and FAB's continued leadership in green bond issuance highlight UAE sector's growing appetite for ESG finance. Even amid shifting geopolitical dynamics and heightened regulatory scrutiny, Saleh remains greatly optimistic about UAE's positioning. 'Our capital adequacy ratios, liquidity coverage, and risk frameworks are among the strongest globally,' he says, pointing to the sector's consistent performance despite global derisking trends. According to Fitch Ratings, UAE banks achieved a pre-tax return on average equity (ROAE) of 22 per cent in 2024, up from 20 per cent in 2023, with several banks reporting ROAEs above 25 per cent. Looking ahead, Saleh believes that the next decade will see the UAE cementing its role as a global financial hub, propelled by continued investment in digital transformation, sustainability, and inclusive growth. 'The partnership between CBUAE and UBF exemplifies how public-private collaboration can foster responsible innovation and ensure UAE's place at the forefront of global finance,' he says. As our Central Bank charts its next chapter, the UAE's banking sector stands poised to bridge tradition with innovation, building a future-ready ecosystem that is as resilient as it is ambitious.
Zawya
22-05-2025
- Business
- Zawya
FERG strengthens industry stand on financial crime compliance at 13th Annual Summit
Dubai, UAE – The UAE's Foreign Exchange and Remittance Group (FERG) concluded the 13th edition of its Annual Financial Crime Summit today in Dubai, affirming its role as a key voice in the financial sector's efforts to combat economic crime and reinforce compliance standards across the industry. Held under the theme 'Innovation, Integrity, and Intelligence in Compliance,' the event brought together compliance leaders, regulators, and members of financial institutions to deliberate on new challenges and cooperative strategies in an evolving regulatory landscape. In his opening remarks, Osama Al Rahma, Chairman of FERG underscored the organisation's renewed commitment to regulatory partnership and sector-wide advancement. He said, 'FERG continues to evolve as a bridge between policy and practice. As global financial crimes become more sophisticated, our collective responsibility is to ensure that compliance measures are not only robust but also agile and aligned with innovation. We are committed to upholding a unified, informed, and secure financial ecosystem that supports both transparency and growth.' The summit featured a keynote address by Jamal Saleh, Director General, UAE Banks Federation along with panel discussions led by senior representatives from the EY MENA, K2 Integrity, Norton Rose Fulbright, and exchange houses that are part of FERG. These sessions addressed pressing topics such as the integration of Governance, Risk, and Compliance (GRC) frameworks in a digital era, navigating the future of financial services technology and compliance, as well as strengthening MSB compliance posture. A dedicated presentation by the Central Bank of the UAE also shed light on the AML/CFT supervision and the National Risk Assessment 2024. Rashed Al Ansari, Vice Chairman of FERG and CEO of Al Ansari Exchange, said, 'As the first line of defence against financial crime, financial service providers must ensure that compliance is not treated as a procedural necessity, but rather as a core value embedded into every level of the organisation. This summit reflects our joint ambition to lead with integrity while enabling innovation and inclusion in financial services.' The event also marked an opportunity for FERG's new leadership to reinforce the organisation's strategic direction. With a renewed focus on empowering members through knowledge-sharing, policy advocacy, and operational best practices, FERG aims to continue raising the bar for compliance excellence in the UAE. Rajiv Raipancholia, Treasurer of FERG and CEO of Orient Exchange Co. (L.L.C), said, 'The UAE's exchange and remittance sector has long been a pillar of the nation's financial infrastructure. FERG's role is not just to ensure compliance readiness among our members, but to champion a future-ready mindset, where innovation, regulation, and ethical practice converge to protect the integrity of our financial system.' The summit concluded with a renewed call for stronger public-private partnerships to address emerging threats and foster a global compliance culture. About FERG The Foreign Exchange and Remittance Group (FERG) is a non-profit organisation based on the initiative of the Central Bank of UAE. FERG comprises companies engaged in the business of money exchange and remittances, from large sized companies in the UAE with over 100 branches, to single-branch outlets to join a common platform and work towards mutual benefits. FERG, as an organisation through its members, not only complies with the UAE's financial regulations, but also plays a significant role in providing information to the entire industry and works closely with most of its members to ensure all requirements and implementation are being promoted. The Group has also taken up issues that have led to favourable policy amendments by the Central Bank of the UAE, promoted Emiratisation, and supported the implementation of the Wage Protection System. FERG regularly liaises with national police departments to combat dubious financial transactions and works with the Central Bank to implement strict AML policies. For Media Queries: Anas Khaleliah akhaleliah@
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Rise of fintech: Reshaping Islamic Finance for global inclusivity
