Cairo: Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), held a significant meeting with Chief Executive Officers of various banks, in the presence of AbdulAziz Al-Ghurair, Chairman of the UAE Banks Federation, along with Assistant Governors and senior officials of the CBUAE.
According to Emirates News Agency, the discussions revolved around key regulatory and legislative developments, as well as strategic initiatives that are pivotal for shaping the future of the banking sector. Participants expressed their appreciation for the ongoing efforts aimed at advancing the financial sector, supporting the UAE’s strategic objectives, and enhancing its global competitiveness.
A core topic of the meeting was the review of the implementation progress of the domestic card scheme, ‘Jaywan.’ This initiative is designed to enhance the efficiency of financial transactions by improving local payment processes and fostering innovation within the financial sector. Licensed financial institutions are set to offer ‘Jaywan’ cards to customers in various formats, including debit, prepaid, and credit, either as mono-badge cards or co-badged in collaboration with international payment schemes.
Additionally, the CBUAE and bank CEOs assessed progress in bolstering the UAE’s position as a hub for innovation and digital payments. The discussions included key performance indicators of payment systems, system resilience, and the preparedness of strategic initiatives to support financial infrastructure.
The meeting also highlighted the significance of the CBUAE’s digital projects under the Financial Infrastructure Transformation (FIT) Programme. These projects play a crucial role in empowering the UAE to lead as a financial centre, a digital payments platform, and a destination for innovation and digital transformation.
In alignment with the UAE’s Islamic Finance and Halal Industry Strategy, participants deliberated on the banking sector’s role in promoting the Islamic finance industry and leading the global Islamic financial services. The discussion emphasized initiatives to strengthen the sector through the development of the sukuk market and Islamic capital markets.
Insights were shared on recent financial developments, and a collective commitment was made to undertake collaborative actions aimed at continuously improving the quality of financial services for both retail and corporate customers.
Governor Balama stated, ‘In line with the vision of the UAE’s wise leadership, and in implementation of the directives of 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 the CBUAE, the Central Bank remains committed to close collaboration with licensed financial institutions. It continues to organize periodic meetings to align strategic visions and objectives, and to elevate the financial services and digital payments ecosystem to more advanced levels, reinforcing the UAE’s leadership in the global financial arena.’
He further emphasized, ‘Through this meeting, we reaffirm our priorities in advancing the digital transformation programme within the financial sector to support the UAE’s national goals and economic aspirations. We also value the efforts of banks and licensed financial institutions in enhancing the performance and global standing of the UAE’s banking and financial sector.’