Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
UBF Board of Directors reviews 2016 achievements, outline priorities for year ahead
 
UBF Board of Directors reviews 2016 achievements, outline priorities for year ahead

UAE banking sector has been able to adapt and remain resilient to the headwinds faced in 2016

Dubai, UAE, March 7, 2017:  The Board of Directors of the UAE Banks Federation (UBF), a professional representative body comprising 49 member banks operating in the UAE, held its first meeting of the year today, Tuesday (7 March, 2017) in Dubai, to review the achievements and key highlights of 2016 as well as outline priorities for 2017. 

Presided over by H.E. AbdulAziz Al Ghurair, Chairman of UBF, the meeting evaluated progress on a number of high-priority topics for the Federation and discussed the challenges facing the banking sector.

“Despite regional and global challenges, the UAE banking sector has been able to adapt and remain resilient to the headwinds faced in 2016. The drop in oil prices and the quickening pace of economic diversification in the UAE have put a sharper focus on the non-oil sector. As the nerve center of the economy, the banking and financial sector will have a pivotal role to play in ensuring that economic activity in the UAE maintains its momentum through 2017. Banks must explore innovative ways in which to make their business models viable, especially given the rising regulatory challenges and compliance costs,” said H.E. AbdulAziz Al Ghurair. 

Topics covered at the Board meeting included evaluation and progress of UBF SMEs initiative “Modus Operandi”, a new debt restructuring measures introduced last year to better enable SMEs to meet their debt obligations; implementation progress of the Mobile Wallet project - set to herald a major transformation in the way people in the UAE pay cashless for goods and services - and the proposed creation of a unified framework for handling customer complaints to further enhance customer experience.  

The Board also reviewed initiatives that aim to further protect customers and banks against Anti-Money Laundering, and enhance fraud prevention and cybersecurity in the banking landscape. 

In addition, the Board commended the collaborative coordination with the Central Bank of the UAE on key industry issues, and reviewed the performance of the 18 specialized technical committees, tasked with overseeing key UBF programs and initiatives toward advancing the Federation’s goals and objectives. The Board also valued UBF’s contribution in promoting Emiratization and SME empowerment, as well as addressing important banking sector issues.

Posted by : Dubai PR Network Editorial Team
Viewed 5124 times
PR Category : Banking & Investments
Posted on : Tuesday, March 7, 2017  2:48:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : The Resolutions of the General Assembly Meeting of the Share...
Next Story : Emirates Institute for Banking and Financial Studies Hosts H...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Coty Inc. Introduces James Molloy as Rimmel London's New Global Make-up Ambassador [19197-Views]
AIGNER Iridescence [13383-Views]
Lipstick shades to suit your hair colour from Lipstick Queen [11797-Views]
Top 5 Autumn/Winter Beauty Trends [10584-Views]
LG DUALCOOL Air Conditioner Builds a Tower of Chocolate [10266-Views]
Dune London: The Autumn/Winter17 campaign [7393-Views]
India's famous fashion designer Suneet Varma brings his collections to Dubai [6722-Views]
DS Podium GMT Chronometer: Because time knows no borders [6716-Views]
Corum Heritage Diphylleia - The 'skeleton flower' blooms in a bed of diamonds and gold [6466-Views]
Marks & Spencer Introduce the Autumn/Winter 17 Womenswear Collections [6460-Views]
Jaguar E-type Zero: “The Most Beautiful Electric Car in the World” [6405-Views]
Contour, Highlight and Bronze your Body with Ease with Madame LA LA [6332-Views]
Italian Trade Agency Kicks Off F&B Promotional Activities in the UAE [6320-Views]
Vintage is the rage for new Chronofighter range [5893-Views]
‘Third wave' coffee movement brews big business for Middle East market – forecast to reach... [5667-Views]
CITIZEN CA0641-83E Eco-Drive Chronograph exudes sporty elegance [5392-Views]
Aster DM Healthcare bags Gulf Business Awards-2017 for the “Healthcare Company of the Year... [5100-Views]
Mango Fall/Winter17 - Denim Special [4996-Views]
Bollywood sibling divas come together for the new diamond jewellery commercial of Malabar ... [4978-Views]
Panasonic announces robust plans for Middle East under new leadership [4886-Views]
RTB House celebrates 1-year anniversary in the Middle East and Africa regions with big win... [4874-Views]
Ferrari Portofino: the Italian Grand Tourer par excellence [4874-Views]
Michael Kors Collection Spring 2018 Fashion Show [4850-Views]
CITIZEN opens refurbished boutique at Sharjah City Centre [4673-Views]
Shade of Grey: Sirius Flying Regulator Jumping Hour in sophisticated new colour [4654-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories