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UAE Banks Federation Board of Directors agrees future agenda

Chaired by H.E AbdulAziz Al Ghurair, UAE Banks Federation Board of Directors held its second meeting today (Wednesday, 18 December 2013) in Dubai. The Board discussed the Federation’s year to date activities and achievements and reviewed key trends affecting the banking industry during 2013. In particular the meeting focused on objectives of key importance to Federation members such as the favorable relationship with the Central Bank, the fruitful cooperation between member banks, and the sustainability of the banking sector as a whole and the performance of the Federation itself.

H.E Al Ghurair underlined the importance of cooperation among the Federation’s members, stressing the valuable work being done by its 11 committees which meet regularly through the year. He reiterated the Federation’s pioneering role in promoting and supporting the banking industry and the national economy, as well as co-operating and coordination with the UAE Central Bank and other principal stakeholders.

Commending the continuing healthy and outstanding performance of the industry during 2013, as reflected in key financial indicators for the banking sector in the first half of the year, where total assets reached about AED 1.9 trillion, The Board also appreciated the achievements done by the Federation during the year, including the recently launched Code of Conduct, mortgage cap rules, regulations for appointing legal banking experts in the UAE, monitoring of large exposure limits and the establishment of the “Al Etihad Credit Bureau”.

Looking to the future, the Board of Directors discussed and approved the Federation’s proposed action plan for the coming year, with key focus on stepping up the consultative approach with central bank, boosting the cooperation among member banks, promoting Emiratization and CSR in the banking sector, expanding cooperation with distinguished international banking associations, and supporting the image and reputation of the banking sector locally and globally.

The Board also approved the Federation’s 2014 budget and passed a number of proposals and resolutions to support the UAE’s economic development, as well as the organization’s social responsibility activities and consumer’s financial education.