Latest news with #UAEBanksFederation
Zawya
07-07-2025
- Business
- Zawya
UBF reaffirms commitment to strengthen digital infrastructure of financial and banking sector
Abu Dhabi- Dubai, United Arab Emirates: The UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, reiterated its commitment to strengthen digital infrastructure of the financial and banking sector and combat various types of financial crime and its full support for all efforts and initiatives of the Central Bank of the UAE (CBUAE) and the UAE the Cybersecurity Council (CSC) to provide a safe and smooth banking experience, supporting the financial and banking sector to play its role in the UAE's socio-economic development. This came during the honouring of UBF with the 'Best Cybersecurity Strategy Implementation' award as part of the National Cybersecurity Excellence Awards in recognition of its efforts and innovative initiatives to provide a digital environment that contributes to enabling institutions operating in the financial and banking sector to grow and keep pace with the accelerated developments in the world. The selection of UBF for cybersecurity excellence awards by the UAE Cybersecurity Council (CSC) is a testament to the Federation's efforts to provide a secure banking and financial system by ensuring compliance with legislative and regulatory frameworks and keeping pace with advanced technologies to provide best services to customers in a reliable banking environment and comply with all the laws and regulations of the CBUAE. UBF's initiatives on anti-fraud and financial crime and the promotion of advanced digital infrastructure contribute to raising competitiveness of the UAE and making it one of the best countries in the world in digital transformation and cybersecurity. The Federation also organises the National Fraud Awareness Campaign, which raises awareness of the risks of fraud, as well as other spiralised events to identify potential threats of advanced technologies such as cloud computing and artificial intelligence, and how to deal with them. Mr. Jamal Saleh, Director General of UBF, said: 'At UBF, we are proud of this coveted award by the UAE Cybersecurity Council (CSC) as we put cybersecurity at top of our priorities and work in cooperation with CBUAE, which focuses on importance of proactive approach in dealing with threats and laying the necessary foundations to confront them to grow and further strengthen the UAE's position as a leading financial, banking, and trade hub'. He explained that the rapid growth of advanced technology adoption in the banking and financial sector has indirectly led to rise of some risks related to the security of transactions and digital infrastructure, which prompted UBF to launch many initiatives to ensure security of digital infrastructure. The Director General of UBF pointed out to the effectiveness of the Cyber Wargaming event, the largest event of its kind in the Middle East which is organised annually by the Federation, in developing protection systems and providing a secure and advanced environment for customers. 'The Cyber Wargaming event play a vital role in enhancing our capabilities as it provides employees in the banking and financial sector with the ability to assess strengths and areas that require further development, and allows them to exchange experiences and knowledge. A number of cybersecurity teams, experts, and executives from UBF member banks, financial and technological institutions, strategic partners, and representatives from central banks across the GCC participate in the event, which is organised under the supervision of CBUAE and the UAE Cybersecurity Council,' he explained. Mr. Jamal Saleh praised the CBUAE's role of the UAE central bank in developing appropriate frameworks that ensure the protection of customers and the financial and banking system and an environment to promote economic growth and stability. 'These steps have enhanced the confidence in the banking sector in the UAE, which maintains a leading position among the best financial and banking centres in the world in terms of customer confidence in the sector at a rate of over 90%, and the UAE banking sector maintains its place as the most trusted sector in the country. He stressed that UBF is committed to continuous development to preserve customers' interests, financial and banking system's stability, and deal with challenges posed by technological revolution. 'The frameworks in the UAE enhance capabilities of the banking and financial system in risk management, transparency, governance, combating fraud and financial crimes, under the direct supervision of CBUAE'. The Director General of UBF reiterated the Federation's commitment to redouble efforts and increase qualitative investments in human capital, advanced technologies, and methods to enhance the capabilities of the banking industry in countering cyber risks and combating financial crimes. About UAE Banks Federation (UBF): Established in 1982, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, comprising 64 members of banks and financial institutions operating in the UAE. UBF advocates the interests of all its members and enhances cooperation and coordination between them in order to elevate the UAE's banking ecosystem for the benefit of members, customers, and the overall UAE economy. UBF's mission and objectives are focused on representing its members and defending their rights and interest. UBF provides a platform for cooperation and the exchange of ideas and expertise among its members and plays a significant role in raising public awareness about the contributions of the UAE banking sector to the economic and social development of the country. UBF has a 22-member Advisory Council consisting of CEOs and General Managers from member banks and financial institutions, which oversees the implementation of UBF's policies and activities. The CEOs Council also makes directional decisions through UBF's General Secretariat for UBF's 28 technical and 6 advisory committees, which in turn are tasked to discuss all issues relevant to the UAE banking and financial services ecosystem. UAE Banks Federation also includes a CEOs Consultative Council, which consists of chief executives of other member banks.
