The UAE’s banking system is one of the robust banking systems in the world and the Indian chartered accountants in Dubai have been playing a significant role in strengthening the UAE’s banking industry, said experts at ‘The Banking Summit’ organized by ICAI (Dubai) Chapter.
Sunder Nurani, chairman, ICAI (Dubai) Chapter, reminded the members that as guardians of public trust, the chartered accountants should always ensure that their actions as CFOs, financial controllers, accountants, and auditors should support the banking system positively as they are involved extensively compiling and auditing of financial statements — one of the criteria for the credit evaluations by the banks.
Nurani also spoke about the brief history of the banking sector in the UAE and how the banking sector has evolved over the years with the latest series of bank mergers. He briefly touched upon the recent profitable results published by the major banks which portrays the continuous recovery of the UAE economy from the pandemic.
The guest of honors, who addressed the chartered accountants in the summit includes, Ibrahim Al Mheiri, head of Islamic Banking, Mashreq Bank; Mohamed Al Ali, managing director and head of cash management-advisory and solutions corporate institutional banking, FAB; and Nishant Ranjan, chief executive, GCC operations of Bank of Baroda. The guest speakers, who shared their insights and views include, Dhiraj Kunwar, managing director, business banking, RAK Bank; and Kumar Muthiah, divisional head, ADNB Bank Group.
Ibrahim Al Mheiri shared his experience on how the banking sector has changed over the years especially after the Covid-19 pandemic. He said the current trends in the banking sector are into investing in technology and how to improve customer experience.
He emphasized that technology continues to find space in the banking sector resulting in a continuous shift in the way banks work. He elaborated that the SME sector is the backbone of the UAE economy and thus is an important sector for the banks.
Mohamed Al Ali shared how the pandemic transformed the way banking works from traditional mode of physical banking to the digital era. He congratulated Chartered Accountants for playing an important role in contributing to the UAE economy.
Nishant Ranjan said the EXPO 2020 has started, it’s more appropriate even for the banking sector to replicate the theme of the Expo i.e. opportunity, sustainability, and mobility which is espoused by the visionary leaders of UAE. He elaborated how banks are focusing on contactless payment solutions, upgrading the ATMs, introducing new customer engagement channels, finding ways of cost optimization through paperless transactions by using digital footfalls, and leveraging the rise in adoption of fintech and digital payments during this pandemic.
The event was also graced by other senior bankers in UAE such as Dhiraj Kunwar who engrossed the audience by sharing how SME banking is going through a transformation in terms of product, technology, and risk management. Kumar Muthiah also graced the occasion and lucidly elaborated on how corporates need to conduct banking business and the importance of how smooth conduct of business can move the Bankers to lend against character than collateral.
Anurag Chaturvedi, the vice-chairman, ICAI (Dubai) Chapter, mentioned that banking is a critical element in unicorn making and credit with financial institutions developed through diligent business with sound and timely financial decision making. Businesses understanding the compliance requirements from banks to avail finances.
Harikishan Rankawat, secretary, ICAI (Dubai) Chapter, highlighted the importance of getting timely banking support for the SME sector in UAE which will enable this segment to reach the next level.
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
