DUBAI: The Board of Directors of the U.A.E. Banks Federation, a professional representative body representing 49 member banks operating in the U.A.E., has approved its annual report for 2013 and reviewed progress on the organisation’s plan for 2014.
The Board also approved the Financial Statements and Auditors’ Report for 2013, as well as the estimated budget and auditors’ nomination for 2014.
During the meeting, the board reviewed the major achievements of the past year which include initiating and launching the Code of Conduct, organising the Federation’s first annual event, the Middle East Banking Forum, and the significant role the Federation has played on different subjects such as the Mortgage Loans Cap, Liquidity Regulation of Banks, Monitoring of Large Exposure Limits, the establishment of Al Etihad Credit Bureau, and instituting regulations for appointing banking experts.
The Federation’s annual report highlights key economic and banking developments for the year which reflect a strong performance and growth across almost all indicators, resulting in comfortable liquidity, a strong capital base and high capital adequacy ratio in the industry as a whole. U.A.E. banks achieved growth in total assets of 13.1 percent to AED 2025 billion in 2013 compared to AED 1791.6 billion in 2012, enabling the banking sector to remain the largest in the Arab world in terms of assets, while deposits increased from AED 1167.8 billion in 2012 to AED 1278.9 billion in 2013.
The board reviewed the Federation’s Plan for 2014, which aims to boost cooperation, coordination and consultation with the Central Bank and all bank members, Ministries and other government entities on all issues related to the banking sector, as well to promote Emiratisation in the banking sector and develop cooperation and harmony among member banks enabling them to perform their roles in economic development, social responsibility and customer protection.
The meeting concluded with an agreement to convene the Federation Annual General Assembly Meeting in April 2014, and yielded a number of proposals and decisions that highlighted the pioneering role of the federation in representing member banks to promote and support the banking industry and the national economy.