IFRS 9 Compliance Software for UAE

What is IFRS 9? Relevance to UAE

IFRS 9 is the international accounting standard for financial instruments, focusing on classification, measurement, impairment, and hedge accounting. In the UAE, the Central Bank mandates IFRS 9 compliance for all licensed banks and financial institutions, making it essential for accurate expected credit loss (ECL) calculations and robust financial reporting. This alignment with international standards strengthens the UAE banking sector's credibility and resilience.

Mandatory for UAE banks as per Central Bank regulations
Aligns UAE with global financial reporting standards
Ensures transparency and comparability in financial statements

Local Compliance Requirements for IFRS 9 in UAE

The UAE Central Bank has issued detailed guidelines for IFRS 9 implementation, including:

Model Validation: Regular validation and back-testing of ECL models
Data Quality: High standards for data integrity and completeness
Timely Reporting: Strict deadlines for regulatory submissions
Audit Trails: Comprehensive documentation for audits and regulatory reviews

Reference: UAE Central Bank Regulations

Key IFRS 9 Challenges for UAE Banks

Data Quality: Ensuring reliable, granular data for ECL modeling
Regulatory Updates: Adapting to frequent changes in Central Bank guidance
Resource Constraints: Limited skilled personnel for model validation and reporting
System Integration: Integrating IFRS 9 solutions with core banking and risk systems
Disclosure Requirements: Meeting enhanced disclosure and transparency standards

FineIT's IFRS 9 Solution for UAE

Automated ECL Calculations: Fast, accurate, and fully compliant with UAE Central Bank requirements
Regulatory Reporting: Pre-built templates for all required disclosures and regulatory returns
Seamless Integration: Works with core banking, risk, and data warehouse systems
Audit & Validation: Full audit trails, model validation, and stress testing support
Continuous Updates: Always up-to-date with the latest UAE regulatory changes

Discover more: IFRS 9 Compliance Software

Why Choose FineIT for IFRS 9 in UAE?

Trusted by UAE Banks: Proven track record with leading UAE financial institutions
Local Support: Dedicated UAE-based support and rapid response to regulatory changes
Comprehensive Training: In-depth onboarding and ongoing training for your teams
Continuous Product Updates: Always compliant and high-performing
Client Satisfaction: High client retention and satisfaction rates in the UAE

What Our Clients Say

"Thank you very much for your valuable support in implementing the IFRS9 and IFRS 9 system within such a short timeframe. We truly appreciate the excellent training session, which has enabled us to confidently run the ECL in our own environment."

Watania Takaful

Ashraf Ali | Assistant Vice President – Finance

"FineIT Pvt Ltd successfully implemented the IFRS9 and IFRS 9 Expected Credit Loss (ECL) solution at Reem Finance PJSC, significantly enhancing our operational efficiency and regulatory compliance. Their software streamlined the credit loss calculation process, improved our internal controls, and ensured full alignment with IFRS 9 regulations. We are confident this solution will continue to support our compliance needs and strengthen our financial reporting practices."

Reem Finance PSJC

Harris Haroon | Head of Finance

"Before Estimator9, our ECL calculations were manual, spreadsheet-based, and highly time-consuming. Since implementing the solution, we've seen a major improvement in accuracy, speed, and audit readiness. Estimator9 provides a clear, structured approach to PD, LGD, and EAD modeling, and has become an essential tool for our finance and risk teams. The support from the FineIT team has been consistently professional and responsive. It's added real value to our IFRS9 and IFRS 9 compliance and reporting process."

Vision Investment Limited

Niraj Bhartu | Director of Finance at Vision Group

📌 IFRS 9 in UAE – Frequently Asked Questions (FAQs)

❓ Is IFRS 9 mandatory in the UAE?

Yes, all banks and financial institutions regulated by the Central Bank must comply with IFRS 9.

❓ What are the main challenges for UAE banks in IFRS 9 implementation?

Data quality, model validation, and keeping up with regulatory updates are key challenges.

❓ How does FineIT help UAE banks stay compliant?

FineIT provides automated, regularly updated solutions and local support to ensure ongoing compliance.

❓ How does the UAE Central Bank guide banks on IFRS 9 implementation, especially during economic shocks like COVID-19?

The UAE Central Bank has issued guidance emphasizing the need for banks to apply judgment in assessing significant increases in credit risk and expected credit losses (ECL), especially during extraordinary events. Banks are encouraged to consider government support measures and macroeconomic forecasts when estimating ECLs.

IFRS 9 Compliance for UAE

Stay ahead of UAE Central Bank regulations with FineIT's Estimator 9. Automate ECL calculations, streamline reporting, and ensure full IFRS 9 compliance for your UAE operations.

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