UAE Banks Federations Board of Directors Approves key Initiatives and Priorities for 2018

The Board of Directors of the UAE Banks Federation (UBF) held its very first conference of the year on Monday, 26 March 2018, in Dubai, to review and review current efforts and priorities for 2018. Presided over by HE Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation, the conference talked about the most up to date growths in the banking industry and reviewed the progress of UBF efforts that aim to additional secure customers and financial institutions against cyber-attacks, reinforce anti-money laundering actions, and enhance fraud prevention in the banking landscape.

Building on its impressive efficiency in 2017, the UAE's banking field is expected to maintain the momentum this year. While strong capitalization, comfy liquidity and durable credit development incorporated with increasing financial growth will certainly drive growth, it is crucial to establish an instructions for the industry to help it profit from upcoming possibilities and face difficulties in advance. Our meeting went over a number of critical subjects including the launch of the brand-new EIBOR policy, the implementation of IFRS 9, and enhancement of Emiratization, and it also renewed our resolve to proceed with cumulative initiatives to maintain a thriving banking sector," said HE Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation.

The meeting lauded the UAE Reserve bank's choice to present a new way of setting Emirates Interbank Offered Rates (EIBOR) quickly aiming for even more transparency, administration, and effectiveness. The Board likewise went over the application of International Financial Reporting Standard 9 (IFRS 9) and kept in mind preparedness of the sector to soak up the impact offered the appropriate arrangements offered. One more key subject of discussion was the introduction and implementation of value-added tax obligation in the UAE.