Al Maryah Community Bank appoints steering committee members

Tariq Al Masaood will be the chairman of the 10-strong board directing the new digital bank

Al Maryah Community Bank has set up its founding steering committee with Tariq Al Masaood as the chairman Getty

Al Maryah Community Bank has set up a founding steering committee and appointed Tariq Al Masaood as its chairman.

The new digital bank also named nine other members of the committee to drive its growth. The body's formation follows the bank securing a licence from the Central Bank of the UAE last week to commence its operations. The lender's services will be delivered through a smart application that will be launched soon. It will serve both individuals and business clients.

The newly formed steering committee members include Ahmed Alameemi, Ahmed Alsuwaidi, Khaled Alromaithi and Majed Almehairi. Other members are Murshed Alromaithi, Omar Al Zaabi, Omran Alkhoori, Saeed Almheiri, and Younes Alkhajeh.

“The members of the committee bring expertise that will help in driving the bank to meet its objectives which are summarised in being the leading financial services provider in the UAE supporting the local community, empowering employees and delivering a competitive shareholders’ return,” Al Maryah Community Bank said in a statement on Sunday.

“Each committee member will bring extensive experience from a variety of sectors which will enrich the decision-making process of the bank,” Mr Al Masaood said.

“Most importantly, each one of our members shares the goal of delivering a well-established bank serving the UAE community through earning the trust of customers, loyalty of employees, operating with integrity and using innovative smart technologies.”

The granting of a licence to Al Maryah Community Bank follows news last week that Emaar Properties founder and managing director Mohamed Alabbar will chair the UAE's first independent digital bank, known as Zand.

ADQ, the conglomerate that owns Abu Dhabi government stakes in a range of businesses, said last year it planned to set up a digital bank in the UAE using a legacy banking licence held by First Abu Dhabi Bank.

The establishment of new digital banks comes as demand for digital payments and other FinTech services increases in the wake of the coronavirus pandemic.

Digital payments in the UAE have more than doubled over the past two years to $18.5 billion in 2020, according to Stripe, a San Francisco-based FinTech that began operations in the Emirates earlier this month.