5 March 2015: The CEOs Advisory Council of the UAE Banks Federation (UBF) has held its first meeting of the year to review the work programme of the Federation and to advise on its ongoing high priority projects. The Council allows CEOs to debate issues which affect the effective operation of the banking industry in the UAE, its relations with key institutions such as the UAE Central Bank, and to agree priorities for the Federation’s work programme.
The Council reviewed the strong performance of the banking sector in the past year and discussed current key issues of concern to the banking industry, as well as continuing cooperation with Al Etihad Credit Bureau commending the favourable role of banks in support of the bureau to launch issuing reports on
The Council also recognised the role to be played by banks in the context of the UAE’s current year of innovation, for which the Mobile Wallet project represents the industry’s primary contribution. A briefing was given to the Council on progress made on the Mobile Wallet project which was also reviewed recently by the Board of the Federation, and members discussed the critical stages for its implementation during this year. The Council has played a crucial role in defining the shape and operation of the Mobile Wallet as well as providing advice to the Federation on the role of the Central Bank and other regulatory bodies in ensuring its success.
Also the Council were informed of plans by the Federation to build on the innovation theme set for its last annual conference in its 3rd annual conference in November
The Council welcomed the Customer Charter which was published by the Federation in February. In this context the Chairman of the Federation, HE AbdulAziz Al Ghurair, urged member banks to Keepthe Code of Conduct (launched by the Federation in 2013) under regular review and to ensure that it represented the minimum standard of behaviour and performance in each of their institutions.
Finally the Council recognised the importance of the strong relationship existing between the Federation, the industry as a whole and the UAE Central Bank, and welcomed the proactive and supportive approach being adopted by the central bank.