{"id":28561,"date":"2019-11-03T17:03:25","date_gmt":"2019-11-03T17:03:25","guid":{"rendered":"https:\/\/tcit.ae\/ubf\/?p=28561"},"modified":"2022-08-02T08:01:11","modified_gmt":"2022-08-02T08:01:11","slug":"chairman-he-abdulaziz-al-ghurair","status":"publish","type":"post","link":"https:\/\/tcit.ae\/ubf\/speeches\/chairman-he-abdulaziz-al-ghurair\/","title":{"rendered":"Chairman, HE Abdulaziz Al Ghurair"},"content":{"rendered":"
\n

Speech by H.E. AbdulAziz Al Ghurair, Chairman of UAE Banks Federation Middle East Banking Forum<\/strong><\/p>\n

Sunday, November 3, 2019<\/div>\n<\/div>\n
\n

As-Salaam-o-Alaykum and Good Morning,<\/p>\n

Your Excellency<\/p>\n

Mubarak Rashid Khamis Al Mansoori,<\/p>\n

Governor of the UAE Central Bank;<\/p>\n

Your Excellencies, distinguished guests,<\/p>\n

ladies and gentlemen.<\/p>\n

It is with great pleasure that I welcome you to the 7th edition of the Middle East Banking Forum.<\/p>\n

The theme of the Forum is unlocking the Future, Shifting the Paradigm\u2019.The technological revolution and continuous innovation in the area of financial services are forcing our industry to change.The Financial Sector,which had traditionally been very slow to adopt new technologies,now has to reinvent itself in the wake of massive change sweeping through the industry.In my view, today,<\/p>\n

innovation and digitalization is no longer an option but a matter of survival.The small fin-techs have been disrupting the banking industry for some time now and have forced banks to take notice of them.Today many Banks have learned to collaborate with them to enhance customer experience or improve efficiencies.<\/p>\n

However, there is a bigger disruptive force looming on the horizon and that is coming from the tech giants During the day we have a session dedicated to this topic and we will hear on the subject from the industry experts. In my view banks have a choice either to be a disrupter within their industry or be disrupted by a technology company. The mindset of Banks needs to change as they have to think of themselves as technology companies with a banking license. As the number of millennials increases in the bankable population it will have an impact on how financial services are delivered and how banks interact with their customers. In the digital age Banks will have to relook at customer experience end to end as that is what will define customer loyalty in the future. We have a day packed with thought-provoking, interactive panel discussions with renowned speakers and experts. I am confident that today\u2019s sessions will not only reveal fascinating insights into this rapidly evolving sector,<\/p>\n

But will also act as a crucial platform for exchanging knowledge, and therefore, equip everyone with the tools necessary for achieving sustainable growth. Now I would like to take a few minutes<\/p>\n

to highlight some of the key accomplishments of UBF but before that let me place on record our special thanks to the Governor and the UAE Central Bank for their support and encouragement. I would also like to specially mention the collaboration and teamwork by all member banks whose representatives participated in various committees and came up with admirable suggestions and solutions.<\/p>\n

