Jamal Saleh, Director General of the UAE Banks Federation, stressed the strength and durability of the banking sector in the United Arab Emirates despite global challenges, which reflects the success of the Central Bank’s strategies and policies in establishing the necessary frameworks and controls to achieve sustainable growth for the sector.
Saleh said, in statements to the media on the sidelines of a roundtable yesterday: “We have strong controls established by the Central Bank, which have contributed to preserving the safety of the sector from the difficult challenges to which major global banks have been exposed during the past years.”
He continued: “With the beginning of the new year, we are all confident in the banking sector’s ability to continue its achievements and consolidate its regional and global leadership, after it succeeded in achieving 1,200% growth over the past twenty years, which means it has multiplied 12 times.”
He added that the national banking sector has succeeded in maintaining strong rates of capital efficiency, allocations and reserves, under the direct supervision of the Central Bank to ensure that the highest standards of governance, transparency and risk management are followed.
The Director General of the UAE Banks Federation pointed out the high rates of customer confidence in the UAE banking sector, explaining that according to the latest statistics, national banks recorded an 84% rate of customer confidence in the year 2022, according to the annual confidence index survey conducted by the Federation of Banks.
In response to a question about his expectations for interest rates during 2024, Saleh said: “The US Federal Reserve is expected to move interest rates 3 or 4 times during the current year, but the flexibility of the local banking sector allows it to adapt to interest rates, whether they are low or high.”
He stressed the UAE Banks Federation's keenness to establish a safe and smooth banking environment, to provide the best services and products to customers, keep pace with global standards in transparency, governance and compliance with local and international laws and regulations, and develop a competitive business system.
He pointed out that the UAE Banks Federation continues to work and search for the best ways to improve the banking system and innovate solutions that meet customer requirements and keep pace with the rapid developments in the banking industry in light of the general frameworks that guarantee the safety of the banking system.
He stated that the UAE banking sector is one of the most innovative and advanced sectors that employs advanced technology, as it operates under the direct supervision of the Central Bank, which is keen to establish appropriate policies and frameworks to keep pace with technological developments with the aim of providing the best services to customers in a safe, reliable and smooth environment.
The Director General of the UAE Banks Federation stressed the importance of protecting the digital infrastructure, enhancing the security level of advanced payment solutions, and keeping pace with developments and rapid transformations in modern technologies, noting that the Federation is working to implement many initiatives aimed at combating fraud, protecting financial systems, and spreading awareness among people. Customers and the public on an ongoing basis to inform them of the types of fraud and how to avoid them.
He said that there are many legislations that were issued in the country during the last period, and they contributed to strengthening the leadership of the banking sector in the country, including the Commercial Transactions Law, which constitutes a qualitative shift in Islamic financial and banking services and enhances the UAE’s position as a global financial center.
He pointed out that the corporate tax system in the country is considered one of the most advanced tax systems, as it was based on research and studies of best practices and adherence to standards, legislative and regulatory frameworks, and principles of governance and transparency, as well as discussions and consultations that took place with the concerned authorities and companies operating in various vital sectors to ensure its compatibility with… Advantages of the UAE as a financial, banking and commercial centre.
Jamal Saleh stressed the UAE Banks Federation’s keenness to ensure that the Federation’s member banks comply with all local and international legislation, systems and standards, which contribute to providing a safe and smooth banking experience, enhancing the role played by the banking and financial sector in achieving the country’s sustainable development goals.
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