Issues

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 …

There are a number of actions that can be taken in transaction banking to gain the edge in a highly competitive climate. Global experts NICLAS STORZ, GERO FREUDENSTEIN and STEFAN DAB explain what they are The question of the moment is, “How can financial institutions gain a competitive advantage in transaction banking in a hyper-competitive climate?” We believe the answer …

Qatari banks show renewed focus on corporate banking and trade finance, says CAROLINE MAGINN, trade partner at CMM Banks active in corporate banking and trade finance have continued to both contribute to and benefit from Qatar’s growth and prosperity. This is particularly evidenced by their increased provision of trade finance from QAR 114bn at year-end, 2010 to more than QAR …

The US Foreign Account Tax Compliance Act (FATCA), which requires all foreign financial institutions (FFIs) to report to the Internal Revenue Service (IRS) on the activities of investors who are US citizens, has created a huge task for banks and wealth management companies worldwide – and the Middle East is no exception. LIZ SALECKA reports on the implications As in …

Competition and cost will be just two areas in which the Islamic banking industry can expect future challenges. MUSHTAK PARKER looks at what 2013 has in store Judging by the cornucopia of optimistic press releases, conference speeches and utterings, it is easy to get the impression that the global Islamic banking industry is the new “untouchable” – seemingly untouchable that …

The introduction of Islamic banking into Oman is being greeted with caution by the authorities, who wish to manage the ‘orderly development of the industry’. MUSHTAK PARKER looks at the wisdom behind this decision Central Bank of Oman (CBO) officials are advising against any irrational exuberance about the introduction of Islamic banking in the Sultanate following the promulgation of a …

More flexibility is needed in the new rules set to treat trade finance almost as harshly as much riskier activities. Tod Burwell, chief executive and president of BAFT-IFSA, speaks exclusively to PAUL MELLY Banks’ capacity to extend trade finance to exporters and importers across the Middle East – and other world regions – could be sharply constrained by the tough …

WILL SPINNEY, explains what the treasurer needs to know about internal controls and governance. There have been many approaches to corporate governance over the last 20 years, with new approaches constantly suggested. In the UK there has been the Cadbury Report (1992), the Greenbury Report (1995), the Turnbull Report (1999) and the Higgs Report (2003), among others. New mechanisms are …

Dear Reader, Egypt has recently benefited from $1bn worth of backing from the International Islamic Trade Finance Corporation (ITFC) in what many might consider an unprecedented act of good faith. Only two days after Mohamed Morsi, Egypt’s first democratically elected president, had taken office, ITFC signed an agreement with the government to finance petroleum and food imports over three years. …

The future evolution of Middle East banking and financial services topped the agenda at the fourth SunGard City Day held in Dubai recently. Organised by SunGard, one of the world’s leading software and technology services companies, the annual event is a forum for senior capital markets specialists, corporate and retail bankers and finance IT professionals. Wissam Khoury, managing director, SunGard …

The Islamic Corporation for the Insurance of Investment and Export Credit, (ICIEC) and a member of the Islamic Development Bank Group, had signed a Memorandum of Understanding (MOU) with the National Commercial Bank (NCB) of Saudi Arabia. It provides co-operation between the two organisations in supporting SMEs operating in the Kingdom and encouraging them to export. Under the memorandum, ICIEC …

The $58 trillion global asset-management industry faces rising headwinds and its growth has stalled, putting the industry’s attractive economics at risk, according to a report released by The Boston Consulting Group (BCG). Entitled Capturing Growth in Adverse Times: Global Asset Management 2012, the report provides the findings of BCG’s tenth annual study of the worldwide asset-management industry. Asset managers collectively …

The National Bank of Abu Dhabi (NBAD) has opened a representative office in Shanghai, beginning its operations in mainland China. Founded in 1968, NBAD, in addition to its massive domestic network, has the largest international presence among all UAE banks, with more than 50 overseas business units located in 14 countries. NBAD enjoys one of the strongest combined ratings among …

Bottomline Technologies, a leading provider of payment, invoice and banking solutions, has announced that Jim Conning has became director of payments for the EMEA region. He will be responsible for driving growth and increasing market penetration. “Banks and corporates increasingly need to find new ways of enabling competitive differentiation through operational efficiency and straight through processing, which the Bottomline suite …

Standard Chartered Bank has announced the launch of the industry’s first Islamic Euro Nostro[1]Account. Islamic banks across the world will now be able to earn Sharia-compliant profits on their account balances at Standard Chartered Bank’s branch in Frankfurt. Bank Alfalah, one of the leading banks in Pakistan, was the first to sign an agreement with Standard Chartered for an Islamic …