Fintech is poised to significantly reshape Islamic finance by enhancing accessibility, efficiency, and innovation while aligning with Shariah principles and will bridge gaps for the unbanked and underbanked, especially in developing countries with large Muslim populations, experts say. Leading executives, bankers and analysts said platforms like mobile banking, P2P lending, and crowdfunding will provide Shariah-compliant solutions such as microfinance and digital zakat or waqf systems, addressing the $2.5 trillion sustainable development goals funding gap. In addition, blockchain, artificial intelligence (AI) and internet of things will streamline processes and ensure Shariah compliance, enhance transparency and trust, making risk-sharing models like Mudarabah more accessible. 'Fintech will drive Islamic finance towards greater inclusivity, efficiency, and global reach by 2030, leveraging technologies to meet ethical and Shariah-compliant demands. However, success depends on addressing regulatory, literacy, and security challenges while fostering partnerships between traditional institutions and fintech innovators,' according to experts. Jamal Saleh, Director-General, UAE Banks Federation, said the UAE banks are playing a leading role in meeting the growing requirements for Shariah-compliant financial and banking services as well as sukuk issuances, which are witnessing rapid growth. Since the establishment of the world's first Islamic bank in the UAE in 1970s, he said the country has been strengthening its position as a regional and global centre for Islamic banking. 'Accounting for more than 20% of gross banks' credit in the country, and investments of more than Dh150 billion in 2024, UAE's Islamic banks are at the forefront of digitalisation. Smart platforms and solutions integrate artificial intelligence (AI) and blockchain to enhance customer experience while ensuring Shariah compliance,' Saleh told BTR. He said fintech has spurred mobile banking, instant financing, and transparent blockchain-based contracts for Shariah-compliant financial and banking services as well as automating Shariah compliance. 'The UAE's Islamic banks use AI for compliance checks, validating Murabaha agreements, blockchain smart contracts to automate Mudaraba agreements, ensuring transparency and reducing disputes, and machine learning to design ethical investment portfolios aligned with users' risk tolerance and Shariah,' he said. Fitch Ratings views the UAE as a key hub for Islamic finance, with Islamic financing accounting for 29% of total sector financing during the January-June 2024 period as it noticed that financing growth was slightly higher in first half (5.7%) compared to conventional banks (5.3%) despite conventional banks' strong government links. The rating agency expects Islamic banks to continue to grow faster than their conventional peers over the medium term. 'Favourable operating conditions forv 2024 and 2025 should support UAE Islamic banks strong credit fundamentals,' according to Fitch Ratings. Capitalising on Fintech Saleh was of the view that fintech is already helping Islamic banks to develop and promote Shariah-compliant products and services. 'By leveraging AI, blockchain, and data analytics, Islamic banks in the UAE are developing innovative products. Their digital-first strategies are meant to meet all the expectations of customers. 'Many leading Islamic banks are capitalising on fintech to meet the demand for seamless, modern, and secure banking experience while adhering to of Shariah-compliant banking principles. This trend is poised to continue in the coming years in line with Central Bank of the UAE's digital transformation strategy. The UAE's progressive regulatory frameworks, high level of technological adoption, and global partnerships enable the Islamic banks to innovate, grow, and thrive,' he said. Factors Driving Fintech Saleh said Islamic banks are increasingly adopting fintech, balancing between meeting customers' demands and expectations, on one side, and adherence to Shariah principles, on the other side. 'There are many factors driving fintech integration in day-to-day banking such as the regulatory frameworks and initiatives which provide support to further accelerate digital transformation, like the FinTech Office that was launched by Central Bank of the UAE in 2020 as part of its fintech and digital transformation strategy, which is aimed at building a mature ecosystem to position the UAE as the fintech hub regionally and globally. He opined that fintech also enables Islamic banks to automate Shariah compliance checks and develop products like blockchain-based sukuk and AI-driven takaful, ensuring transparency and alignment with Shariah principles. 'Financial inclusion and social responsibility are among the key factors influencing Islamic banks to adopt fintech as they are offering microfinance and other banking solutions via digital platforms, targeting underbanked segments/population.' To a question, he said fintech is poised to significantly elevate Islamic banking by enhancing accessibility, efficiency, and compliance with Shariah principles. 'Customers are moving to digital-first solutions, and Islamic banks and finance houses are addressing this by enhancing their digital and smart offerings. 'From digital onboarding by using AI-driven and blockchain-based KYC and identity verification to simplify account opening, to green finance, risk management, and investment products and solutions, Islamic banks are accelerating the transitions towards smart banking and finance,' he said. He said it is expected to witness a noticeable growth in using AI-powered screening to further automate Shariah compliance checks, blockchain smart contracts for Mudaraba and Ijara agreements, inclusive banking, sukuk issuance, and sustainable underwriting. In addition, fintech will play a greater role in operational efficiency and risk management. 