UAE Central Bank issues guidance on AI in banking

The Central Bank of the UAE has issued a formal Guidance Note regarding the responsible deployment of artificial intelligence by licensed financial institutions. The guidance addresses critical areas including governance, fairness, explainability, human oversight, and data privacy, signaling that AI has transitioned from an experimental project to core operating infrastructure within the Emirati banking sector.

This technological shift is particularly impactful for corporate banking, influencing credit decisions and working capital management. Globally, McKinsey estimates that generative AI could add between $200 billion and $340 billion in annual value to the banking sector through productivity gains in risk and operations.

In the Middle East and Africa, the Evident AI Index for Banks ranked Emirates NBD first among 25 large institutions, with First Abu Dhabi Bank and Mashreq also appearing in the top ten.