UAE Banks Federation Welcomes Recent Laws And Regulations

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 18th Nov, 2018) The board of Directors of the UAE Banks Federation, UBF, has discussed the latest developments in the UAE’s banking sector as well as progress of key initiatives and activities during its recent meeting.

Chaired by AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation, the Board of Directors commended the laws and regulations issued recently, highlighting the positive impact they will have on the banking and financial sector as well as the national economy. The attendees expressed comfort with the robust performance of the banking sector as reflected in the strong key financial indicators supported by economy growth.

They also reviewed progress on current key initiatives mainly cyber threats intelligence sharing platform 'Tasharuk', 'Ethical Selling practices' and 'customer complaints handling' frameworks, and digital Wallet. Furthermore, the Board commended banks support to the nationalisation strategy and SMEs finance, and endorsed future UBF's plans and initiatives on Digital transformation, blockchain, and fintechs.