Some of our achievements include:<\/p>\n

Emirates Digital Wallet<\/h5>\n

We are ready to launch<\/p>\n

the Emirates Digital Wallet \u2013<\/p>\n

a truly unique initiative collectively<\/p>\n

created by 16 UAE banks,<\/p>\n

the Central Bank<\/p>\n

and the UBF.<\/p>\n

The Emirates Digital wallet<\/p>\n

is a person to person payment system<\/p>\n

with a goal to eliminate<\/p>\n

60%\u00a0of cash in circulation.<\/p>\n

Tasharuk<\/h3>\n

The UAE Banks Federation launched Tasharuk,<\/p>\n

a cyber-threat intelligence sharing tool<\/p>\n

for banks to exchange information<\/p>\n

on cyberattacks.<\/p>\n

The platform has been successful<\/p>\n

in improving the detection and<\/p>\n

response time to attacks,<\/p>\n

and we are pleased to say<\/p>\n

that more than\u00a034\u00a0banks<\/p>\n

and over\u00a0100\u00a0users are registered<\/p>\n

on the<\/p>\n

cyber threat intelligence sharing platform.<\/p>\n

Cheque Fraud<\/h5>\n

In another push to combat financial crime,<\/p>\n

we rolled out plans<\/p>\n

to tackle counterfeit cheques.<\/p>\n

Our member banks welcomed<\/p>\n

the use of QR codes<\/p>\n

and enhanced encryption technology<\/p>\n

to improve cheque security.<\/p>\n

Court Banking Experts<\/h5>\n

In close collaboration<\/p>\n

with the Ministry of Justice and the Central Bank,<\/p>\n

we developed an online system<\/p>\n

for testing and<\/p>\n

certifying banking experts<\/p>\n

in Dubai and the Northern Emirates.<\/p>\n

As a result of this,<\/p>\n

I am delighted to say<\/p>\n

we have achieved a qualitative leap<\/p>\n

in terms of ensuring<\/p>\n

we get the best talent<\/p>\n

for banking experts in legal cases.<\/p>\n

Mortgage process Review<\/h5>\n

We are also conducting an end-to-end review<\/p>\n

of the mortgage process<\/p>\n

in coordination with the land departments<\/p>\n

in Dubai and Abu Dhabi<\/p>\n

with the aim of<\/p>\n

enhancing customer experience.<\/p>\n

Customer complaint handling Frame work<\/h5>\n

In coordination with UAE Central Bank,<\/p>\n

we have developed<\/p>\n

a Unified Customer Complaints Handling Framework<\/p>\n

that streamlined the procedure<\/p>\n

to deal with complaints<\/p>\n

which has now been implemented.<\/p>\n

Ethical Selling Practices<\/h5>\n

We have also developed<\/p>\n

an Ethical Selling Practices framework<\/p>\n

which was implemented in 2018.<\/p>\n

We are now working with an external consultant<\/p>\n

to assess the extent of adoption<\/p>\n

across the banks and<\/p>\n

on further enhancements to the framework.<\/p>\n

AML and Sanctions Compliance framework<\/h5>\n

In collaboration<\/p>\n

with the UAE Central Bank,<\/p>\n

we also developed<\/p>\n

a robust assessment of<\/p>\n

the \u2018AML & Sanctions Compliance Framework\u2019<\/p>\n

Trust Index<\/h5>\n

Last but not the least,<\/p>\n

we wanted a validation<\/p>\n

of our efforts<\/p>\n

through a feedback<\/p>\n

from banking services users<\/p>\n

about their trust in the UAE banks<\/p>\n

for which we implemented<\/p>\n

a trust index 5 years back.<\/p>\n

This is measured annually<\/p>\n

and I am happy to state<\/p>\n

that our 2018 Trust Index Survey<\/p>\n

revealed<\/p>\n

that\u00a074%\u00a0of respondents<\/p>\n

had high trust in the UAE banking sector,<\/p>\n

up from\u00a068%\u00a0the previous year.<\/p>\n

Once again, thank you all for taking the time to be here and I hope you have a fruitful and enjoyable day ahead.<\/p>\n

Thank you.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Speech by H.E. AbdulAziz Al Ghurair, Chairman of UAE Banks Federation Middle East Banking Forum Sunday, November 3, 2019 As-Salaam-o-Alaykum and Good Morning, Your Excellency Mubarak Rashid Khamis Al Mansoori, Governor of the UAE Central Bank; Your Excellencies, distinguished guests, ladies and gentlemen. It is with great pleasure that I welcome you to the 7th …<\/p>\n

Chairman, HE Abdulaziz Al Ghurair<\/span> Read More »<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[63,57],"tags":[],"_links":{"self":[{"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/posts\/28561"}],"collection":[{"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/comments?post=28561"}],"version-history":[{"count":6,"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/posts\/28561\/revisions"}],"predecessor-version":[{"id":29474,"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/posts\/28561\/revisions\/29474"}],"wp:attachment":[{"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/media?parent=28561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/categories?post=28561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tcit.ae\/ubf\/wp-json\/wp\/v2\/tags?post=28561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}