'Metaverse could also be expected to influence the future of Islamic banks. Supported by agile regulatory frameworks and the proactive approach of our Central Bank of the UAE, fintechs should be able to innovate in a secure environment,' he said. A Growing sector Areeb Siddiqui, Founder and CEO at Kestrl, said Islamic fintech is poised to continued expansion across the globe. Referring to people interest in Islamic finance, which is visible as evidenced by new funding vehicles and venture capital allocations, he said the growing sector covers a wide range of customers and financial needs through several emerging technologies. 'I'm incredibly optimistic for this industry of Islamic fintech. The amount of talent that I'm seeing coming from the youth, in particular, people leaving corporate jobs behind or coming straight out of university to start their own businesses within this space incredibly heartening to see,' Siddiqui told BTR. 'Taking the lessons, they've learned from large corporations all over the world. We're seeing that in the UK and the US, but even Pakistan, I'm incredibly proud to see what's going on in Pakistan and how many people are trying to solve this solution. So, I couldn't be more optimistic for the future,' he said. Kestrl was declared the first runner up of the Ethical Finance Innovation Challenge and Awards (EFICA) and awarded Dh75,000 cash prize. Abu Dhabi Islamic Bank (ADIB), in partnership with the London Stock Exchange Group, shortlisted Malaysia-based MADCash, the UK-based Kestrl, and Ethiopia-based Kifiya Financial Technology for the seventh EFICA awards from 150 global applicants. Kestrl, a UK-based fintech supporting over 1.2 million Muslims globally in managing and growing their wealth in line with Islamic finance principles, aims at building a true alternative to the conventional banking system to benefit real people and real economy instead of faceless financial organisations. It offers a platform that helps Muslims to grow their wealth without compromising their beliefs. Siddiqui, a Cambridge MBA with a background in consulting and risk advisory at Deloitte and PwC, sees some challenges for Islamic finance and said fundraising has always been a major issue for the sector. 'A lot of conventional finances see this as a niche, which is bizarre given that we are a two billion population. The other side is regulation, but I'm seeing more and more countries bringing down regulations to allow innovation, particularly in the Muslim world. In Pakistan, we saw five new digital banks; in Malaysia, the same; in the UAE we're seeing more and more, and Saudi Arabia has a huge influx of foreign direct investment, which is really growing the space. So, I think the Muslim world is where it's going to be at for the next 10 or 20 years, In Sha Allah,' said Siddiqui, a specialist in working with banks and wealth managers in the digital space. To a question, he said the UAE has been one of the best places for Islamic fintech evolution, from the DIFC all the way to Abu Dhabi Global Market. 'Even in places like Ajman and Sharjah, all of them are running their own incredible business centres and accelerator schemes. So, fintech is really spoiled for choice when it comes to fundraising and where to set up an office,' he said. Bright Prospects Ahead Faisal Islam, Head of Digital Islamic Finance at Kifiya Financial Technology, sees bright prospects for Islamic finance due to its rising demand across the world. 'I would just like to say that the future is only for Islamic finance because of the risk-sharing model as well as growing appetite from the Muslims. So, it holds the future that we must follow and develop Shariah-compliant products to cater to the rising demand,' Islam told BTR on the sidelines of the seventh EFICA awrads held in Dubai recently. Kifiya was the second runner up of the EFICA and awarded Dh75,000 cash prize. Malaysia-based MADCash won the first prize of Dh300,000. Faisal Islam said the Islamic finance industry has struggled to realise its potential owed to several challenges, including regulatory gaps and lack of adoption stemming from limited awareness and education. 'The challenges are huge because people are used to doing the banking the conventional way. It has been around for 300 years while Islamic banking has just arrived. It's a very new concept with only 70 to 75 years old history. So, the challenge is just the adoption. I cannot see any challenge beyond this because it's just about adoption. We are working on tools to help the people and industry, so Islamic finance gets inclusion and traction,' he said. He said Africa is home to a burgeoning Muslim customer base, which presents significant demand for Islamic finance products and services. About the UAE's role in promoting Islamic fintech, he said the UAE is always at a forefront for innovative and tech initiatives and has developed a strong tech ecosystem in the country. 