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1. UBF Board of Directors Meeting: The Board held its third m eeting for the year 2015 in November and discussed the following topics: UBF activities for 2015, Progress on mWallet, Annual Conference 2015 , budget and p riorities of 2016, and UBF Technical committees’ work. 2. UBF CEOs Advisory Council Meeting: During its fourth meeti ng for the year 2015 in December, The CEOs advisory council discussed the following topics: Commercial / SMEs Skips, Banks Ads. and Code of Conduct, EIBFS role and performance and the latest developments in the banking sector. 3. Mobile Wallet Project: The 17 Shareholding banks had 3 meetings and discussed the following: - Final version of the MoU
- Constitution in Management Committee
- Proposed fees of the members
- Members Participation Framework Agreement & agree on the duration of the agreement
- Revenue calculator for the shareholding banks
- Draft of the Central Bank regulatory framework for digital payments
- Ten meetings were also held with relevant stakeholders on the subject.
4. De-Risking: UBF concerned committees had a meeting with concerned committee in Central Bank and discussed “De-Risking - Correspondent Banks relationships and the impact on banks in UAE”. In collaboration with the FSB and World Bank, AMF & IMF organized a high-level workshop on De- Risking. The objective of the workshop is to provide a forum for Arab countries’ regulators to launch a dialogue on the issue of “De-Risking” with the regional and international regulators and banks concerned, discuss its impacts on the region and explore possible solutions. UBF Chairman has participated as a keynote speaker during the workshop. Later on, UBF DG, and the representatives from Legal, Compliance and Islamic banking Committees met the IMF delegations and exchange views on subject. With the support and cooperation of UBF, Union of Arab banks (UAB) held a conference in Dubai on 10/18/2015 on subject which was attended by Legal, Compliance and Risk Management heads of Member Banks. 5. UBF Islamic Strategic Committee: UBF Islamic Strategic Committee convened its third meeting for the year 2015 and discussed the following topics: Governance and Charter, Islamic Banking Windows, Initiatives of IBC up to 2015 and IBC Priorities for 2016. The meeting was attended by the CEOs of Islamic Banks and Islamic windows 6. Digital Payments Regulation: Several meetings have been held with the concerned team of Central Bank and discussed UBF mWallet and vision towards the development of UAECB regulatory framework for digital payments system in UAE.UBF specialized committees reviewed the draft of the regulation and proposed a recommendations on same. 7. SMEs/Commercial Skips: During UBF CEOs Advisory Council meeting in December, Heads of UBF Wholesale and SMEs Committees presented the reasons behind the skips and suggested a modus Operandi for b anks to attend to the problem. 8. Arab Regional Payment System Project - ARPS: Upon UAECB request, UBF Technical committees reviewed the draft of ARPS, proposed by Arab Monetary Fund, and raised its recommendations to the Central Bank on same. 9. UBF Technical Committees: - UBF has formed following new committees: marketing, audit, operations, information technology, Fraud prevention and Digital Banking and so increasing the number of specialized committees to 15.
- UBF Chairman had the annual meeting with Heads of the Committees and reviewed their work during 2015 and priorities for 2016.
