Dubai, UAE, November 20, 2016: The Board of Directors of the UAE Banks Federation (UBF) met today, Sunday (November 20, 2016) in Dubai to review the latest developments in the banking sector. Presided over by H.E. Abdul Aziz Al Ghurair, Chairman of UBF, the meeting discussed UBF future plan and action steps that could contribute to accelerating the growth of the UAE banking sector in the face of an increasingly complex regulatory environment and continuing slowdown in global economic growth. Key topics of discussion included the new Emiratization scheme introduced for the banking and insurance sectors, which was recently approved by the UAE Cabinet. Scheduled to come into force in January 2017, the new strategy adopts a point-based system and Banks are then rated and rewarded based on their performance across key parameters such as creation of job opportunities for UAE nationals, the training and development to develop Emarati skills, as well as their success in moving Emirati employees to fill senior-level positions. With the phenomenon of de-risking dramatically changing the regulatory and enforcement landscape, the Board discussed the multiple challenges posed by de-risking - or the elimination of banking services with certain categories of customers - and the complexities banks face in meeting implementation and compliance requirements. The Board meeting also discussed potential impact of the adoption and implementation of International Financial Reporting Standards 9 (IFRS 9) on the UAE’s banking sector. The standard requires banks to have provisions in advance for any potential/ unexpected losses of assets, and imposes new disclosure requirements to connect the accounting division with the risk management activities adopted by banks. The meeting also reviewed work and performance of the 17 technical committees as well as other topics on agenda.
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