Latest news with #KhaledBalama
Zawya
26-06-2025
- Business
- Zawya
CBUAE concludes Climate Forum in Abu Dhabi
High-level local and international participation reflects the UAE's leadership in sustainable finance Abu Dhabi: The Central Bank of the UAE (CBUAE) concluded its Climate Forum today in Abu Dhabi, held under the patronage of H.H. Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, Chairman of the Board of Directors of the CBUAE. The forum reaffirmed the importance of effective dialogue and close collaboration among key stakeholders in addressing climate-related financial risks, advancing sustainable finance and exchanging best practices to strengthen the resilience of the financial system and accelerate climate action. The forum comes as part of the CBUAE's ongoing efforts to drive the transition towards a more sustainable financial system and strengthen its vital role in leading sustainable finance efforts, in line with the UAE's Net Zero by 2050 strategy. H.E. Khaled Mohamed Balama, Governor of the CBUAE, opened the forum in the presence of H.E. Dr. Amna bint Abdullah Al Dahak Al Shamsi, Minister of Climate Change and Environment, H.E. Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation, and Mr. James Talbot, and Chair of the Monetary Policy Workstream at the Network for Greening the Financial System, alongside a group of financial leaders, policymakers, international experts in sustainable finance and climate risks, and senior officials from regulatory bodies, central banks, and local and international financial institutions. In his keynote address, H.E. Khaled Mohamed Balama, Governor of the CBUAE, emphasised that the Climate Forum represents a strategic milestone in the UAE's journey of climate and financial action, especially in light of the geopolitical and economic challenges and accelerating climate changes witnessed globally. He added: 'The Climate forum represented a pivotal turning point towards transitioning from a phase of dialogue and exchanging visions to a phase of practical implementation, through systematic investment in building institutional capabilities, updating policies, and developing operational processes within financial institutions. This contributes to enhancing the resilience and stability of the financial system and raising its level of preparedness in facing future risks, further solidifying the desired balance between sustainable economic growth and environmental protection.' His Excellency also stressed that the forum reflects the ambitious vision of the UAE and its keenness to consolidate its position as a leading global hub for institutional dialogue on issues of sustainable finance and responsible climate action. The forum discussed ways to enhance the integration of climate policies in risk management and investments, and the necessity of finding effective solutions to strengthen the financial sector's resilience in facing future climate and environmental challenges. It also addressed frameworks for activating regional and international cooperation in the areas of legislation, financial policies, and adopting a proactive approach in developing sustainable Islamic finance solutions, in a step that affirms the UAE's growing position as a leading global centre in leading the dialogue on the future of sustainable finance. The forum's agenda included a number of themes in the field of sustainable finance, most notably strategies for integrating climate risks into regulatory frameworks, adaptation finance tools in emerging markets, and policies for enhancing the resilience of financial systems in the face of climate change. The forum also highlighted empowering financial institutions to adopt best global practices in analysing environmental risks and enhancing sustainability-related disclosures. The forum also included a number of dialogue sessions that brought together policymakers, representatives of central banks, and green finance experts, to discuss ways to align monetary and financial policies with climate goals, and the importance of innovation in developing green investment tools. The sessions addressed ways to build institutional capabilities and activate frameworks for regional and international cooperation in the areas of greening banking operations and sustainable Islamic finance, further enhancing the integration of roles between the public and private sectors. Her Excellency Dr. Amna bint Abdullah Al Dahak Al Shamsi, said: "The UAE's commitment to climate action and sustainable development is a cornerstone of our national vision. This is powerfully demonstrated by our Net Zero 2050 Strategy and Green Agenda 2030, and further reinforced by our whole-of-society approach. We are actively integrating climate policies directly with financial goals, thereby driving sector-wide sustainable growth. We firmly believe that by strategically directing climate finance and investment, we can drive profound change, unlock green economic opportunities, and build a resilient financial system that ensures lasting prosperity. Recognizing the urgency of our collective climate action, we commend the instrumental work of the UAE Central Bank and the NGFC in bolstering green finance infrastructure. Their efforts are integral to helping the nation achieve its climate and sustainability goals while simultaneously driving socio-economic growth." H.E. Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation, said in his opening speech: ' Organising the Climate Forum reflects Central Bank of the UAE's proactive approach and firm commitment to Environmental, Social, and Governance (ESG) principles as a core driver of our growth in line with the UAE's Net-Zero 2050 strategy and Sustainable Development Goals (SDGs)'. 'UBF, as the sole representative and unified voice of UAE banks, remains committed to continuously enhancing our financial and banking ecosystem and facilitating innovative finance solutions towards a sustainable and inclusive future. UBF's member national banks' pledge to dedicate over AED 1 trillion in sustainable/green finance by 2030 is a testament to our efforts. Our member banks continue to lead innovative solutions in ESG financing." In his closing remarks, H.E Ebrahim Al Zaabi, Assistant Governor of Monetary Policy and Financial Stability at the CBUAE affirmed the forum's success in achieving its strategic objectives by providing a high-level platform for constructive dialogue and strengthening frameworks for joint cooperation among regulatory and financial entities to address climate-related challenges. He added: 'The fruitful discussions witnessed by the forum contributed to enhancing the understanding of current climate challenges and exploring promising prospects for building and developing a more resilient and integrated financial system, by expanding the base of partnerships and strengthening international cooperation.' His Excellency affirmed the CBUAE's commitment to supporting the UAE's sustainable development agenda and continuing to work closely with the Network for Greening the Financial System and all local and international partners, in order to formulate effective climate policies that contribute to solidifying financial and monetary stability at both local and international levels.
Khaleej Times
02-06-2025
- Business
- Khaleej Times
CBUAE: A Future-ready Central Bank Set to Drive Digital Transformation
The Central Bank of the UAE's golden jubilee marks a significant milestone in its journey towards becoming a future-ready institution. Over the past five decades, the bank has evolved alongside the dynamic financial landscape by laying a solid foundation of banking sector, championing innovations in digital transformation and Islamic finance to meet the modern economic needs of its citizens. Embracing digital transformation, the central bank has positioned itself as a future-ready institution, driving the UAE's vision to become a global financial hub. It not only takes appropriate steps to ensure competitiveness and transparency, but also promote Islamic finance in line with the UAE's sustainable economic agenda. Khaled Mohamed Balama, Governor, Central Bank of the UAE (CBUAE), in annual report of 2024 said the central bank continued its journey of excellence and leadership last year and it was reflected in the achievement of exceptional milestones such as the issuance of legislations and regulations to enhance regulatory and supervisory framework; guidance to ensure compliance, improve the governance of licensed financial institutions and efficiently manage risks. 'We are proud to work on the launch of the 'Open Finance Platform', which will be the first platform of its kind globally and distinguished by unique features that take into account the interests of consumers and ensure enhanced customer experiences,' the Governor said. 'We also continue to develop our 'Supervisory Technology Platform', which aims to enhance the efficiency and effectiveness of supervisory operations by automating certain activities and providing access to more insightful regulatory data,' he added. In addition, in line with the vision and directives of the wise leadership on the future of government services and its transformation into a global model, the CBUAE worked to achieve the objectives of the nation-wide ' Zero Government Bureaucracy' programme through improving the quality of services in the financial sector. Under the Financial Infrastructure Transformation (FIT) programme, with an 85 per cent completion rate by 2024, the CBUAE introduced groundbreaking initiatives like the Digital Dirham and Central Bank Digital Currency (CBDC), showcased during the anniversary via a cross-border payment on the mBridge platform. The 'Aani' instant payment platform and 'Open Finance' further enhance seamless, secure transactions, fostering financial inclusion in the country. As part of its digital transformation strategy, the central bank has successfully integrated advanced technologies such as blockchain, artificial intelligence, cloud technologies and digital currencies, enhancing operational efficiency, transparency, and accessibility. This proactive approach ensures that financial services are readily available to all segments of society, promoting financial inclusion and literacy. Pioneer in Islamic Finance The central bank has also been a pioneer in Islamic finance, aligning its banking practices with ethical and Shariah-compliant principles. This commitment has not only diversified the financial sector but also attracted investments from local and international markets, fostering growth and stability. The UAE Islamic banks' assets have crossed the Dh1 trillion mark in 2024, which shows success of the CBUAE policy initiatives as well as confidence of global investors on its Shariah-compliance banking. The share of Islamic banks in the total banking assets was 24 per cent as of end-2024, according to the global rating agency Moody's Ratings. 