10. Khalifa Fund for Enterprises Development: UBF DG had a meeting with the Executive Management of the Fund and discussed mutual cooperation to enhance the SMEs sector through direct engagement with UBF SMEs Committee. 11. British Banker’s Association (BBA): UBF has joined BBA as an associate member, thus providing a number of bene fits to the UBF and its member banks. This partners hip aims to strengthen the relations and co-ope ration between the two organizations, and to enable the UBF and its members to take advantage of international best practice and expertise in it s role of assisting and advocating the development of the banking sector in UAE. Under the arrangement, committees of the two organizations will co-opera te on high priority areas of mutual interest such as compliance, anti-money laundering and financial crime, SME lending and digital banking. UBF will also have access to reports and research papers compiled by the BBA and its specialized committees. 12. Trust Index in UAE: UBF hired 'Brunswick In sight' who , with support of 'Ipsos Observer', conducted a survey with consumers in order to create an index which enables UBF to “track the level of trust among the country’s banking customers”. The index was launched through a press conference by UBF Chairman during Oct ober 2015 with the following findings: most of (70%) customers in the UAE have a high level of trust in their banks, es pecially compared to customers in other international banking markets, and that UAE banking customers are five times more likely to say their view of banks has improved rather than worsened in the past six months. Also, (23%) of expatriates believe banks at home are better than those in the UAE. 13. Middle East Banking Forum 2015 (MEBF): In association with FT Live and The Banker, UBF organized the third MEBF on 16 November 2015 at Jumeirah Beach Hotel in Dubai under the leading theme “Leaders of Innovation”. The Forum attracted more than 300 senior delegates from member institutions and senior representatives of local, regional and in ternational banks and other financial services organizations. 14. SWIFT User Group (UAE): UBF DG held a meeting with SWIFT Management Committee and discussed the financial statements fo r 2015, Budget for 2016 as well as the activities planned for 2016. On the other hand, SWIFT has organized a workshop in collaboration with the FINEKSUS an exclusive partner of Swift in Middle East. The workshop discussed the important milestones fr om the SWIFT history, how the messages sent and what does SWIFT do with the messages over the network, the difference SWIFTNet Messaging services FIN, Fileact, Interact. Principles of SWIFTNet. Ins and outs of SWIFTNet messages, practical information for best practices and basic trouble shooting to maintain SWIFT infrastructure with live demos and secu rity layers in SWIFT. The workshop was attended by member banks, exchange companies, as well as investment and trade institutions. 15. Mohammed Bin Rashid Establishment for the Development of Small and Medium Enterprises (Dubai SME): UBF Director Genera l and Head of UBF SME Committee met with the Deputy CEO of Dubai SME. They discussed means of mutual cooperation to wards supporting and promoting SME sector. 16. Committee Meetings: • Islamic Banking Committee:
Topics Discussed:
- Standardization of the Islamic windows
- Early Settlement Letter
- Higher Shariah Authority
- Priorities for 2016 • Legal Committee:
Topics discussed:
- Abu Dhabi Property Law
- New commercial companies law
- UAE anti-discrimination law
- Credit Information law
- Close-out Netting
- Digital payments regulatory framework
- Mortgage enforcement in Dubai Land Dept.
- DIFC Wills and Probate
- Data Protection
- Outsourcing and off shoring regulation.
- Banks Experts
- Specialized Courts
- Priorities for 2016 • Consumer Banking Committee:
Topics discussed:
- DBR
- Financial Literacy
- ATM Switch Fee Upgrade
- Consumer Complains
- Banks Compliance with Regulation on loans to individuals
- Emirates ID Remediation and deadline
- SMEs Skips
- Security Cheques • Financial Markets Committee:
Topics Discussed:
- EIBOR
- Liquidity Regulation
- Cash reserve ratios
- Priorities for 2016 • Marketing Committee:
Topics Discussed:
- Financial Literacy
- Bank’s Ads Monitoring
- Communicating with Media
- Priorities for 2016 • SMEs Committee:
Topics Discussed:
- SMEs skips
- SMEs Governance
- Credit Information La w No. (6), 2010 • mWallet Steering Committee:
Topics Discussed:
- Mobile Wallet
- Digital Electronic Payments Regulation • Audit Committee:
Topics discussed:
- Internal Audit Standards
- Auditing Culture
- Priorities for 2016 • Risk Management committee:
Topic Discussed:
- Information Security
- Image Cheque Cleari ng System (ICCS)
- General Provisions
- Standardization of Industry Classification
- Al Etihad Credit Bureau
- Priorities for 2016 • HR Committee:
Topics discussed:
- Employee Engagement
- Emiratization
- Priorities for 2016 • Wholesale Banking Committee:
Topics discussed:
- Credit Information La w No. (6), 2010
- SMEs skips
- Lending in Foregn currency • Compliance Committee:
Topic discussed:
- De-Risking
- Innovation and Digitization • IT Committee:
Topic discussed
- Formation of the committee and election the Chairman and Vice Chairman
- Priorities for 2016 • Operations Committee:
Topic discussed
- Formation of the committee and election the Chairman and Vice Chairman
- Priorities for 2016
- Volume of Transactions
- Account Opening and Documentation
- Payment Systems
- Information security
- Fraud Prevention • Fraud Prevention Committee :
Topic discussed:
- Formation of the committee and elecion the Chairman and Vice Chairman
- Priorities for 2016
- Risk of an insider
- Persona non grata
- Digital Fraud Threats and attack vectors
- Fraud awareness campaigns / initiatives
- Best practices to compete fraud
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