UAE Banks Federation marks a year of remarkable achievements
- United Arab Emirates: Tuesday, March 12 - 2013 at 09:40
- PRESS RELEASE
UAE Banks Federation has marked a full year of achievements that have contributed qualitatively in the support and development of the banking sector and which emphasizes the significant role of the federation in representing the member banks, developing cooperation and harmony among them to promote the banking industry and support the national economy.
Among the most prominent achievements of UAE Banks Federation was the initiative of proposing rules for "Appointment of Legal Banking Experts". Based on the Federation recommendation, a MoU was signed between Ministry of Justice (MoJ), Central Bank and UAE Banks Federation to initiate new rules for appointing Legal Banking Experts in UAE, and a joint committee of the three parties has been formed to evaluate the requests of potential legal banking experts. On the other hand, the Federation has proposed to MoJ setting up specialized commercial courts to consider the cases raised by banks and financial institutions.
H.E. AbdulAziz Abdulla Al Ghurair, Chairman of UAE Banks Federation said: "We would like to thank the Central Bank for its continued support, all member banks, CEOs Advisory Council and Technical Committees for their significant contributions in realizing these achievements. We have all the capabilities and experience that enable us to continue with these distinguished achievements this year as well, and to maintain the banking sector quality performance in serving the Customers, Community and National Economy. We further look forward to promote Emiratisation in the banking sector, and to expedite further initiatives to meet international practices standards."
UAE Banks Federation has contributed with all the banks to cooperate with the dedicated committee in the implementation of "Nationals Defaulted Debts Settlement Fund". The Federation has also initiated and raised recommendations to the Central Bank on the "Foreign Account Tax Compliance Act (FATCA)" for U.S. citizens for implementation on a government level through signing an agreement between the two countries. With regards to the requirements of Basel II & III Implementation, the central bank welcomed the Federation' proposals for joint committees work on the subject.
In addition, the UAE Banks Federation has reviewed draft of the "Electronic Payment Regulation" (EPR) and the "UAE Direct Debit System" (UAEDDS) and raised recommendations on both topics to the Central Bank, besides participating in related workshops. The Federation has unified the views of local banks on the application of "Foreign Assets Control System" and the scope of the difficulties and challenges that can face the banks while dealing with the "Office of Foreign Asset Control (OFAC)" Group. Further, the Federation has put forward suggestions and recommendations on "Standardization of Industry Classification", as well as on Commercial Real Estate Financing.
The role of technical committees was indeed outstanding in studying and evaluating various issues at different levels, most particularly the Legal Committee revisions of "Draft Law of Bankruptcy", "Draft Law of Commercial Companies" and "Draft Law of Lease Financing".
At the administrative and organizational level, the UAE Banks Federation has formed the CEOs Advisory Council that represents all national banks and major foreign banks operating in the country, and who is entrusted with formulating policies and strategies and making decisions on banking related issues after being evaluated by the 10 technical committees formed last year, and submit thereafter to the Central Bank when necessary.
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