Five years ago, the Union of Arab banks approved an initiative to conduct a survey of the reality of governance in the Arab banking sector and the requirements for the commitment of Arab Banks to the international standards generally accepted in this field. The Union is implementing this project in cooperation with Arab central banks and monetary institutions and the “Center for International Private Enterprise” which is affiliated to US Chamber of Commerce.
The UAB has completed a number of steps towards developing practical recommendations for the development of banking governance at all levels in the Arab world.
Upon the decision of the General Assembly, the UAB has appointed a group of Arab experts with the possibility of collaborating with international experts to develop recommendations and suggestions that will become the basis for general rules for the Arab banks, which will also be used as guidelines towards the improvement and development of good governance policies and practices. Work in this domain should be constant, and the UAB will serve as the Secretariat General of the Working Group, in view of the experience, relationships and knowledge available to the UAB in this domain. As a result, and in order to encourage Arab banks to develop and implement governance policies, the UAB has organized in collaboration with “Hawkama” institute in the United Arab Emirates, an annual prize for the leading Arab bank in terms of governance.