UAE Banks Federation welcomes bankruptcy law

Dubai / WAM

The CEO Advisory Council of the UAE Banks Federation, the professional body representing 49 banks in the UAE, has welcomed the bankruptcy law, and recognised the mutual benefit it will bring to banks and owners of businesses, especially the Small and Medium Enterprises (SMEs).
This came up during the council’s third meeting of the year held on Monday in Dubai, which discussed a number of important topics impacting the UAE’s banking sector, including the legislation of the UAE’s bankruptcy law, as well as progress made by “modus operandi” (which was launched by the Federation earlier in the year) to support SMEs. The meeting was chaired by Abdulaziz Al Ghurair, Chairman of the Federation. The participants discussed the recent approval of the UAE bankruptcy law by the UAE Cabinet. Acknowledging the significance of the SME sector to the UAE economy, they noted the important role the bankruptcy law plays in other dynamic economies around the world.
“We commend and welcome the legislation of the bankruptcy law, which the government has recognised as a pre-requisite for the country’s economic development, and an essential tool to maintain the well-being of the business and economic environment. All banks were involved and responsible for considering every option to support their clients, and help them stay in business and succeed, especially SMEs which represent over 90 percent of the country’s non-government GDP,” commented AbdulAziz Al Ghurair, Chairman of the UAE Banks Federation (UBF).