UBF CEOs Advisory Council Considers New Initiatives for Financial Literacy

16 September 2015: The UAE Banks Federation, a professional representative body representing 49 member banks operating in the UAE, has held its third CEOs Advisory Council meeting of the year, focusing on a number of priority issues and activities currently on the Federation’s agenda. The meeting was chaired by the Federation’s Chairman HE AbdulAziz Al Ghurair.

At the meeting, CEOs reviewed the Federation’s efforts to encourage its member banks to further develop their financial education efforts, particularly for the new generation of customers. In this context, the Advisory Council received a briefing on financial literacy options from an international professional body drawing on international best practice. The presentation focused on how banks can adapt new ways to tackle this important area which are suitable for the UAE, as well as how they can increase their programmes aimed particularly at educating youth on responsible attitudes towards financial management and awareness.

Members of the Council also discussed progress made by the Federation’s Marketing Committee in monitoring advertising standards and compliance with best practice.  The Committee was formally established earlier this year as a further measure to ensure that banks are observing the Federation’s Code of Conduct.

His Excellency Al Ghurair said: “We continue to look for ways to enhance and further develop the banking sector in the UAE.. We see our increasing focus on financial literacy as a critical element of the government’s own strategy aimed at encouraging financial health and responsible financial behaviour among the population as a whole. The Marketing Committee has a key role to play in this by ensuring that member banks attract new business in accordance with our Code of Conduct.”

Other important topics discussed during the meeting included the annual event of the UBF which takes place in Dubai on 16thNovember, which will focus on Leaders of Innovation, and a survey just conducted on trust and confidence in the banking sector, whose findings will be published later in September.

The Council also reviewed progress since its last meeting in May on a range of other projects and ongoing discussions being carried out by the Federation’s specialised committees.