UAE Banks Federation: Al Ghurair Sets Out Priorities for Financial Supervision

The chairman of the UAE Banks Federation (UBF), Abdul Aziz Al Ghurair, has called on the Emirati financial sector to put resilience, responsible innovation and governance at the centre of its work, arguing that they sustain the country’s role as an international financial hub. The federation said this in a statement issued on Thursday, November 5.

Al Ghurair made the case in Abu Dhabi at the UAE Financial Sector Supervisory Roundtable, a meeting convened by the Central Bank of the UAE (CBUAE). The federation presents itself as the sole body speaking for the country’s banks.

Four priorities for supervisors

In his view, effective oversight should rest on four priorities: spotting new risks early, making room for innovation handled responsibly, safeguarding the integrity of finance and holding boards more accountable.

Institutions can only ride out volatility and keep financing the economy whatever the conditions, he added, if they hold strong capital and liquidity buffers and rely on funding that lasts.

Cooperation between regulators and banks, carried out under the CBUAE’s direct oversight, was another theme. Al Ghurair said it helps the sector grow sturdier, keep up with fast technological change and maintain integrity, transparency and stability. He tied growth across sectors to public faith in the system, noting that the UAE has topped global rankings for consumer confidence in banks and finance for a third year running.

“We must prepare for the next generation of risks while keeping pace with the next generation of financial services, supporting innovation without compromising stability,” Al Ghurair said.

Integrity and new technologies

Integrity, the chairman argued, is an asset of strategic value to the country, not merely a box to tick under laws and regulations. He urged joint efforts against financial crime at a time when fraud powered by AI and other advanced tools is becoming harder to counter.

AI, blockchain and digital assets open real prospects for more efficient services, he said, but only with clear governance, effective risk controls and constant coordination between stakeholders. He asked institutions to get ready for future technological threats, build security solutions to match, and manage the systemic exposure created when many depend on the same cloud, data and tech suppliers. Interoperable systems, digital infrastructure and closer ties between innovation and regulation are, in his words, central to the sector’s growth and competitiveness.

He also wants information shared securely and lawfully, supervisory and compliance mechanisms developed further, and boards and executive management made answerable for how risk is handled, with internal audit, compliance and risk teams kept independent.

Roundtable agenda

Officials, specialists and experts from banking and finance took part. Three themes framed the agenda: building a sector that is both innovative and resilient, reinforcing operational and cyber resilience, and bringing supervisory and industry outcomes into line. Sessions also looked at fraud-prevention trends and lessons learned by financial institutions.

The UBF said it would keep working with the CBUAE, other authorities and financial institutions to agree clear priorities, allocate responsibilities, fix timelines and develop measurable indicators of progress.