The resilience of the UAE banking industry in the face of international challenges has been emphasized by Jamal Saleh, Director-General of the UAE Banks Federation (UBF). Saleh ascribed this achievement to the Central Bank of the UAE’s (CBUAE) successful policies, which established structures for long-term industry expansion. Speaking at a roundtable yesterday, Saleh emphasized the CBUAE’s dedication to upholding strict regulations, protecting the integrity of the banking industry from threats posed by large international banks. Speaking with assurance about the industry’s ongoing successes, Saleh reported a staggering 1,200% growth in the last 20 years—a twelve-fold rise.
Under the supervision of the CBUAE, the national banking sector maintained impressive rates for capital efficiency, allocations, and reserves, ensuring adherence to high governance, transparency, and risk management standards.
Saleh also revealed that customer confidence in the Emirati banking sector is on the upswing, citing an 84 per cent customer confidence rate in 2022, according to the UBF’s annual confidence index survey.
Responding to inquiries about expectations for interest rates in 2024, Saleh commented, “The US Federal Reserve is anticipated to adjust interest rates three or four times this year, but the flexibility of the local banking sector positions it to adapt seamlessly to both low and high-interest rate scenarios.”