Zawya
03-07-2025
- Business
- Zawya
UBF: Etihad Credit Bureau a key pillar of sustainable development
Abu Dhabi- Dubai, United Arab Emirates: The UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, stressed importance of role the Etihad Credit Bureau has been playing in the development of the banking and financial sector in the UAE, consolidating the country's position as a global financial and commercial centre. During the "Partner Engagement Forum", organised at the Emirates Institute of Finance in Dubai, UBF praised the Etihad Credit Bureau's initiatives in supporting sustainable development of the UAE through collection, analysis and use of credit information that contribute to making informed decisions based on accurate data and on scientific bases for individuals and companies. UBF hailed progress achieved by Etihad Credit Bureau during its journey since it was established in 2012 and launched its operations in 2014 as a specialised federal entity entrusted with collecting and maintaining credit information for individuals and businesses in the UAE, and contributing to the development of financial and banking services and enhancing transparency. The Federation has renewed its commitment to further strengthen the solid partnership with Etihad Credit Bureau, as their constructive cooperation contributed to the development of solutions and products that suit various stakeholders' requirements, and to build on the strong foundations of the UAE's economic, financial and banking ecosystem to continue growth. Mr. Jamal Saleh, Director General of UBF, said: 'Accurate data and information are the basis of development in various sectors, especially the banking and financial sector. Since its establishment, Etihad Credit Bureau has been playing a key and vital role in socio-economic development by providing advanced information and solutions to individuals, banks and financial institutions, where its reports, data, and studies have enabled various stakeholders to make informed decisions and manage risks prudently". He added: 'The banking sector has consolidated the UAE's position as a global financial and banking centre, under the direct supervision and guidance of the Central Bank of the UAE. We are keenness to strengthen the partnership between the UBF and Etihad Credit Bureau comes as part of UBF's ongoing efforts to provide a seamless and secure banking experience characterised by transparency and competitiveness, to enhance the knowledge and innovation economy and employing the advanced technologies. These efforts are reflected in the positive performance of the banking sector in the Trust Index, which reached 90%, outperforming several advanced financial and banking centres, and the banking sector remained the most trusted sector in the UAE". His Excellency Marwan Ahmad Lutfi, Director General of Etihad Credit Bureau said: "Our Partner Engagement Forum marks a significant milestone as we celebrate a decade of service to the UAE's financial ecosystem. From the beginning, Etihad Credit Bureau has worked in close collaboration with the banking sector through the UAE Banks Federation. By listening closely to their needs, we strive to develop the tools necessary to help them succeed. Our focus is on enabling a proactive approach to risk management, ensuring banks have the insight to make sound decisions. Fulfilling the needs of our banking partners is our top priority, as their stability and growth directly benefit the bigger picture, which is the health of the financial sector and, accordingly, the strength of our national economy". UBF and its member banks work in cooperation with Etihad Credit Bureau to enhance the financial and banking industry's efficiency and integrity by providing accurate information, data, and reports to deliver banking services that meet the requirements of customers while maintaining the highest levels of transparency, governance, and prudent risk management. The Director General of UBF said the partnership with Etihad Credit Bureau will witness further developments during the coming period by launching innovative products and solutions to meet the growing requirements of individuals, institutional, and corporate customers, especially start-ups and SMEs, which play a vital role in the socio -economic development. He explained that the adoption and employment of advanced technologies and the launch of digital channels by Etihad Credit Bureau have allowed individuals and companies easier and faster access to their credit reports and scores, enhancing financial inclusion. The Partner Engagement Forum witnessed a wide participation of member banks of UBF. Etihad Credit Bureau's achievements, products, solutions, and its credit scores were highlighted. -Ends- About UAE Banks Federation (UBF): Established in 1982, UAE Banks Federation (UBF), the sole representative and unified voice of UAE banks, comprising 64 members of banks and financial institutions operating in the UAE. UBF advocates