'Like these EFICA awards, the most prestigious awards in the history of Islamic finance, the UAE has been playing a very active role in promoting Islamic finance. It is connecting people together and doing a lot of good work for this growing sector. And of course, Dubai Islamic Bank and Abu Dhabi Islamic Bank, they are always contributing to the halal economy,' Faisal Islam said. Founded in 2010, Addis Ababa-based Kifiya Financial Technology is pioneering in developing Shariah-compliant digital financing products in Ethiopia as it simplifies complex financial services, bridging the digital divide and fostering financial and market inclusion across Ethiopia. The company offers a diverse portfolio of services in payments, agriculture, micro-insurance, and mobility. Kifiya's mission is to leverage AI driven data and technology for social good, creating a more inclusive and sustainable future. Revolutionising Islamic Banking The Abu Dhabi-based ADIB said advanced technologies like artificial intelligence are transforming financial services and Islamic finance is no different. The second largest Islamic lender in the UAE noticed that Shariah-compliant fintechs are emerging to serve customers and extend financial services to the underbanked. 'Islamic fintech seamlessly integrates Shariah compliance with digital financial solutions, providing customers with easier access to savings, investments, takaful, and financing options that align with Islamic principles,' an ADIB Spokesperson told BTR. 'At ADIB, we believe in partnering with fintech firms and accelerating the development of digital solutions that cater to the evolving needs of our customers. This is why we launched ADIB Ventures, a strategic initiative designed to drive innovation and collaboration within the global financial technology sector. 'Through ADIB Ventures, we aim to build a robust ecosystem by connecting with emerging fintech players and integrating advanced technologies, including Generative AI, to enhance the banking experience for around 1.5 million customers,' the Spokesperson said. Fintech is set to be a major enabler of Islamic banking's next phase of growth, making Shariah-compliant financial products more accessible and appealing to a wider audience. It will allow Islamic banks to reach a larger customer base, including the unbanked and underbanked, thereby enhancing financial inclusion. 'At ADIB, we are committed to partnering with fintech firms across various areas, including automating processes to reduce manual intervention. We are also exploring AI-driven tools for risk assessment and fraud management. For example, we collaborated with Lune, an Emirati fintech company, to launch the region's first personal finance management tool — the ADIB Money Management Tracker. This innovative solution empowers customers with greater control and insight over their financial activities. We are also fostering innovation through initiatives like the EFICA, which recognises fintech solutions that promote ethical banking and financial inclusion. As customer expectations evolve, fintech will continue to shape a more dynamic and inclusive Islamic banking sector.' Fintech Adoption Rising The ADIB Spokesperson said several key factors are driving Islamic banks toward fintech adoption. First, customers increasingly demand seamless, digital-first experiences, prompting banks to modernise their services. Second, regulators across the region are encouraging digital transformation, creating an environment conducive to fintech-driven growth. Additionally, banks are focused on enhancing efficiency, expanding financial inclusion, and improving compliance. 'Fintech adoption supports these objectives by automating banking processes, streamlining financing approvals, and reducing paperwork and manual intervention. From an operational standpoint, automation lowers costs, improves efficiency, and allows banks to scale their services more effectively,' the spokesperson said. Moreover, fintech presents opportunities for Islamic banks to expand into new markets by offering cross-border Shariah-compliant financial solutions. 'ADIB has been at the forefront of this shift, developing API-driven banking solutions and launching innovative digital products such as ADIB Pay and open banking initiatives, reinforcing our commitment to pioneering fintech adoption in the Islamic banking sector.' Reshaping Jobs Role While automation and AI-powered solutions streamline banking operations, they reshape job roles rather than replace them. The key challenge is ensuring that employees are reskilled to manage AI-driven tools and digital banking platforms. 'Islamic banks, including ADIB, are investing in talent development programmes to equip employees with essential digital skills. Additionally, the rapid adoption of fintech introduces challenges related to cybersecurity and regulatory compliance, which require careful oversight.' However, the overall impact of fintech on Islamic banking remains overwhelmingly positive. By enhancing efficiency, lowering costs, and broadening financial inclusion, fintech empowers Islamic banks to deliver more customer-centric and ethical financial services while ensuring long-term sustainability. The ADIB Spokesperson said next five years will witness a significant transformation in Islamic banking, driven by fintech innovation. 'AI-powered Shariah advisory services will become more sophisticated, offering hyper-personalised financial guidance. Digital sukuk and ESG-driven investments will gain traction, enabling wider investor participation in ethical finance through tokenised assets.' Open banking and API integration will foster deeper collaboration between Islamic banks and fintech firms, expanding financial inclusion, particularly in underserved markets. Additionally, sustainable finance solutions, such as green sukuk and carbon trading platforms, will align Islamic banking with global ESG objectives. 'ADIB is actively investing in this future through ADIB Ventures, supporting fintech startups that pioneer next-generation Islamic financial solutions. Through our ADIB 2035 vision, we are leveraging fintech to enhance customer experience, drive efficiency, and reinforce the ethical finance ecosystem,' the Spokesperson concluded.
