UBF’s CEOs Advisory Council Holds Its 3rd Meeting Of 2021

UBF’s CEOs Advisory Council holds its 3rd meeting of 2021

ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 20th Sep, 2021) The CEOs Advisory Council of the UAE Banks Federation (UBF) held today its third meeting of 2021 to discuss banking sector developments and review the progress achieved on key initiatives, as well as the impact of stimulus measures rolled out by the Central Bank of the UAE to speed up post-pandemic economic recovery.

The virtual meeting was chaired by Abdul Aziz Al Ghurair, Chairman of UBF.

Members of the high-level CEOs Council discussed matters relating to the impending rollout of the second phase of UBF’s Ethical Selling initiative, which seeks to build a framework for ethical selling practices to be adopted by all UBF members pursuant to the directive from Central Bank of the UAE on Consumer Protection, as well as UBF’s wealth management roadmap which is aimed at offering incentivised services to grow the sector in the UAE and make the UAE the preferred hub for investment in the region.

The Council also reviewed the progress made by the banking sector on UBF’s Emiratisation Project, and discussed new developments around the topic, including the introduction of enhanced Emiratisation targets for banks operating in the UAE.

This meeting takes place at a crucial moment in the UAE banking sector’s post-COVID recovery, and comes against the backdrop of strong Q2 performance posted by UAE banks, with the four largest banks in the country reporting a combined net profit of US$4 billion in the first half of 2021 – marking a 17 percent annual increase – according to the latest Moody’s report.

Al Ghurair said, "As the UAE continues to lead the region’s economic recovery from this pandemic-induced slump, UBF has been working closely with both Central Bank of the UAE as well as our member institutions to jump-start a revival across business sectors. Today’s meeting provided an opportunity for Council members to discuss several crucial issues. And, with a number of UBF banking sector initiatives at various stages of completion, the meeting also gave members a chance to review the progress reached on these programmes, share insights and recommendations, and make informed collective decisions that will pave the way for more customer-centric banking practices and, ultimately, a more robust banking sector, all of which is under the guidance and supervision of Central Bank of the UAE."