The board of UAE Banks Federation, the professional body representing 49 member banks operating in the UAE, has re-elected Abdul Aziz Al Ghurair as chairman, and Omran Abdulla Omran Taryam as vice-chairman. During the general body meeting, the federation discussed key banking issues, and continued coordination and consultation with Central Bank of UAE and other stakeholders on common issues, confirming the resilience of the banking sector given the current challenges. It approved priorities for 2016 and reviewed the latest developments and progress on Mobile Wallet project, decriminalisation of bounced cheques and the initiative of the UAE central bank to establish a Higher Sharia Board, as well as the continuing challenge of de-risking and default in the SME sector.