'Currently, the banks in the UAE operate in a stable environment supported by diversification efforts and structural reforms which will continue to promote growth in the non-oil economy,' said Moody's analysts. On May 6, the UAE announced plans to significantly increase the assets of Islamic banks in the federation and value of locally listed sukuk by 2031. Specifically, the government aims to increase the assets of Islamic banks to Dh256 trillion ($697 billion) from Dh986 billion ($268 billion), the total amount of listed local Islamic sukuk to more than Dh660 billion ($180 billion) and the total amount of international sukuk to Dh395 billion ($108 billion). In 2024, $12.7 billion of sukuk was issued in the UAE, of which the UAE banks issued $4 billion, according to Moody's. 'The projected increase in Islamic banking assets will cement the UAE's position as the third-largest contributor to the Islamic finance market,' it said. Analysts and financial sector experts attribute the success of the UAE's conventional and Islamic banks to central bank and said it is only possible due to solid foundation laid down by the CBUAE. Referring to latest data by Kamco Invest, they said the UAE-listed banks have retained their supremacy in the Gulf region as they once again topped in GCC with the highest return on equity at the end of January-March 2025 quarter at 16.6 per cent. 'The UAE banks once again ranked first in the GCC in terms of Net Interest Margins (NIMs) that reached 3.34 per cent in first quarter of 2025 as compared to 3.39 per cent during the fourth quarter of 2024. The UAE-listed banks showed the biggest absolute growth in net profits with an increase of $639.6 million or 11.8 per cent during the quarter,' Kamco Invest, a financial consultancy, said in its first-quarter report. Looking ahead, the central bank aims to continue its leadership role in shaping a robust financial ecosystem, leveraging digital innovation and Islamic finance to navigate the challenges of the global economy. As the bank celebrates its golden anniversary, the institution stands poised to embrace new opportunities, ensuring sustainable economic development for future generations. In January, the Central Bank of the United Arab Emirates (CBUAE) has announced the issuance of silver coins to mark the bank's golden jubilee. The CBUAE's 50th anniversary silver coin embodies its achievements in developing the banking and financial sector over the past decades. The CBUAE has issued 3,000 of these commemorative coins, each weighing 60 grammes. The obverse features the image of The President His Highness Sheikh Mohamed bin Zayed Al Nahyan surrounded by his name in Arabic and the phrase 'President of the United Arab Emirates'. The coin's reverse features an illustration of the CBUAE building, along with the phrase '50 Years of the Central Bank of the UAE' on the upper and lower edges in Arabic and English, the years 1973-2023, and the nominal value of Dh50.
Khaleej Times
02-06-2025
- Business
- Khaleej Times
UAB congratulates the Central Bank of the UAE on its 50th anniversary
Shirish Bhide, Chief Executive Officer of United Arab Bank (UAB), extended his warmest congratulations to Sheikh Mansour bin Zayed Al Nahyan, Vice-President, Deputy Prime Minister, Chairman of the Presidential Court and Chairman of the Board of the Central Bank of the UAE (CBUAE) and to Khaled Mohamed Balama, Governor of CBUAE, on the momentous occasion of the central bank's golden jubilee — celebrating five decades of impactful contributions to the country's financial and economic development. 'The Central Bank of the UAE's unwavering commitment to stability, innovation, and sustainable growth has been instrumental in positioning the UAE as a leading global financial hub. Its pioneering efforts in digital transformation, green finance, and regulatory excellence continue to align with the nation's bold vision for a diversified, inclusive, and future-ready economy.' 'I would like to extend my heartfelt congratulations and good wishes to the visionary leadership of the UAE on the 50th anniversary of CBUAE. The central bank's five-decade journey stands as a testament to progressive governance and an enduring pursuit of excellence.' Bhide reaffirmed United Arab Bank's full support for the central bank's strategic direction and emphasised the institution's active role in contributing to national priorities. 'At United Arab Bank, we are proud to operate under the robust regulatory framework set by the CBUAE. We remain deeply committed to supporting the national agenda — whether by enhancing financial inclusion, driving sustainable banking practices, or adopting innovative technologies that serve both our customers and the broader economy.' 'We are aligned with the Central Bank's Financial Infrastructure Transformation Programme and its digital infrastructure strategy. As a UAE-headquartered bank, we view our role as both a responsible partner in implementation and a catalyst for growth. We are also proud to support the country's Emiratisation efforts by investing in the development of the next generation of Emirati leaders.' 'The central bank's golden jubilee is a significant and inspiring milestone not only for the financial sector and banking industry, but for the nation as a whole. We celebrate this historic moment with gratitude for the central bank's leadership and guidance, and with a renewed commitment to collaborate in advancing innovation, financial inclusion and long term prosperity. Here's to honouring the past 50 years and building a brighter financial future together.'
