Latest news with #KhaledMohamedBalama
Sharjah 24
2 days ago
- Business
- Sharjah 24
CBUAE concludes Climate Forum in Abu Dhabi
Reaffirmed the importance of effective dialogue and close collaboration 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. Khaled Mohamed Balama, Governor of the CBUAE, opened the forum in the presence of Dr Amna bint Abdullah Al Dahak Al Shamsi, Minister of Climate Change and Environment, Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation, and James Talbot, 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. Emphasised that the Climate Forum represents a strategic milestone in the UAE's journey of climate and financial action In his keynote address, Khaled Mohamed Balama 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.' He 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. Discussed ways to enhance the integration of climate policies in risk management and investments 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. Agenda 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. Dialogue sessions 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. UAE's commitment to climate action and sustainable development 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. Recognising 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." In his opening speech, Abdulaziz Al Ghurair said, '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, 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.' He 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.
Al Etihad
2 days ago
- Business
- Al Etihad
Under the patronage of Mansour bin Zayed, Central Bank of UAE concludes Climate Forum in Abu Dhabi
26 June 2025 20:04 ABU DHABI (WAM) The Central Bank of the UAE (CBUAE) concluded its Climate Forum on Thursday in Abu Dhabi, held under the patronage of His Highness 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 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 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 of the CBUAE, Khaled Mohamed Balama, opened the forum in the presence of Dr. Amna bint Abdullah Al Dahak Al Shamsi, Minister of Climate Change and Environment, Abdulaziz Al Ghurair, Chairman of the UAE Banks Federation, and James Talbot, 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 his keynote address, Khaled Mohamed Balama 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 change witnessed 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.'He 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 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 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 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 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. Recognising 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."In his opening speech, Abdulaziz Al Ghurair said, '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 Dh1 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, Assistant Governor of Monetary Policy and Financial Stability at the CBUAE, Ebrahim Al Zaabi, 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 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.' He 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.
Zawya
03-06-2025
- Business
- Zawya
CBUAE and CBK sign MoUs to promote domestic currency usage and interlink payment and messaging systems
Abu Dhabi: His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), and His Excellency Dr. Kamau Thugge, Governor of the Central Bank of Kenya (CBK), have signed Memoranda of Understanding (MoUs) to establish a framework supporting the use of local currencies in settling cross-border transactions and interlinking their payment and messaging systems. The signing ceremony was attended by the Assistant Governors of CBUAE and senior officials from both entities. Under the first MoU, the CBUAE and the CBK will strengthen cooperation between the United Arab Emirates and the Republic of Kenya to support the sustainable development of both financial markets. This agreement will also encourage the use of local currencies in settling cross-border commercial transactions. Under the second MoU, both parties will cooperate on payment systems by exploring opportunities of interlinking instant payment systems and national card switches, in compliance with the regulatory and supervisory frameworks. His Excellency Khaled Mohamed Balama, Governor of the CBUAE, said: 'The signing of these two MoUs reflects strong economic ties between the UAE and the Republic of Kenya. The use of local currencies in settling cross-border transactions, coupled with cooperation in linking instant payment systems, will broaden investment and commercial opportunities for both nations. This initiative paves the way for greater collaboration in the financial and banking sectors, and we look forward to working closely with our partners in Kenya to strengthen financial stability and achieve our mutual interests.' His Excellency Dr. Kamau Thugge, Governor of the CBK, said: 'The economic and cultural links between Kenya and the United Arab Emirates go back many decades. Our two peoples have always traded between themselves, and this has only strengthened in recent years. These two memoranda of understanding will help to further cement these ties, and ensure that our two countries forge ever-closer links in the financial and banking sectors in a scalable and sustainable manner. Settlement of transactions in our two respective currencies will speed up trade and lower the cost of transactions, yielding greater efficiencies in cross-border payments. Additionally, the rapid evolution of payment technology, in which Kenya has been a global leader, will also be enhanced by the interlinking of our two countries' payment systems. This cooperation will yield tangible benefits for both our citizens and investors in the two countries.'
