UAE Banks Federation to develop Code of Conduct
The UAE Banks Federation is developing the “Code of Conduct” for the banking industry in UAE.
The code is aimed at streamlining of the banking business and promote cooperation between banks, as well as achieve the highest standards of quality and excellence and build a professional and transparent environment to serve the customers interests and rights, the UAE Banks Federation said in a statement.
The UAE Banks Federation has recently formed a specialised committee covering legal, compliance, HR, retail and corporate aspects, dedicated to develop the “Code of Conduct”. The committee is chaired by Adre Sayegh, CEO of First Gulf Bank and is made up of members from NBAD, ADIB, SCB and CBI.
“UAE Banks Federation is always keen to adopt transparency in developing banking services to meet the highest standards and best practices, since UAE banking sector is being the most dynamic in the region, thus we decided to develop the “Code of Conduct” aiming to protect customers rights, enhance cooperation and promote fair competition between banks, as well as to reinforce cooperation with the Central Bank and other official entities to better serve customers, the community and the national economy,” said AbdulAziz Abdullah Al Ghurair, Chairman of UAE Banks Federation.
The UAE Banks Federation seeks, through the “Code of Conduct”, to promote Emiratisation and boost efforts to raise public awareness on financial literacy, and build a favourable banking environment to enhance customers’ confidence in banks, and enhance transparency and free market policy. After ratification of the code, specialised committees and the CEOs Advisory Council will have a major role in implementation and follow-up.
In fulfilling its key role, UAE Banks Federation is keen to keep pace with the international developments, and enhance the mutual confidence between banks and their customers, the Federation said in a statement.