The 28 members of the UAE Banks Federation (UBF)s CEOs Advisory Council met today, June 20, 2018, in Dubai, to review the most recent growths in the banking industry and evaluate the progression of the federation's campaigns focused on developing and sustaining a growing banking sector in the UAE.

Three subjects topped the agenda of the conference, chaired by Mr. Andre Sayegh, FAB Deputy Group Chief Executive Officer, were the launch of a Cloud-based Data Exchange Platform, the progression review of Tasharuk platform initiative and UBFs Complaints Handling framework.

The council was briefed concerning the prepared Cloud-based Information Exchange Platform suggested by the IT committee. Mr. Zubair Ahmed, Chairman of UBF's IT Committee, reported that UBF is functioning in the direction of launching the platform to host details applications for key practical areas within the banking industry in order to advertise more powerful collaboration among financial institutions. During the first stage of the launch anticipated in the fourth quarter of 2018, the cloud-based platform will certainly include a medium to share and exchange responses and experience based on negotiations with suppliers of all solutions rendered to banks in UAE.

In his presentation on UBF's cyber hazard knowledge sharing platform, the "Tasharuk" initiative, launched by UBF in September 2017, Rinaldo R. Oliveira, Chairman of Cybersecurity Committee, emphasized that collaboration among the financial institutions is important in fighting cybercrimes in an increasingly difficult world and highlighted that "Tasharuk" intends to end up being a regional collaboration platform and has seen enhancing rate of interest from stakeholders in the UAE and GCC.

The platform, which permits financial institutions to share events of cyber-attacks and searchings for of examinations to help them combat potential harmful hazards, presently has greater than 20 banks and over 100 users registered.

The council additionally evaluated the progression of the banks application of the Complaints Managing framework's standard procedure and top quality requirements released in October 2016 to enhance consumer experience, along with bring greater levels of openness and efficiency in managing complaints in the UAE particularly amongst retail customers.

" On the back of stable macroeconomic and financial-market problems, the banking market in the UAE continues to be durable and is predicted to see more growth in the tool and long term. While the banking financial solutions field continues to expand along with social, financial and technical innovations, progressing customer choices, growing danger landscape and brand-new regulatory growths are positioning challenges to the industry, which the financial institutions are addressing," said Mr. Andre Sayegh, FAB Deputy Group Chief Executive Officer.

" As an organization representing this strategic field, we have long recognized the importance of collective efforts to develop and maintain a robust banking ecosystem, therefore allowing member banks to confiscate emerging possibilities and get over obstacles. The CEOs Advisory Council's second conference of the year dealt with a number of obstacles dealing with the industry and discussed new efforts to carry out ideal techniques in the market, strengthening the value of collective efforts," Nasser Sarris, UBF Director General said.

The council likewise reviewed a number of documents and proposals advanced by the various committees of UAE banks federation (UBF), along with draft laws present by the Reserve bank of the UAE. Additionally, the meeting commended UBF's recent launch of 'Monetary Literacy for SMEs', along with Consumers handbooks.