Board of Directors of the Emirates Banking Union reviews 2018 initiatives and priorities

Media In – Dubai 26 March 2018 WAM

 The Board of Directors of the Emirates Banking Union (EIB), in its meeting today in Dubai, reviewed the activities of 2017 and the most important initiatives and priorities for 2018.
The meeting, chaired by His Excellency Abdul Aziz Al Ghurair, Chairman of the Emirates Banking Union, discussed the latest developments in the banking sector and evaluated the progress made on the initiatives, the most important of which is to enhance the protection of customers and banks from electronic threats and to strengthen measures to combat money laundering and reduce electronic fraud in the banking sector.
Al Ghurair said that in line with the good performance in 2017, the banking sector is expected to maintain the same pace in 2018 despite the strong capitalization, comfortable liquidity and strong credit rate witnessed by the sector in 2017, but it is still necessary to set clear trends for maximum utilization Of the looming opportunities and meeting the potential challenges with determination and strength.
He added that the meeting addressed a number of priority issues including the new Ibar and the implementation of IFRS 9 / and the promotion of Emiratisation and continuous cooperation in order to maintain the status of the banking sector and raise it to the highest levels.
The Board discussed the application of IFRS 9 and the readiness of the sector to adapt to the implications of this, given the availability of adequate reserves. The subject of VAT as a major topic was also discussed on the agenda of the meeting