the interests of all its members and enhances cooperation and coordination between them in order to elevate the UAE's banking ecosystem for the benefit of members, customers, and the overall UAE economy. UBF's mission and objectives are focused on representing its members and defending their rights and interest. UBF provides a platform for cooperation and the exchange of ideas and expertise among its members and plays a significant role in raising public awareness about the contributions of the UAE banking sector to the economic and social development of the country. UBF has a 22-member Advisory Council consisting of CEOs and General Managers from member banks and financial institutions, which oversees the implementation of UBF's policies and activities. The CEOs Council also makes directional decisions through UBF's General Secretariat for UBF's 28 technical and 6 advisory committees, which in turn are tasked to discuss all issues relevant to the UAE banking and financial services ecosystem. UAE Banks Federation also includes a CEOs Consultative Council, which consists of chief executives of other member banks. For further information, please contact: Sooyin Lee UAE Banks Federation sooyin@ About Al Etihad Credit Bureau (AECB): Al Etihad Credit Bureau is a federal entity wholly owned by the UAE Federal Government. It was established under Federal Law No. (6) of 2010 concerning credit information, as amended by Federal Decree-Law No. (8) of 2020. Under this law and its amendments, AECB is mandated to request, organize, collect, preserve, analyze, classify, utilize, and disseminate credit information. This data is then processed into a range of fully digital credit-related products. For more information, please visit: or download the 'Al Etihad Credit Bureau' app available on the App Store and Google Play. Media Contact: Bachar Dib Email:
Khaleej Times
29-06-2025
- Business
- Khaleej Times
Dubai to host prestigious Sibos 2029 global banking conference
Dubai will host the Sibos 2029, the annual conference, exhibition and networking event organised by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), according to UAE Banks Federation (UBF). Sibos conference and exhibition is one of the most important and largest events that connects thousands of executives, decision makers, technology providers, and thought leaders from across the industry to share experiences and views. SWIFT enables more than 11,000 financial institutions and corporations in more than 200 countries and territories to connect and exchange financial information securely and reliably, enhancing trade and financial transactions. The UAE was the first country in the Middle East and Africa to be selected by the global financial and banking sector to host Sibos in 2013. The UAE is the only country in the Middle East and Africa that has been ever chosen to host Sibos conference and exhibition since its establishment in 1978. This high-level event was held in several international financial centres such as Singapore, Geneva, Toronto, London, Amsterdam, and Beijing. The selection of the UAE to host Sibos 2029 reflects efforts made by UBF in cooperation with Dubai International Financial Centre, Dubai World Trade Centre, and Dubai Department of Economy and Tourism, and the support of the Central Bank of the UAE. 'The selection of Dubai to host Sibos 2029 is a testament to UAE's prominent position as a regional and global financial and banking centre," said Abdulaziz Al-Ghurair, chairman of UBF. "This selection also reflects international financial and banking industry's appreciation for UAE's efforts and innovative initiatives in developing and simplifying payments, adopting digital transformation to meet the needs of the banking and financial sector, and developing secure and efficient systems in line with the proactive policies of Central Bank of UAE, which places the security and efficiency of bank transfers as a top priority,' he added. Jamal Saleh, director-general of UBF and chairman of SWIFT User Group Steering Committee in the UAE, said Sibos 2029 is the most important international event in the field of payments, which is a fundamental pillar of socio-economic development. 'Central Bank of the UAE's initiatives in payments meet the requirements of various stakeholders and help achieve the objectives of the National Payment Systems Strategy, launched in 2019 to develop innovative payment solutions and enhance customer experience. It is enhancing the UAE's position in technological development, innovation, and security in the banking and financial sector,' he added. Marianne Demarchi, chief executive, Swift EMEA, said: 'Sibos brings the industry together on an unmatched scale, and we're delighted to be bringing the conference back to Dubai in 2029. The Emirate is a truly global financial hub in a geographically strategic location, and will be a fitting setting for the vibrant dialogue and debates that Sibos is famous for facilitating each year.'