Gulf Today
28-05-2025
- Business
- Gulf Today
UAE Central Bank fines two branches of foreign banks
The Central Bank of the UAE (CBUAE) imposed financial sanctions on two branches of foreign banks operating in the UAE, amounting to Dhs10,600,000 for the first bank and Dhs7,500,000 for the second bank, pursuant to Article (14) of the Federal Decree Law No. (20) of 2018 on Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations. The financial sanctions were imposed based on the findings of examinations conducted by the CBUAE, which revealed violations and failures to comply with the Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations framework, and related regulations. The CBUAE, through its supervisory and regulatory mandates, endeavours to ensure that all banks and their staff, abide by the UAE laws, regulations and standards established by the CBUAE to maintain transparency and integrity of the financial transactions and safeguard the UAE financial system. Earlier 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. WAM
Gulf Today
21-05-2025
- Business
- Gulf Today
CBUAE's forum reviews financial inclusion and literacy policies
In a move to solidify the UAE's position as a global financial hub, the Central Bank of the UAE (CBUAE) has organised the 1st National Financial Inclusion and Literacy Policy Forum in Abu Dhabi. This event is marked as the first step to launch the National Financial Inclusion Strategy and the National Financial Literacy Strategy. The Forum was attended by Khaled Mohamed Balama, Governor of the CBUAE; Younis Haji Al Khoori, Undersecretary of Ministry of Finance; Hamid Al Zaabi, Secretary-General and Vice-Chair of the UAE National Committee for Combatting Money Laundering and the Financing of Terrorism and Illegal Organisations; Mohamed Bin Taliah, Chief of Government Services of the UAE; Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE; Saif Al Dhaheri, Assistant Governor for Banking Operations and Support Services at the CBUAE. Senior officials and representatives of various federal and local entities, the financial sector and international financial institutions have also attended the forum. The forum was organised in line with the CBUAE's efforts to achieve the UAE's sustainable development goals, the CBUAE's objectives to enhance financial inclusion and awareness, and broadening access to financial services for all society sectors to foster sustainable economic growth. The financial inclusion and literacy strategies aim at empowering consumers, small and medium enterprises, and underbanked people through targeted initiatives and tailored educational programmes. These strategies will also focus on building an innovative financial ecosystem based on digitalisation and technological solutions to ensure equality and easy access to financial services by all community sectors. The development of these strategies will be rooted in thorough specialised studies and in-depth research, with the participation of federal and local government entities, private sector and community members, ensuring coordinated and integrated efforts throughout the development and implementation phases. With the goal of aligning both strategies with international best practices, the CBUAE and the World Bank have signed a partnership agreement aimed at enhancing joint cooperation in the formulation of both national strategies and the exchange of technical expertise. Khaled Mohamed Balama, Governor of the CBUAE, and Younis Haji Al Khoori, Undersecretary of the Ministry of Finance, witnessed the signing ceremony. The agreement was signed by Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE, and Safaa El Tayeb El-Kogali, World Bank's Country Director for the GCC Countries, in the presence of senior officials from both organisations. Fatma Al Jabri said, 'The formulation of two strategies for financial inclusion and financial literacy marks a crucial advancement towards fulfilling the leadership's vision to bolster financial and economic stability and elevating social welfare in the UAE. This entails the widening of reach to financial services to encompass all societal groups and enhancing the financial infrastructure. She added, 'At CBUAE, we are committed to developing effective partnerships with global financial institutions, notably the World Bank. We are dedicated to promoting initiatives that improve financial literacy and engagement by all society segments within the financial ecosystem. These endeavours are instrumental to build a prosperous society, thereby cementing the nation's prominent standing as a global financial hub.' Safaa El Tayeb El-Kogali said, 'The financial inclusion fosters economic growth and employment, promotes economic empowerment of women and supports entrepreneurship and business growth.' She added, 'Through innovation and partnerships, the World Bank has supported over 100 developing countries in advancing financial inclusion. Today, we are excited to collaborate with the Central Bank of the UAE to develop strategies that enable every individual in the UAE to fully engage in the financial system and make informed financial decisions.' A week earlier, banking operations statistics released by the Central Bank of the UAE (CBUAE) showed that the value of transfers executed within the country's banking sector through the UAE Funds Transfer System (UAEFTS) rose by 15.5 per cent during the first two months of this year (January and February), reaching Dhs3.4 trillion compared to Dhs2.962 trillion during the same period last year. Of this, the value of transfers executed by banks during the first two months of this year amounted to Dhs2.093 trillion, distributed as follows: Dhs1.1 trillion in January and Dhs983.99 billion in February. Meanwhile, the value of transfers executed by customers and institutions during the same period reached Dhs1.327 trillion, broken down as: Dhs677.65 billion in January and Dhs649.48 billion in February. The forum was organised in line with the CBUAE's efforts to achieve the UAE's sustainable development goals
