- City Fajr Shuruq Duhr Asr Magrib Isha
- Dubai 04:27 05:45 12:20 15:47 18:49 20:07
The board of directors of the UAE Banks Federation at their meeting in Dubai to approve its annual report for 2013 and to review progress on the organisation's plan for 2014.
Total assets of UAE banks grew by 13.1 per cent to Dh2,025 billion in 2013 compared to Dh1,791.6 billion in 2012, enabling the country’s banking sector to remain the largest in the Arab world in terms of assets.
Total deposits increased from Dh1,167.8 billion in 2012 to Dh1,278.9 billion in 2013, according to a statement of UAE Banks Federation.
The board of directors of the federation, a professional representative body representing 49 member banks operating in the UAE, met in Dubai to approve its annual report for 2013 and to review progress on the organisation's plan for 2014.
The board also approved the financial statements and auditors' report for 2013, as well as the estimated budget and auditors' nomination for2014.
During the meeting, the board reviewed the major achievements of the past year which include initiating and launching the Code of Conduct, organising the federation's first annual event, the Middle East Banking Forum, and the significant role the federation has played on different subjects such as the mortgage loans cap, liquidity regulation of banks, monitoring of large exposure limits, the establishment of Al Etihad Credit Bureau and instituting the regulations for appointing banking experts.
The federation's annual report highlights key economic and banking developments for the year, which reflect a strong performance and growth across almost all indicators, resulting in comfortable liquidity, strong capital base and high capital adequacy ratio in the industry as a whole.
The board reviewed the federation's plan for 2014, which aims to boost cooperation, coordination and consultation with the Central Bank and all bank members, ministries and other government entities on all issues related to the banking sector, as well to promote emiratisation in the banking sector and develop cooperation and harmony among the member banks to perform their role in economic development, social responsibility and customers protection.
The meeting was concluded with an agreement to convene the federation annual general assembly meeting in April 2014, and yielded a number of proposals and decisions that highlighted the pioneering role of the federation in representing the member banks to promote and support the banking industry and the national economy.
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