UBF CEOs Advisory Council: High Customer Confidence Index reaffirms UAE Banks’ leading position

Abu Dhabi, UAE:  The CEOs Advisory Council of UAE Banks Federation, the representative and unified voice of banks in the UAE, held its second meeting of 2023 recently under the chairmanship of His Excellency Abdulaziz Al-Ghurair, Chairman of UAE Banks Federation, to discuss key initiatives, the UBF 2023 strategy for banking and financial sector, and the implementation of the decisions taken at this year’s first meeting in March.

Participants at the meeting lauded the successful initiatives of UAE Banks Federation, under the direct supervision of the Central Bank of the UAE and other strategic partners, in furthering the leadership position of the UAE banking sector, which ranked second globally in terms of customer confidence in banks at 84 per cent, in 2022.

H.E. Abdulaziz Al-Ghurair, Chairman of UBF, said, “The UAE banking sector is a role model for digital transformation, which is affirmed by the growing trust in the sector and the great leap in developing and implementing digital channels and advanced technological infrastructures. This is in line with the strategic vision of the Central Bank of the UAE, which is characterised by its proactive approach to creating an appropriate framework to keep pace with evolving technologies in the interest of our members to develop innovative, seamless, and secure banking solutions.”

“The invaluable expertise of the CEOs Advisory and the Consultative Councils, which include some of the most senior executives with extensive experience and knowledge in the banking and financial sector, contribute to decision-making by the federation in the interest of member banks and their customers, thereby advancing the overall economy,” he added, expressing his gratitude and appreciation to the members of the Advisory Council for their tireless efforts.

Participants at the CEOs Advisory Council meeting discussed the projects and plans of the 2023 Strategy, which was adopted at the UBF General Assembly earlier this year. The Federation’s initiatives include strengthening Emiratisation in line with the UAE banking sector’s goal of employing 5,000 UAE nationals by 2026 to increase the participation of Emiratis in the banking and insurance sector. The meeting also discussed plans for the continuation of awareness and training programmes and workshops organised by UAE Banks Federation for the member banks and their employees to improve knowledge of the latest developments and create appropriate platforms for sharing experiences that will contribute to addressing challenges faced by the banking sector.

The Council also highlighted the ongoing efforts of UAE Banks Federation’s general secretariat and all its committees, under the guidance of the Central Bank of the UAE, to educate the banking fraternity on regulatory and legislative updates to combat money laundering and create awareness on fraud. The Federation organised a series of virtual workshops and expert sessions over the past three months on trade and credit documents-based fraud, credit risk management models and cyber security, with the participation of international experts such as Professor Edward Altman, Professor of Finance at New York University and a global expert in the field of risk management.

Participants at the meeting praised the role played by the Federation in strengthening relations with banking associations and federations in brotherly and friendly countries, as well as in forging collaborations with stakeholders in the country, especially the Securities and Commodities Authority, Ministry of Finance, Ministry of Justice, the UAE Cyber Security Council, and Police and Security agencies in the UAE to ensure that regulations, policies and best practices are in place to consolidate the leading position of the financial and banking sector in the UAE are in line with the country’s guidance and wise leadership.

Mr. Jamal Saleh, Director General of UBF, said, “The CEOs Advisory Council plays an important role in enabling the Federation’s General Secretariat and its 25 technical and three advisory committees to implement their plans effectively and contributes to the continuous development of the banking sector in the UAE with its extensive experience and knowledge of the sector. The Federation, supported by the Advisory Council and its members, has undertaken many important initiatives that are driving our Emiratisation and capacity-building efforts, programmes to support the support small and medium enterprises, fraud protection campaigns and initiatives to promote sales ethics, accelerate digital transformation and promote and accelerate digital transformation. Our strategy for 2023 is to continue our initiatives and programmes.”

The CEO Advisory Council was established 11 years ago and comprises 22 CEOs of banks and financial institutions operating in the UAE. The Council is a unique advisory platform that excels in discussing relevant issues and making decisions in the interest of the federation, its members and the banking customers.