2013

Moody’s Investors Service, one of the leading rating agencies in the world, has confirmed the Aa3 Insurance Financial Strength Rating (IFSR) of the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), for the sixth consecutive year. In its report, Moody’s noted that ICIEC’s rating reflects both the stand-alone fundamentals as well as potential support from its shareholders/IDB …

Increased government spending is helping to drive up GDP growth and regional trade. LIZ SALECKA looks at the factors behind the momentum In spite of concerns that a global economic downturn could impact the price of oil, and future levels of spending and investment in the Middle East, these fears have proved unfounded and today the region has a positive …

The “back-to-basics” mantra that resonates in many financial centres must incorporate a return of personal and business relationships, says ALEXANDER R. MALAKET, CITP, president OPUS Advisory Services International Inc The question of the moment is, “How can financial institutions gain a competitive advantage in transaction banking in a hyper-competitive climate?”

Faster actions and responses will be part of the future of enhanced cash management in the UAE, and Abu Dhabi Commercial Bank will be in the forefront when it comes to introducing new capabilities, as it makes clear in this exclusive Q&A interview Question Please provide an overall perspective on ADCB’s cash management products and solutions – and future offering? …

The contenders are in place but which one will receive the accolade of being recognised as the ultimate international financial centre? MUSHTAK PARKER looks at the jostling taking place for the crown Mirror, mirror on the wall, who is the fairest of them all?” This is a beauty parade with a difference – it’s taking place in the financial sector. …

Purchasing the correct technology is a matter of supreme importance for banks. PAUL MELLY looks at the pressures behind choosing the right systems to handle treasury, trade finance and cash management transactions What investment route to follow?  That’s the complex and usually expensive question that today’s banks are confronted with as they seek to keep pace with the expectations of …

Companies in the MENA region are looking for maximum security in trade transactions having been shaken up by the global financial crisis and the Arab Spring. Although seen as being in better shape than their European counterparts, GCC companies and banks are being extremely cautious when arranging trade transactions, and this has resulted in increased demand for confirmed letters of …

CHRIS PRINCIPE looks at how transaction banking can use data to make money and keep customers happy over the past year it has been all but impossible to avoid the big data phenomenon and there has certainly been no shortage of media build-up regarding its promise. But strip away all the marketing hype and there is still little doubt that …

Dear Reader, Roughly speaking, MENA bankers’ feelings about the imposition being placed on them by the US Internal Revenue Service could be summed up as follows: “We’re busy enough doing our jobs without doing yours as well.” In this issue, we report on the implications that have sprung out of the United States Foreign Account Tax Compliance Act (FATCA), which …

MENA can expect a positive 2013, according to the Capital Club Bahrain, said to be the Kingdom’s premier private business club and a member of the ENSHAA group of companies. At one of its meetings towards the end of last year, some of the Arab world’s most influential business personalities and leaders in their respective fields analysed the future business …

The eagerly awaited 2012/13 edition of the World Islamic Banking Competitiveness Report was launched at a specially convened session at the 19th Annual World Islamic Banking Conference in Bahrain. Developed in collaboration with Ernst & Young, the report entitled Growing Beyond: DNA of a Successful Transformation was presented by Ashar Nazim, partner, head of the Islamic Banking Excellence Center, Ernst …

The pace of the internationalisation of finance has not been slowed by the difficult economic conditions of recent years, and this is increasing the contagion risk of another global meltdown, according to experts gathered in Doha recently. Speakers and panellists at the “Global Finance Re-Designed” event – the first in a series of initiatives organised by Euromoney and the Qatar …

Delegates who attended the first Trade Finance for Bankers course at the Cash and Trade Training Academy voted it a total success, saying they were delighted with what they had learnt. The feedback from participants from leading MENA banks revealed that 100 per cent of them believed that as a result of attending the course they had a better understanding …

BNY Mellon, a global leader in investment management and investment services, in conjunction with the Exporta group and its leading industry publications, has announced the preliminary results of a comprehensive survey entitled Attitudes to Global Transaction Banking. Drawing on responses from banks, financial institutions, corporations and government/multilateral bodies, it addresses topics such as regulation, funding, technology, cash management, and supply …

Learning from peers is key to fulfilling the chief financial officer’s increasingly demanding role, according to ICAEW, a world leader in the accountancy and finance profession. Recently, it gathered selected CFOs to its first ever CFO Club event in Bahrain to discuss corporate governance challenges and encourage networking. Peter Beynon, regional director, ICAEW Middle East, commented, “The role of the …