The Financial Services Association (UAE) has initially been registered in the Dubai International Finance Centre and is undergoing registration in Abu Dhabi.
Arwa Hamdieh, cofounder of the non-profit organisation, said the association has so far attracted a diverse group of companies from across the divisions of financial services.
Its board consists of several local and international financial companies from Dubai and Abu Dhabi, including Fidelity Worldwide Investment, Skandia International, Franklin Templeton Investments, ING Investment Management, Allfunds Bank, the National Bank of Abu Dhabi, The National Investor, UBS AG and Invest AD, as well as Deloitte and Clifford Chance. Legal and compliance specialist Capital Advantage will act as company secretary.
Abdullah Al-Turifi, chief executive of the Securities and Commodities Authority (SCA), a leading UAE regulatory body, said: “The SCA welcomes the establishment of the Financial Services Association (UAE) and supports the latter’s determined efforts in boosting the performance and uplifting the markets.
“We see the activity of this association as a significant initiative that will further enrich the country’s financial sector. It also reflects the development achieved by UAE financial institutions locally and internationally.”
One of the main aims of the association will be to engage with regulators and law makers in the UAE on issues and policies that will affect the financial services sector. The association said it has one “active” policy working group which is engaged with the SCA.
Speaking on behalf of the board, Farah Foustok, chairwoman of the association, said it will open a dialogue between regulators and member firms to advance the regulatory framework needed to attract long-term investments to the UAE and bring the market “closer to international best practice”.
“The association will coordinate closely with other associations in the market,” added Foustok. “It represents the opinions of its member firms and therefore participation by financial services companies is encouraged, to ensure representation of all critical aspects of the industry.”
