Abu Dhabi: “The Gulf”
The Central Bank of the United Arab Emirates organized a workshop for authorized financial institutions operating in the country to discuss proposed solutions and initiatives to eliminate bureaucracy in the financial sector, with the participation of representatives of the Prime Minister’s Office, the UAE Banks Federation. more than 300 officials from banking, financial, exchange and insurance companies. This workshop is implemented by the UAE government to achieve the goals of the government’s zero red tape program.
As part of its commitment to improve the level of services in the financial sector, improve efficiency and apply international best practices to provide pioneering institutional services with high standards, the Central Bank was keen to engage licensed financial institutions operating in the country in brainstorming sessions. eliminate red tape and reduce red tape at the level of services provided by the Central Bank to licensed financial institutions, and services provided by these institutions to institutional and individual consumers, which led to the presentation of more than 50 proposals and initiatives, which contributed to the annulment. and reducing procedures and facilitating access to banking and insurance services, in addition to licensing services, and other services, with high efficiency and in a short period of time. This will reflect positively on the journey of customers and consumers in the financial sector.
Ibrahim Al Hashemi, Assistant Governor for Executive Office Affairs, Secretary General of the Central Bank’s Board of Directors and Chairman of the Central Bank’s Red Tape Zeroing Committee said: This is due to the guidelines of the government’s zero red tape program. wise leadership, and the UAE government’s firm commitment to create a qualitative change in government procedures and services, and to develop and reduce… the customer journey in terms of time, effort and resources, and to reduce unnecessary burdens on the business sector. and individuals, guaranteeing the promotion of economic growth and improving the competitiveness of the business environment. The Central Bank has expressed its desire to implement the requirements of the program, and has identified it as a top priority within the strategic plans, which helps to strengthen the role of the financial sector system in achieving the vision of “We are Emirates 2031”. and strengthening the UAE’s competitiveness and position as a global financial hub.
For his part, Mohammed bin Taliah, Head of Government Services of the UAE Government, emphasized the importance of joint initiatives between government agencies and private sector organizations to speed up the implementation of the government’s program to eliminate zero bureaucracy, and praised the efforts of the UAE Central. In launching and implementing initiatives and projects aimed at zero red tape in the bank’s financial sector. During his participation in the workshop, he reviewed the focus and objectives of the government’s zero red tape programme, launched under the leadership of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. God protects him. He touched on the focus and objectives of the program, the areas of application and its implications for improving the lives of community members, increasing the efficiency of government procedures and creating qualitative changes in them that positively reflect the competitiveness and quality of the UAE. the life of society
On the other hand, Abdullah Al Muhairi, Vice President of the Central Bank’s Committee for Zero Bureaucracy and Head of the Central Bank’s Directorate, stated the importance of the initiatives prepared by the Central Bank around zero bureaucracy in the financial sector, renewing it. models based on the principle of risk, among others, canceling the necessary services related to banking, insurance and financial institutions, improving operational efficiency and improving the quality of services offered to customers and partners. He pointed out that banks and other financial institutions have a great role to play in serving their customers and promoting innovative strategies to meet their needs and expectations to develop the customer experience journey and create a better future for the UAE.
Jamal Saleh, CEO of the UAE Banks Federation, stressed the need for concerted efforts by the country’s financial sector to eliminate bureaucratic procedures, reduce unnecessary burdens on the business sector and people in terms of time, effort and resources. and working to raise service standards to the highest levels globally.
The “Zero Government Bureaucracy” program is an initiative announced by the UAE government to simplify and reduce government procedures and eliminate unnecessary procedures and requirements, canceling at least 2,000 government procedures and reducing processing time by more than 50%. The goal of strengthening the leadership of the UAE government, its global competitiveness lies in the efficiency of the government and the absence of bureaucracy.