Issue 32 March / April 2015

Dear Reader, If there is an overarching theme to this issue, it is how treasury teams are staying on top of any challenges that they come up against despite finding their tasks multiplying. As is made clear in our lead article, it is vital that treasury teams are prepared for every eventuality in what is considered an unpredictable economic climate. …

Equity markets in MENA are to have a challenging 2015, according to a National Bank of Abu Dhabi (NBAD) report entitled Global Investment Outlook – 2015, written by Gary Dugan, global wealth chief investment officer and head of investment strategy, assisted by a team of other experts at the bank. It says that “lower-than-expected oil prices will continue to adversely …

SWIFT has announced the extension of its Sanctions Screening service to support all messages used in financial transactions, regardless of format or financial network. Users can now screen all transaction formats, including SEPA (Single European Payments Area) and Fedwire payments, and transactions sent over networks other than SWIFT. The extended service also enables greater flexibility and back-office integration, addressing the …

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the insurance arm of the Islamic Development Bank Group, recently announced that it has provided $80m reinsurance support to the Overseas Private Investment Corporation (OPIC) for the latter’s political risk insurance policy to Apache Corporation. The policy was issued to Apache to cover its investment in Egypt against …

The 2015 Annual ICC Banking Commission Meeting – taking place at Singapore’s Raffles Convention Centre on 20-23 April – will host trade experts, banking professionals, business leaders, lawyers and government officials from around the world under one roof to discuss the future of trade finance. Hosted in collaboration with The Association of Banks in Singapore (ABS), the event will feature …

Bank of America Merrill Lynch (BofAML), a leader in card services for middle-market, large corporate and public sector clients, has launched BofAML Travel Pro, an award-winning, market-leading business travel payment solution that enhances travel expense management. The firm is the first commercial card issuer in EMEA to launch this product to clients. It is currently available across 27 countries in …

The National Bank of Abu Dhabi (NBAD) has appointed Omar Mehanna as managing director and global head of merchant banking. In his position, he will be responsible for the corporate finance, equity capital markets, project finance and debt advisory platforms. He will also lead the continued development and implementation of strategy relating to merchant banking, ensuring that NBAD provides a …

Managing both cash management and trade finance as a seamlessly integrated transaction banking proposition is one of the secrets of ADIB’s success, Maki Vekinis, the bank’s head of global transaction services, tells Cash&Trade in an exclusive interview Would you elaborate on ADIB’s overall GTS strategy and explain the importance of ADIB’s cash and trade business, both locally and internationally. At …

The dominance of transactions involving Tawarruq and Murabaha syndication and its variants in cash management and trade finance will continue unabated in 2015 in the absence of other products. Commodity Murabaha trading is done through exchanges such as the London Metals Exchange (LME), Bursa Suq Al Sila with its palm oil contracts based platform and the NASDAQ Dubai Murabaha Platform, …

JENS MIKOLAJCZAK – co-head of corporate cash management, EMEA, Deutsche Bank – discusses why SEPA matters for non-European corporates, and why 2015 is the year to consider its wider benefits On August 1 2014, the deadline for implementing obligatory Single Euro Payments Area changes passed for the 32 countries in the SEPA-zone. The culmination of a concept that began with …

CAROLINE MAGINN wonders whether there are other relationships in the Gulf Co-operation Council states that merchant financiers should be cementing There is, arguably, much global debate, mind-set and misnomer centred on the premise that natural resource abundance, particularly minerals, can have adverse consequences for social well-being, political stability, the environment and sustainable economic growth and creates a parallel disadvantage between …

MUSHTAK PARKER looks at new trends in Islamic Commodity Murabaha and trade receivables supply chains Islamic trade finance has flourished over the last four decades with the Murabaha (cost-plus financing) dominating the direction of financing of Islamic banks and financial institutions to the tune of up to 80 per cent. So much so has this been that the Murabaha became …

In an unpredictable economic climate it is vital that treasury teams are prepared for every eventuality. PAUL MELLY reveals how that is certainly the case with Saudi Telecom Even seven years after the 2007/8 financial crisis, the effects can still be felt, says Saudi Telecom’s Noman Ansari. The markets are unsettled and it seems that every day brings new developments; …

Although treasury teams view themselves as broadening their strategic contribution, their core focus still remains on tasks such as cash management, cash forecasting and compliance. That was one of the principal findings in a survey that looked at the roles carried out by these key professionals Treasury teams are playing a broader role, and are contributing to a wide range …