UBF affirms CB's package boosts sector stability

The UAE Banks Federation (UBF) affirmed that the comprehensive Financial Institution Resilience Package, approved by the Board of the Central Bank of the United Arab Emirates (CBUAE), chaired by His Highness Sheikh Mansour Bin Zayed Al Nahyan, Vice President, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Board of Directors of CBUAE, reflects CBUAE's forward-looking approach to enhance resilience and reinforce the stability and strength of the UAE's banking sector amid the exceptional conditions facing the region and the global economy.

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AbdulAziz Al Ghurair, Chairman of UBF, said, "This step underscores the vision of the UAE's wise leadership and the proactive approach of CBUAE, which is committed to developing strategies, policies, and frameworks that ensure the stability of the banking and financial sector and enabling it to fulfil its role in supporting socioeconomic development and advancing the UAE's strategic priorities."

He added, "Building on the strong fundamentals of the UAE economy and its advanced financial policies, the banking sector has consistently achieved growth while maintaining high levels of financial soundness indicators and navigating challenges in the global economy. The sector enjoys strong capital adequacy and liquidity levels that exceed regulatory requirements and international standards. This proactive support package further enhances resilience and adaptability, enabling continued growth. The five pillars of the package provide additional flexibility for financial and banking institutions to utilise excess liquidity, reserve balances, and capital buffers to support customers during these exceptional conditions, contributing to strengthening the national economy."