2014 showing great promise: Al Ghurair

UAE Banks Federation holds its Ordinary Annual General Assembly Meeting in Dubai

17/04/2014 10:32 AST

The UAE banking sector recorded productive growth in 2013 while 2014 is also showing great promise, said AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation.

He said: “2013 was a very productive year in which we were able to deliver on all the promises made during our last General Assembly meeting. Over the past 12 months the various committees in the Federation have worked on a range of initiatives such as Smart Government, the launch of Al Etihad Credit Bureau and Emiratisation which will strengthen the sector as a whole and ensure high quality service to bank customers and the community as a whole. 2014 is already showing great promise, and as an industry we look forward to contributing further to the economic development and the welfare of the country,” Al Ghurair said.

He was speaking at the UAE Banks Federation’s Ordinary Annual General Assembly Meeting held on Wednesday in Dubai.

At the meeting the UAE Banks Federation’s action plan for the coming year was approved, and a number of other key items on the agenda concluded, such as the approval of the Financial Statements and the Auditors' Report for the year 2013, as well as the appointment of the Auditors for the year 2014.

The projected budget for 2014 was also agreed.

During the meeting, the Federation also approved the Annual Report for 2013.The report highlights the major achievements and the significant role that the UAE Banks Federation has played in driving the development of the banking sector, including the adoption of a Code of Conduct for its members, as well as consultations on such matters as the direct debit system, SMEs, Mobile Wallet, discount window and netting of derivatives contracts. It also underlines the creditable performance of UAE banks in achieving high capital adequacy ratios, healthy liquidity levels, and increasing profits.

The General Assembly Meeting was concluded with the ratification of the UAE Banks Federation plan for 2014 approved by the Board of Directors during their meeting in March. The plan aims to boost cooperation, coordination and consultation with the Central Bank, Ministries and other Governmental Entities on all issues related to the banking sector, member banks and the protection of customer rights.

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