Mid East Info
30-04-2025
- Business
- Mid East Info
UBF CEOs Consultative Council Reaffirms Commitment to Further Develop Banking Industry - Middle East Business News and Information
The CEOs Consultative Council of UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, held its first regular meeting for 2025 under the chairmanship of H.E. Mohammed Omran Al Shamsi, Vice Chairman of UAE Banks Federation and Chairman of the Board of Directors of RAKBANK, to discuss developments, challenges and their effects on the banking and financial sector, as well as ways to achieve the UBF's strategic objectives for the current year (2025). The meeting reviewed 2024's achievements and UBF's strategy and initiatives for 2025. The participants discussed projects and plans of the Federation to keep abreast of developments in the banking and financial sector as part of its efforts to provide an advanced, secure, and seamless banking experience for customers in line with the approach and directives of the Central Bank of the UAE (CBUAE), which aims to cement the UAE's status as a global banking and financial centre. H.E. Mohammed Omran Al Shamsi, Vice Chairman of UAE Banks Federation and Chairman of the CEO Consultative Council, said: 'The continued strong performance of the UAE banking sector is a testament to the success of efforts exerted to support UAE's economic development by further enhancing he sector's capabilities to provide innovative products and services, under the direct supervision of the Central Bank of the UAE. We remain committed to ensure continuous progress of the banking industry, placing Emiratisation, human capital development, digital transformation, sustainability and financial inclusion at the top of our priorities'. The CEOs Consultative Council of UAE Banks Federation stressed the ability of the banking sector to continue its strong performance while maintaining strong capital efficiency rates, allocations and reserves, as the aggregate capital and reserves of banks operating in the UAE increased to AED 534.7 billion by the end of December 2024, while the total capital adequacy ratio reached 17.8%. The meeting pointed out that the steady growth of banking assets to reach AED 4.56 trillion by the end of last year (2024) is a confirmation of the UAE's leading position and the effectiveness of the policies set by CBUAE to develop the banking and financial sector. The meeting noted the significant increase in foreign investments by 18.2%, which reflects the attractiveness of the UAE and its economic ecosystem to investors, adding that the increase of gross credit to AED 2.18 trillion demonstrates the ability of the banking sector to meet the requirements of economic growth in various sectors. During the meeting, the participants praised the UAE banks' resilience in dealing with global developments and challenges, which enables banks operating in the country to take advantage of the opportunities provided by the national economy and contribute to achieving the strategic goals of the UAE. The meeting stressed the importance of UBF's efforts in promoting Emiratisation, under the guidance of CBUAE, urging UBF member banks to build on the outstanding achievements achieved by in 2024, where they exceeded the Emiratisation targets by 152.9%, to provide more opportunities for UAE nationals and continue in training and upskilling programmes to keep pace with accelerated developments in the banking and financial sector. The CEOs Consultative Council reaffirmed UBF's commitment to continue efforts and endeavours to fully comply with legislative and regulatory frameworks as well as keeping pace with technological developments and protect digital infrastructure to ensure provision of the best banking and financial services to customers. The meeting stressed importance of increasing the range of services and products to support financial inclusion and the growth of small and medium-sized enterprises (SMEs), which are considered one of the main engines of economic growth, while continuing efforts to provide innovative products for sustainable financing and achieving the Sustainable Development Goals (SDGs). During the meeting, Mr Jamal Saleh, Director General of UAE Banks Federation, presented an overview of the banking and financial sector's performance, achievements of UBF in 2024 and Q1-2025 as well as the Federation's plans for the coming period to enhance its role in the socio-economic development of the Mr. Jamal Saleh, Director General of UAE Banks Federation said: 'The CEOs Consultative Council's meeting discussed the UAE Banking Federation's plans to further strengthen UAE's position as a financial and banking centre, under the direct supervision of the Central Bank of the UAE, ways to boost the sector's growth, compliance with local and international legislation and regulations, governance, transparency, and sustainability. The participants stressed the importance of continuing coordination, exchange of experiences and knowledge, and benefiting from platforms provided by UBF to support the development of the banking industry'. About UAE Banks Federation (UBF): Established in 1982, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, comprising 62 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.
