Inside the UAE Banks Federation: Mashreq
In addition to his role as CEO of Mashreq, HE Abdul Aziz Al Ghurair is Chairman of the UAE Banks Federation (UBF).
Here he discusses the UBF’s activities in developing new banking solutions and its role in partnership with the Central Bank of the UAE and other regulators. To watch the video, click here.
As Chairman of the UAE Banks Federation what concerns do you see raised by the industry?
The UAE Banks Federation (UBF) works in partnership with the Central Bank, our relationship has been outstanding. There is a great dialogue that takes place back and forth. We have 18 subcommittees working and interacting with the Central Bank and we have an excellent relationship. We are pushing to enhance the brand of banking in the UAE.
For example, the UBF initiated a customer complaint resolution system. The UBF and the Central Bank shared IT with the banks so that now in the banking system you have a process, when a customer has an issue, that is very transparent. I think that is good for the customer, the regulator, the Government and for banking. All banks have good intentions to resolve such issues and we should be prepared to resolve them when things go wrong.
Second, we also want to have a self-imposed regime where we undertake ethical selling. It is very important to set a guideline in the banking community: what is acceptable, what is not acceptable and have a common standard. We have engaged a major consultant to come up with this (standard) and how we can adopt a protocol on ethical selling to enhance the image of banking.
The UBF is committed to communicate to the government, the regulator, and the customer that the banking system is here to help everybody, to help them grow along with us.
To watch the full video interview click here.