By Neil Halligan
UAE Banks Federation also agrees to set up a number of committees to ensure ethical behaviour
The UAE Banks Federation has approved a new independent monitoring agency for the implementation of its code of conduct by member banks.
The decision was made at a meeting of the Federation’s CEOs’ Advisory Council, where it was also agreed to add four new specialised committees in the field of audit, operations and payments, IT, and fraud.
The federation also has recently approved the formulation of a marketing committee, in addition to its existing specialised committees, which will oversee marketing activities for the 50 member banks, and will ensure ethical behaviour is observed in advertising, as well as truthfulness and transparency in all communications to customers.
The committee will also support customer education initiatives and formulate a set of advertising guidelines.
AbdulAziz Al Ghurair, chairman of UAE Banks Federation, who chaired the council meeting, said, “The creation of a marketing committee by the Federation and the commissioning of independent monitoring of advertising are tangible actions to reinforce observance of the Federation’s code of conduct, namely that member banks should seek to behave in a transparent and honest way in their marketing communications. This come in line with UBF’s diligence and continuous efforts to ensure that best practice is implemented by member banks in their dealings with their customers.”
Also on the agenda for the meeting was the establishment proposed by the UAE Central Bank of a Higher Shariah Authority, to complement and oversee the work of Shariah Boards of individual Islamic banks operating in the country.
Representatives of the Federation’s Islamic banking committee are working closely with the Central Bank on guidelines for the establishment of the new body that will help to ensure consistency amongst all UAE Islamic banks in their development of new structures and products.
The Federation will host its annual Middle East Banking forum November 16 this year, with a theme of reflecting the UAE’s year of innovation.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.