(MENAFN - Khaleej Times) The uae banks federation has received the inputs from various committees setup to make recommendations on issues related to the direct debit system al ittehad credit bureau islamic banking and others.
the uae banks federation held its second ceos advisory council meeting of the year chaired by abdulaziz al ghurair which discussed critical issues facing the banking industry.
during the meeting federation’s specialised committees reported on their work to the council. the legal committee highlighted its contribution on setting regulations to appoint banking experts and engagement on the direct debit system as well as their proposal on “derivatives netting” among other issues.
the presentation of the islamic banking committee focused on their proposal to establish a shari’a compliant governance unit which is being discussed with the uae central bank.
the human resources committee meanwhile reported on their work related to the further enhancement of emiratisation in the banking sector while the small and medium sized enterprises committee also updated the council on issues of interest to banks including definition of smes and start up financing and franchising.
the council reiterated its full support for the early establishment of al etihad credit bureau and through the consumer banking committee is urging all bank members to submit the required data to the bureau at their earliest opportunity.
al ghurair chairman of the uae banks federation commented: “we have started to co-ordinate our mobile wallet project for the smart government initiative.”
also he said it was clear that all of ubf’s members are working as hard as they can to meet the requirements of the credit bureau. he was confident to see the crucial new structure in place and operational in the coming few weeks.