Abu Dhabi, UAE – The UAE Banks Federation confirmed that the proactive support package issued by the Board of Directors of the Central Bank of the UAE, chaired by Sheikh Mansour bin Zayed Al Nahyan, aims to enhance the stability of the banking and financial sector in the country. It also aims to ensure its resilience in the face of regional and global economic fluctuations.
Enhancing financial resilience
Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation, explained that the package provides banks with additional flexibility to utilize surplus liquidity and capital reserves. Furthermore, the package supports customers during exceptional circumstances, thereby enhancing the sector’s ability to maintain its stability and play its vital role in economic and social development.
Risk management strategies
Al Ghurair noted that the UAE banking sector possesses advanced frameworks and policies for risk management, business continuity, and cybersecurity. This enhances its ability to address challenges efficiently and effectively, and ensures the provision of secure and seamless banking services to all customers.
The sector’s commitment to sustainable development
The UAE Banks Federation affirmed that banks and financial institutions will continue to coordinate with the Central Bank of the UAE and other relevant authorities to closely monitor economic developments. They will also ensure their full preparedness to address any potential risks, while remaining committed to contributing to the stability of the financial system and supporting national economic growth.
This proactive package is part of the Central Bank of the UAE’s approach to developing integrated financial policies and strategies that bolster the strength of the banking and financial sector. Furthermore, the package enhances the sector’s ability to effectively manage global and local economic fluctuations.
