2013

MUSTAK PARKER reports on a plea for ‘a dedicated, qualified, modern, single globally accepted Shariah Committee’ Kuala Lumpur and Dushanbe are not exactly known for their revolutionary zeal. It is in these two capitals, however, that the patriarch of Islamic development finance, Dr Ahmad Mohamed Ali, President of the Islamic Development Bank (IDB) Group, perhaps the most unlikeliest revolutionary in …

The traditional model of correspondent banking is changing as the relationship between global and local banks evolves. But how and what is driving this? PETER JAMESON from Bank of America Merrill Lynch analyses the landscape and considers what the future might hold For many years, industry specialists have suggested that correspondent banking is dead and that now is the time …

Banks in the GCC have continued to grow and outperform international banks, according to a new study The banking industry in the Middle East settled at single digit revenue growth in 2012 with a 6.9 per cent increase, although the rise in profits was slightly higher at 8.1 per cent, stemming largely from extraordinary income sources. These were among the …

Dear Reader, When speakers such as a former US Treasury Secretary, a past French President and the Governor of the Central Bank of the UAE agree to speak at your event, you know that you are doing something right. Such was the case at the 2013 Global Financial Markets Forum (GFMF), the fifth annual occasion of its kind, hosted by …

The greatest demand for MENA exports is going to continue to come from Asia, according to HSBC Commercial Banking’s Trade Forecast. Tim Reid, regional head of commercial banking for HSBC Middle East and North Africa, said, “Looking at the latest data, we see two key themes emerging at a regional level. First, Asia continues to be of increasing importance in …

Transaction banking has outperformed investment and commercial banking in terms of revenue growth in the post-financial crisis period. To better position themselves for success, 82 per cent of banks that took part in a survey have reorganised their transaction banking operations in the past three years—43 per cent in 2012 alone. Transaction banking is a growth area for banks, with …

Offered as a standalone installation or as an add-on-feature to the normal en.SafeWatch Profiling solution by EastNets, the en.SafeWatch FATCA is also being developed to meet other countries’ taxation laws in the future aside from supporting tax evasion regulations in the US. Hazem Mulhim, CEO EastNets, said, “The en.SafeWatch FATCA has been developed to provide a practical and easy-to-use solution …

Current issues facing treasury and other finance professionals in the MENA region were discussed at EuroFinance’s 11th annual conference on Trade, Treasury and Cash Management in the Middle East, held in Dubai. Among key findings reported were the following: Treasury and finance professionals in the Middle East are very confident about the prospects for their business over the coming year. …

Growth in the use of electronic payment products, such as credit and debit cards, added approximately $18bn to economies in the Middle East and Africa [MEA] region, according to a study conducted for Visa by Moody’s Analytics, a leading independent provider of economic forecasting. A study of 56 countries, including the MEA region, that represent 93 per cent of global …

The National Bank of Abu Dhabi (NBAD) has appointed Alex Thursby as group chief executive with effect from 1 July in succession to Michael Tomalin, who is retiring. Thursby is currently CEO of the international and institutional banking division of ANZ. Over the past five years he has been responsible for devising and executing the strategy for ANZ’s significant growth …

The MECA Regional CFO Conference held in Dubai this year was organised around the theme “Enterprise Performance Management in the Middle East – Challenges and Opportunities” and attracted a number of prominent speakers. This by-invite only event is expected to draw 200+ CFOs and Senior Finance Executives from diverse industries in UAE, KSA and other Gulf countries. The Middle East …

Large corporates are showing increasing demand for distributor finance (DF) programmes to enable downstream business in international supply chains, especially in emerging markets. In parallel, global banks are confirming their growing interest in offering DF solutions to their clients. These are the findings of Demica’s latest qualitative research on the distributor finance market, conducted amongst a sample of international enterprises …

As economies in the Middle East continue to grow and diversify, supply chain finance can provide a crucial source of funding while delivering benefits for both buyers and sellers, explains FARAZ HAIDER, managing director, trade head, Middle East and Pakistan, for Citi The Middle East’s economic prospects are impressive – especially compared to the weak growth being experienced in much …

Committed trade financiers in the GCC were rewarded by their customers in 2012. But what will they be doing for their clients in 2013 to return that loyalty? CAROLINE MAGINN looks at the answer to that question Many banks, around the region, reflected growth in their trade finance business in 2012. For example, Arab National Bank and Bank Bilad in …

The 2013 Global Financial Markets Forum (GFMF), the fifth annual event of its kind, continued with its reputation as the region’s unrivalled platform for discussing and debating the globe’s most pressing and critical issues Keynote speakers such as H.E. Sheikh Nahyan Mubarak Al Nahyan, the UAE Minister of Higher Education and Scientific Research; and H.E. Sultan Bin Nasser Al Suwaidi, …