Sharjah 24
26-06-2025
- 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.
Arabian Business
15-06-2025
- Business
- Arabian Business
UAE targets Islamic finance and halal industry growth as bank deposits hit $162bn and $86bn export target set
The UAE has launched a bold national strategy to strengthen its leadership in Islamic finance and the halal industry, reinforcing its vision of economic diversification and global competitiveness. Backed by visionary government policies and a future-ready regulatory environment, the UAE is rapidly evolving into a global powerhouse for Sharia-compliant finance and halal-certified commerce. The recently unveiled national strategy aims to establish an integrated ecosystem covering Islamic banking, Takaful (Islamic insurance), Sukuk (Islamic bonds), and non-banking financial services—aligned with global standards. UAE Islamic finance Data from the Central Bank of the UAE in February 2025 reveals that Islamic banks now hold 18 per cent of total banking assets and 22.8 per cent of credit across the national banking system. The Islamic Sukuk market is also experiencing major growth, fuelled by the 2023 launch of the UAE's dirham-denominated Islamic Treasury Sukuk (T-Sukuk). Nasdaq Dubai now hosts over $95.7bn in listed Sukuk, establishing the United Arab Emirates as one of the world's largest centres for Sharia-compliant fixed-income instruments. Jamal Saleh, Director-General of the UAE Banks Federation (UBF), noted that the strategy outlines ambitious goals to elevate the Islamic economy's role both domestically, regionally, and internationally. Saleh highlighted the UAE's successful development of financial systems that have empowered the Islamic banking sector as part of the nation's broader diversification agenda. He pointed to significant strides in Islamic banking, Sukuk issuance, and broader Sharia-compliant finance. As of February 2025, credit granted by Islamic banks surged to AED503.5bn ($137bn), reflecting a 16 per cent year-on-year increase. Deposits grew even faster, reaching AED595.3bn ($162bn), up 16.9 per cent. UAE halal industry In parallel, the UAE is stepping up its ambitions to become a global halal manufacturing and export hub. Under the new national plan, halal exports are expected to rise from AED74bn ($20bn) to AED315bn ($86bn) by 2031. Saleh Lootah, Chairman of the UAE Food and Beverage Manufacturers Group, said that the strategy is a landmark step toward establishing the United Arab Emirates as a global halal production centre. He highlighted growing local manufacturer interest in expanding into this vital sector, particularly as global demand for halal products accelerates. According to Bonafide Research, the United Arab Emirates' halal food and beverage market is projected to exceed $31.27bn by 2029, reflecting strong domestic and international demand for halal-certified goods driven by rising consumer awareness of ethical and dietary standards. The country's geographic position continues to amplify its influence in global trade and tourism. This strategic advantage is central to its ability to attract investors, consumers, and manufacturers alike, solidifying the country's status as a leading hub for both Islamic finance and halal commerce.
