Dubai: The Board of Directors of the UAE Banks Federation, a professional body representing 49 member banks operating in the UAE, has held its first meeting following its election in April by the General Assembly.
The Board re-elected Abdul Aziz Al Ghurair as Chairman, and Omran Abdulla Omran Taryam as Vice-Chairman for the next 3 years. The board discussed key banking issues, and continued coordination and consultation with Central Bank of UAE and other stakeholders on common issues, confirming the resilience of the banking sector given the current challenges.
During the meeting, the Board approved priorities for 2016 and reviewed the latest developments and progress on the Mobile Wallet project, decriminalisation of bounced cheques, initiative of the UAE Central Bank to establish a Higher Sharia Board, as well as the continuing challenge of de-risking and default in the SME sector.
