Media ININ Economy We Trust
Abu Dhabi 22-10-2019
HE Abdul Aziz Al Ghurair, Chairman of the Federation of UAE Banks, said that the UAE banking sector is stable and enjoys good financial solvency as it is the largest Arab sector and expects to witness a growth of 4% this year.
Al Ghurair told Emirates News Agency (WAM) on the sidelines of the second day of Vintec Abu Dhabi 2019 that the UAE’s support for the transition to digital financial policy confirms its ability to lead trends in shaping the future of the financial technology sector, which has become a global platform for digital transformation in the sector Financial through the use of artificial intelligence techniques.
Al Ghurair added that the digital development adopted by the UAE in the financial sector is directly reflected in providing a leading financial experience that provides a series of services to customers in this promising sector in addition to increasing investments in programs and developing internal procedures in financial institutions to cope with the rapid changes in the sector.
He pointed out that the “Central Bank” presented a paper for consultation with the Federation of UAE Banks and Banks in order to determine the maximum mortgage loans, which currently amount to 20% of risk-weighted assets and a study to raise them up to 30% under certain conditions .. The paper will then be held a workshop with the Central Bank to reach a better policy for mortgages within the framework of the diversification of lending portfolio of banks, whether industrial or commercial or small and medium enterprises to maintain the health of the banking sector.
He pointed out that the UAE Banks Union is working with the Central Bank to set rules for lending to small and medium-sized companies as well. He pointed out that a working paper in this regard will be presented for discussion with government institutions.
On the need of the banking sector for more integration between banks .. Al Ghurair attributed the merger to the policy of each bank, pointing to the importance of an element of competition between banks, which would provide a healthy financial environment.
