MENA Asset Management Survey 2012 - National Bank of Abu Dhabi

United Arab Emirates
Focus: Industry Perspective
Financial Services Association UAE
The Financial Services Association UAE (FSA-UAE) was registered in the UAE on
October 21st 2010 and started its operations in January 2012. The creation of the
Association was driven by the combination of a rapid expansion of the industry - whereby
the size of the financial services sector doubled within five years – and the significant
changes in the regulatory framework that followed the market correction which resulted
from the effects of the global financial crisis on the UAE economy. These factors
accelerated the need to offer the financial firms a structured platform which would allow
them to coordinate among themselves and channel their regulatory dialogue with the
three financial regulators in the UAE.
The creation of the Association was initiated by Arwa Hamdieh. After several discussions
with Financial Services firms, an initial group of 12 firms and banks, which supported the
Association, formed the first board of directors. Today, the Association has over 30 firms
among its membership pool and continues to grow. The full list of members is available
at the end of this article.
The mandate of the Association is: “To develop an independent and effective
representative body for the Financial Services sector in the UAE and open a dialogue
with regulators and other Government entities on important issues relevant to the growth
and sustainability of the industry”. The mission of the Association is: “To participate in
developing a healthy, growing, efficient, sustainable and profitable Financial Services
industry which complies with standards of International best practice”.
The Association will focus on the following four areas:
Policy Development Initiatives
Best Practice Initiatives
Market Development Initiatives
Regulatory Research & Awareness Initiatives
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