"Emirates banks": The banking sector is a partner in enhancing financial inclusion and the banks’ results reflect a golden phase for the economy
Abu Dhabi, 17 November / WAM / His Excellency Abdul Aziz Al Ghurair, Chairman of the Board of Directors of the UAE Banks Federation, stressed that the banking sector in the country plays a pivotal role in supporting the efforts of the UAE Central Bank to enhance financial inclusion, noting that national banks are making clear efforts in this field through digital transformation initiatives that have greatly facilitated the processes of opening accounts and completing transactions remotely.
In a statement to the Emirates News Agency, WAM, on the sidelines of the Financial Inclusion Leaders Summit in the Middle East and North Africa, hosted by the Central Bank over two days in Abu Dhabi, His Excellency said that digital development has allowed residents and citizens to open their bank accounts and carry out all their operations over the phone without the need to visit branches. Opening accounts for small and medium enterprises has also become easier, which has provided these companies with wider options and greater opportunities to obtain financing from banks.
In this regard, he stressed the importance of small and medium enterprises adhering to some banking requirements that banks require of all companies, whether small, medium or large.
He also stressed the importance of financial discipline and providing audited budgets, as elements that help banks speed up decision-making regarding opening accounts and providing support and financing.
Regarding the banks’ results during the first nine months of this year and his expectations for the results of the current year, His Excellency said that the results were “excellent,” pointing out that one of the most prominent positive indicators is the large percentage of bad debts, which reflects greater accuracy in granting credit in addition to the economic prosperity that the country is experiencing, which he described as a golden phase.
He added that this reality led to an increase in the ability of customers to repay debts and a reduction in the level of risks in banks, pointing to the issue of low interest rates as affecting the profitability of banks.
He said that the year 2025 will witness growth, but profit levels may differ from one bank to another, as some banks may record an increase while the profitability of other banks may decrease.
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