Total banking assets at the end of December 2018 reached $780 billion, maintaining the UAE banking sector’s position as the largest in the Arab world, according to a new report by the UAE Banks Federation (UBF).
Its annual report said that as the sector embraces new initiatives and developments, and with increased regulation and compliance requirements, prospects for 2019 and beyond appear promising.
The report also showed that the soundness of the banking sector remained positive in 2018, with banks operating in the UAE well capitalised.
AbdulAziz Al Ghurair, chairman of UAE Banks Federation, said: “The UAE banking and financial sector has maintained its robustness and high performance with a strong and diversified national economy, a safe and stable political and economic climate at the national level, and the optimal use of financial and human resources.”
“In spite of regional and global uncertainty, the report also highlights that the UAE banking and financial sector has once again proven its resilience and potentiality. Growing deposits, coupled with sufficient liquidity and increased demand for credit, enabled banks to increase lending.”
UBF said it has launched and contributed to a number of key initiatives designed to boost innovation and further strength in the UAE banking sector.
Among these initiatives is the Emirates Digital Wallet Company, which was initiated by the federation with the participation of 16 major UAE banks with the aim of contributing to financial inclusion.
Other initiatives include Tasharuk, a cybersecurity intelligence system designed for the sharing and exchange of information on cyber threats between UBF and bank members.
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