Zawya
26-05-2025
- Business
- Zawya
Central Bank of UAE, Azerbaijan counterpart sign deal to strengthen cooperation
ABU DHABI - Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan (CBAR), signed a Memorandum of Understanding (MoU) aimed at strengthening cooperation and exchange of expertise and information in areas of shared interest within the financial sector. Under the MoU, the two parties will exchange information on best supervisory, regulatory practices, licencing processes pertaining to banking and insurance businesses, and services related to payments and financial infrastructure systems. In addition, they will deepen technical cooperation through training and the exchange of knowledge, including joint studies and research, as well as working visits. Balama said, 'The MoU reflects our tireless efforts and embodies the vision of our wise leadership to enhance economic partnerships with the Republic of Azerbaijan. This collaboration will expand the scope of joint cooperation that supports economic growth for each jurisdiction. "We look forward to working closely with our partners in Azerbaijan within the financial, banking, and insurance sectors to foster the development of the financial technology sector and encourage the adoption of innovative digital payment solutions, with a focus on initiatives that contribute to enhancing financial stability, supporting the growth of the financial sector, and consolidating the UAE's leading position globally.' Kazimov, in turn, emphasised the importance of the MoU signed with the CBUAE in deepening the financial and economic relations between the UAE and Azerbaijan. The governor praised the continuous progress achieved by the financial, banking, and insurance sectors in the UAE across all regulatory and legislative levels, as well as advancements in the digital payment infrastructure and supervisory technology initiatives. He said, "We seek close and fruitful relations with the CBUAE through the exchange of experiences in the financial and banking sector and the development of financial services, which will contribute to strengthening economic, commercial, and investment cooperation between the two friendly countries.'
Zawya
26-05-2025
- Business
- Zawya
Central Bank of the UAE Signs MoU with The Central Bank of the Republic of Azerbaijan
Abu Dhabi: His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), His Excellency Taleh Kazimov, Governor of the Central Bank of the Republic of Azerbaijan (CBAR), signed a Memorandum of Understanding aimed at strengthening cooperation and exchange of expertise and information in areas of shared interest within the financial sector. Under the MoU, the two parties will exchange information on best supervisory, regulatory practices, licensing processes pertaining to banking and insurance businesses, and services related to payments and financial infrastructure systems. In addition, they will deepen technical cooperation through trainings and the exchange of knowledge, including joint studies and research, as well as working visits. H.E. Khaled Mohamed Balama, Governor of the CBUAE, said: 'The MoU reflects our tireless efforts and embodies the vision of our wise leadership to enhance economic partnerships with the Republic of Azerbaijan. This collaboration will expand the scope of joint cooperation that supports economic growth for each jurisdiction. We look forward to working closely with our partners in Azerbaijan within the financial, banking, and insurance sectors to foster the development of the financial technology sector and encourage the adoption of innovative digital payment solutions, with a focus on initiatives that contribute to enhancing financial stability, supporting the growth of the financial sector, and consolidating the UAE's leading position globally.' H.E. Taleh Kazimov, Governor of the CBAR, emphasised the importance of the MoU signed with the CBUAE in deepening the financial and economic relations between the UAE and Azerbaijan. Governor praised the continuous progress achieved by the financial, banking, and insurance sectors in the UAE across all regulatory and legislative levels, as well as advancements in the digital payment infrastructure and supervisory technology initiatives. H.E said: "We seek close and fruitful relations with the CBUAE through the exchange of experiences in the financial and banking sector and the development of financial services, which will contribute to strengthening economic, commercial, and investment cooperation between the two friendly countries.'
