2011

In a move that widens its role as a multilateral development bank, the arab Petroleum Investments Corporation (APICORP) has signed the accession agreement to the International Finance Corporation’s (IFC) Master Cooperation agreement (MCA). It is the first arab multilateral development bank to do this. The IFC’s Master Cooperation agreement promotes increased collaboration with international financial institutions to help standardise steps …

ADS Securities, the leading Abu Dhabi-based brokerage and trade services provider, was named the “Fastest newcomer” at the Middle East Forex Awards 2011. This recognised the significant volumes and client base that the company had built up in the short time since its start-up.

The Islamic Corporation for the Insurance of Investment & export Credit (ICIEC), a member of the Islamic Development Bank (IDB) Group, and the african Trade Insurance agency (ATI), have signed a Memorandum of Understanding (MOU) that aims to provide greater cooperation to provide re-insurance support for trade transactions and projects that benefit exporters and investors conducting business in common member …

Two new treasury services leadership team appointments have been announced by BNY Mellon. Susan Skerritt now leads global product management and strategic development, and Alan Verschoyle-King was named head of global sales and relationship management. Both will report directly to J. David Cruikshank, chief executive officer of BNY Mellon Treasury services. Formerly head of business strategy, development and investment for …

The Managed secure Messaging service provided by British Telecommunications (BT) is now available to fi nancial institutions in the Middle east. The service allows the fi nancial community to exchange messages securely, reliably and in a non-repudiable manner over BT private networks and the internet for all of its business activities. The service is designed to meet the security requirements …

There are long-term opportunities for the Middle east and north africa despite the short-term challenges being faced because of unrest, according to the IMF. It believes that the region will have the chance “to lay the foundation for a socially inclusive and more dynamic growth model”. But, in the near term, countries face multiple pressures stemming from higher commodity prices …

Dear reader, Against the odds, trade picked up across many regions in 2010, according to the International Chamber of Commerce (ICC) Trade and Finance Global survey 2011. however, high-pricing meant that traders in many low-income countries still faced diffi culties accessing aff ordable trade finance. Our article on the subject in this issue quotes Pascal Lamy, director-general of the World …

The global downturn has provided bankers with a useful reminder of the solid income to be generated from providing core products. But there is a cost. PAUL MELLY reports. Competition and diversity make for a lively banking market in the United Arab Emirates which, despite the financial crisis of 15 months ago, remains a critical hub of business and financial …

MARC DOMAN, managing director of Invesco Cash Management, explains that risk management is now firmly on the agenda of corporate treasurers and shows how money market funds can fully address this issue As the epicentre of the global financial crisis slowly disappears into the mists of time, the recriminations, accusations and intimidations still echo around the world as to who …

The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world’s major industrial states in the mid 20th century. It was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states, according to Wikipedia. The online encyclopedia says that in preparing to rebuild the international economic …

China will overtake the US to become the world’s largest economy by 2020, helped by faster expansion and an appreciation of its currency, according to Standard Chartered. “We believe that the world is in a ‘super-cycle’ of sustained high growth,” the bank’s economists said in a report published recently. “The scale of change over the next 20 years will be …

  The ongoing market turmoil means that many local and regional banks are struggling to meet the increasinglysophisticated needs of their corporate clients, thus putting even the most established bank-corporate relationships at risk.  DOMINIC BROOM discusses how a more collaborative approach to local and global bank partnerships could turn this situation around. Working capital pressures combined with economic, market and …

  The effective mitigation of business risk needs treasurers to take an active role in Analysing Financial management andstrategy, as PETER MATZA heard when he attended the inaugural meeting of the Association of Corporate Treasurers Middle East (ACTME) in Oman and a breakfast meeting in Abu Dhabi The fi rst meeting of the ACTME in Oman was the latest in …

This year a comprehensive Shariah Governance Framework came into effect that could prove to be the blueprint for the global industry. MUSHTAK PARKER looks at that and the subject overall Shariah governance is an essential component of Islamic finance. Without it, there can be no closing of an Islamic financial transaction whether a vanilla commodity trade fi nance (Murabaha) or …

A rise in treasury management sophistication in the Middle East has led to desire for “top-end” solutions, including integrated cash and trade interfaces. LIZ SALECKA delves into the latest thinking This has lead to an increased awareness of the benefits of integrated cash and trade solutions, which enable corporates to view and manage their cash and trade positions seamlessly via …

BankMuscat, a leading fi nancial services provider in the sultanate, recently hosted the fi rst meeting of the risk Officers Committee (ROC) comprising risk officers from banks across Oman. The committee was formed with a view to facilitate exchange of knowledge and keep abreast with the latest developments in the ever-evolving field of risk management. Participating in the inaugural session, …