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UAE banking sector has proven its resilience

DUBAI - The UAE banking sector has proven its ability to deal with all challenges, succeeded in managing and surviving all crises, and had been able to meet international standards at all levels through the latest developments and techniques, said AbdulAziz Abdulla Al Ghurair, chairman of the UAE Banks Federation.

“The role of UAE Banks Federation has been emphasised in developing cooperation and harmony between banks, representing their interests and improving the employees skills to provide the best services to customers with a high level of transparency, and contributing to social responsibility and economic development,” he told the ordinary annual general assembly meeting of the federation.

During the meeting, major topics on the agenda were discussed and reviewed, which included approving the minutes of last year’s general meeting held on April 4 and approving financial statements, the auditors’ report for 2012, the estimated budget for 2013 and the election of the current board of directors for the next three years.

The UAE Banks Federation approved the annual report for 2012 that showed the major achievements and the significant role the federation has played on different subjects such as the Mortgage Loans Cap, liquidity regulation at banks, monitoring of large exposure limits, the establishment of the Al Etihad Credit Bureau, the initiative of proposing rules for appointment of legal banking experts and setting up specialised commercial courts.

The annual report emphasised the good performance of UAE banks and the apparent growth in almost all indicators reflected in achieving a comfortable liquidity level, a strong capital base and a high capital adequacy ratio, where the UAE banking sector remains the Arab World’s largest in terms of assets.

The number of national banks remained 23 by the end of 2012, with their branches rising to 805 in 2012, compared to 768 branches in 2011. Meanwhile, branches of the 28 foreign banks operating in the local market rose to 83 by the end of 2012.

The general assembly meeting was concluded by the ratification of the UAE Banks Federation’s business plan for 2013, which was approved by the board of directors during their meeting earlier this month.

The plan aims to boost cooperation, coordination and consultation with the UAE Central Bank, ministries and other government entities on all issues related to the banking sector, as well to promote Emiratisation in the industry and develop cooperation and harmony among the member banks to perform their role in economic development, social responsibility and customers’ protection.