Zawya
30-04-2025
- Business
- Zawya
UBF CEOs Consultative Council reaffirms commitment to further develop banking industry
Abu Dhabi, United Arab Emirates: The CEOs Consultative Council of UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, held its first regular meeting for 2025 under the chairmanship of H.E. Mohammed Omran Al Shamsi, Vice Chairman of UAE Banks Federation and Chairman of the Board of Directors of RAKBANK, to discuss developments, challenges and their effects on the banking and financial sector, as well as ways to achieve the UBF's strategic objectives for the current year (2025). The meeting reviewed 2024's achievements and UBF's strategy and initiatives for 2025. The participants discussed projects and plans of the Federation to keep abreast of developments in the banking and financial sector as part of its efforts to provide an advanced, secure, and seamless banking experience for customers in line with the approach and directives of the Central Bank of the UAE (CBUAE), which aims to cement the UAE's status as a global banking and financial centre. H.E. Mohammed Omran Al Shamsi, Vice Chairman of UAE Banks Federation and Chairman of the CEO Consultative Council, said: 'The continued strong performance of the UAE banking sector is a testament to the success of efforts exerted to support UAE's economic development by further enhancing he sector's capabilities to provide innovative products and services, under the direct supervision of the Central Bank of the UAE. We remain committed to ensure continuous progress of the banking industry, placing Emiratisation, human capital development, digital transformation, sustainability and financial inclusion at the top of our priorities". The CEOs Consultative Council of UAE Banks Federation stressed the ability of the banking sector to continue its strong performance while maintaining strong capital efficiency rates, allocations and reserves, as the aggregate capital and reserves of banks operating in the UAE increased to AED 534.7 billion by the end of December 2024, while the total capital adequacy ratio reached 17.8%. The meeting pointed out that the steady growth of banking assets to reach AED 4.56 trillion by the end of last year (2024) is a confirmation of the UAE's leading position and the effectiveness of the policies set by CBUAE to develop the banking and financial sector. The meeting noted the significant increase in foreign investments by 18.2%, which reflects the attractiveness of the UAE and its economic ecosystem to investors, adding that the increase of gross credit to AED 2.18 trillion demonstrates the ability of the banking sector to meet the requirements of economic growth in various sectors. During the meeting, the participants praised the UAE banks' resilience in dealing with global developments and challenges, which enables banks operating in the country to take advantage of the opportunities provided by the national economy and contribute to achieving the strategic goals of the UAE. The meeting stressed the importance of UBF's efforts in promoting Emiratisation, under the guidance of CBUAE, urging UBF member banks to build on the outstanding achievements achieved by in 2024, where they exceeded the Emiratisation targets by 152.9%, to provide more opportunities for UAE nationals and continue in training and upskilling programmes to keep pace with accelerated developments in the banking and financial sector. The CEOs Consultative Council reaffirmed UBF's commitment to continue efforts and endeavours to fully comply with legislative and regulatory frameworks as well as keeping pace with technological developments and protect digital infrastructure to ensure provision of the best banking and financial services to customers. The meeting stressed importance of increasing the range of services and products to support financial inclusion and the growth of small and medium-sized enterprises (SMEs), which are considered one of the main engines of economic growth, while continuing efforts to provide innovative products for sustainable financing and achieving the Sustainable Development Goals (SDGs). During the meeting, Mr Jamal Saleh, Director General of UAE Banks Federation, presented an overview of the banking and financial sector's performance, achievements of UBF in 2024 and Q1-2025 as well as the Federation's plans for the coming period to enhance its role in the socio-economic development of the UAE. Mr. Jamal Saleh, Director General of UAE Banks Federation said: 'The CEOs Consultative Council's meeting discussed the UAE Banking Federation's plans to further strengthen UAE's position as a financial and banking centre, under the direct supervision of the Central Bank of the UAE, ways to boost the sector's growth, compliance with local and international legislation and regulations, governance, transparency, and sustainability. The participants stressed the importance of continuing coordination, exchange of experiences and knowledge, and benefiting from platforms provided by UBF to support the development of the banking industry'. -Ends- About UAE Banks Federation (UBF): Established in 1982, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, comprising 62 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@
